Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

COLOWIDE CO., LTD. manages, as a holding company, its group companies that operate Japanese style pub restaurant chain named Kantaro and Italian restaurant chain named Itameshiya La Pausa primarily in Tokyo.  The Company also operates KARAOKE business.

<ul>
<li>Stick with restaurant group <a href="https://www.smartkarma.com/entities/colowide-co-ltd" target="_blank" data-smartkarma-citation="entities:13967:1" rel="noopener">Colowide Co Ltd (7616 JP)</a>, despite the elevated implied stub and NAV discount. And <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> craters on rights issue plan.</li>
<li>Preceding my comments on Colowide and Genting are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Stick with restaurant group Colowide Co Ltd (7616 JP), despite the elevated implied stub and NAV discount. And Genting Bhd (GENT MK) craters on rights issue plan.
Preceding my comments on Colowide and Genting are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Stay With Colowide (7616 JP); Bullet Dodged On Genting (GENT MK)

Genting Singapore develops, manages, and operates integrated resort destinations, including gaming, attractions, hospitality, MICE, leisure, and entertainment facilities. The company owns and operates Resorts World Sentosa (RWS) in Singapore, which features Universal Studios Singapore, S.E.A. Aquarium, Adventure Cove Waterpark, hotels, a casino, and MICE facilities. Genting Singapore was incorporated in 1984 and is headquartered in Singapore.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> is trading "cheap" to <a href="https://www.smartkarma.com/entities/genting-singapore-limited" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a>. However, the cleaner, more liquid, GENS is the better play.</li>
<li>Preceding my comments on GENT and GENS are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Genting Bhd (GENT MK) is trading "cheap" to Genting Singapore (GENS SP). However, the cleaner, more liquid, GENS is the better play.
Preceding my comments on GENT and GENS are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Genting (GENT MK)'s "Cheapness" Is Still A Punt

Japan Petroleum Exploration / Event-Driven

Japan Petroleum Exploration Co., Ltd. explores, develops, and markets petroleum products such as crude oil and natural gas.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-petroleum-exploration" target="_blank" data-smartkarma-citation="entities:12219:1" rel="noopener">Japan Petroleum Exploration (1662 JP)</a> is coming up "cheap" versus <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a> on my monitor; however this Holdco relationship is becoming less meaningful.</li>
<li>Preceding my comments on JAPEX and Inpex are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Japan Petroleum Exploration (1662 JP) is coming up "cheap" versus Inpex Corp (1605 JP) on my monitor; however this Holdco relationship is becoming less meaningful.
Preceding my comments on JAPEX and Inpex are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: JAPEX (1662 JP) & Inpex (1605 JP)

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> is still coming up "cheap" on my monitor versus <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. </li>
<li>Preceding my comments on Prosus/Tencent/<a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Prosus NV (PRX NA) is still coming up "cheap" on my monitor versus Tencent (700 HK). 
Preceding my comments on Prosus/Tencent/Naspers (NPN SJ) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


Legend Holdings is a diversified investment holding group operating through two main segments: Diversified-industries Operation and Industrial Incubations and Investments. Its strategic investments span IT, financial services, innovative consumption and services, agriculture and food, and advanced manufacturing and new materials, while its financial investments cover angel, venture capital, and private equity. The company was founded in 1984 and is headquartered in Beijing, China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a> is seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn.</li>
<li>Preceding my comments on Legend and <a href="https://www.smartkarma.com/entities/lenovo-group-limited" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Legend Holdings (3396 HK) is seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn.
Preceding my comments on Legend and Lenovo (992 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Legend Launches Sale Of Banque Internationale À Luxembourg Stake

Relative Value: HoldCos and Stubs
Weekly setup/unwind ideas among holdcos

StubWorld: Stay With Colowide (7616 JP); Bullet Dodged On Genting (GENT MK)

I might simply be inclined to (still) go outright long in Colowide here. And I would (still) be disinclined to set up the Genting stub here.

David Blennerhassett

StubWorld: Genting (GENT MK)'s "Cheapness" Is Still A Punt

A bet on GENT, is a bet on U.S. gaming, most recently in NY, wherein GENT's track record is less than stellar. GENS, as a pure gambling play is not...

David Blennerhassett

StubWorld: JAPEX (1662 JP) & Inpex (1605 JP)

I like JAPEX's defensive midstream ops here; although it's not a strong conviction trade. Given Inpex's direct upstream ops amid high crude oil...

David Blennerhassett

StubWorld: Prosus Is Still A Buy

Current NAV levels for Prosus are depressed. As is the implied stub. Look to long Prosus here, short Tencent here. Or long Prosus, short Naspers.

David Blennerhassett

StubWorld: Legend Launches Sale Of Banque Internationale À Luxembourg Stake

Legend remains deeply valued. Look to go Long Legend, Short Lenovo (& hedge out the rump with a Euro bank + large fruit supply-chain companies); or...

David Blennerhassett