Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Be long <a href="https://www.smartkarma.com/entities/kawasaki-kisen-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:3548:1" rel="noopener">Kawasaki Kisen Kaisha (9107 JP)</a> vs MOL and NYK. The shares are cheap on a forward basis. KLine is reducing the Real World Float, causing further potential squeeze.</li>
<li>
<a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a>'s Partial Offer at 0.88x book is not overwhelming, but it is also not a control stake. It is probably priced near-right.</li>
<li>IF <a href="https://www.smartkarma.com/entities/osstem-implant-co-ltd" target="_blank" data-smartkarma-citation="entities:1450:1" rel="noopener">Osstem (048260 KS)</a>'s price were to go higher, it is conceivable there could be a bump, but don't bet on it as long as the stock trades &lt;KRW 190,000. </li>
</ul>


Be long Kawasaki Kisen Kaisha (9107 JP) vs MOL and NYK. The shares are cheap on a forward basis. KLine is reducing the Real World Float, causing further potential squeeze.

Sabana Industrial REIT (SSREIT SP)'s Partial Offer at 0.88x book is not overwhelming, but it is also not a control stake. It is probably priced near-right.
IF Osstem (048260 KS)'s price were to go higher, it is conceivable there could be a bump, but don't bet on it as long as the stock trades &lt;KRW 190,000. 


Last Week in SPACE: Kawasaki Kisen Kaisha, Osstem, Fujitsu General, Adani Enterprises

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>From the end of 2019 to 9 Jan 2023, the iEdge SG Adv Manufacturing Index generated a 21% total return.</li><li>Four of the 10 - Yangzijiang Shipbuilding, Dyna-Mac, Halcyon Agri Corp and Sembcorp Marine were among the strongest seven strongest performers of the Index in 2022, with micro-caps Acesian Partners, Global Testing Corp, XMH Holdings the three strongest Index performers for the year.</li><li>Since 2019, the iEdge SG Advanced Manufacturing Index has generated a 21% total return which is close to the mid-point of the gains booked by global Industrial and Technology stocks since 2019.</li></ul>

From the end of 2019 to 9 Jan 2023, the iEdge SG Adv Manufacturing Index generated a 21% total return.Four of the 10 - Yangzijiang Shipbuilding, Dyna-Mac, Halcyon Agri Corp and Sembcorp Marine were among the strongest seven strongest performers of the Index in 2022, with micro-caps Acesian Partners, Global Testing Corp, XMH Holdings the three strongest Index performers for the year.Since 2019, the iEdge SG Advanced Manufacturing Index has generated a 21% total return which is close to the mid-point of the gains booked by global Industrial and Technology stocks since 2019.

Singapore Manufacturing Index Books 21% Total Return since 2019 

<ul>
<li>For <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals (OZL AU)</a>,  look elsewhere unless you are VERY bullish copper. But if you are VERY bullish copper, buy copper options rather than the embedded option in OZL. </li>
<li>Game on as <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a> shareholders weigh the pros and cons of Hancock's all-cash Offer against <a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>'s "superior" scrip proposal. </li>
<li>
<a href="https://www.smartkarma.com/entities/jafco-co-ltd" target="_blank" data-smartkarma-citation="entities:8848:1" rel="noopener">Jafco Co Ltd (8595 JP)</a> succumbed to greenmail and tried to boost the price to explain the exit they were going to give Murakami-san. It didn't work. </li>
</ul>


For OZ Minerals (OZL AU),  look elsewhere unless you are VERY bullish copper. But if you are VERY bullish copper, buy copper options rather than the embedded option in OZL. 
Game on as Warrego Energy (WGO AU) shareholders weigh the pros and cons of Hancock's all-cash Offer against Strike Energy (STX AU)'s "superior" scrip proposal. 

Jafco Co Ltd (8595 JP) succumbed to greenmail and tried to boost the price to explain the exit they were going to give Murakami-san. It didn't work. 


Last Week in Event SPACE: Oz Minerals, Warrego, JAFCO, Swire Pac's A&Bs, Korean Mandatory Offers

<ul><li>Close to 300 Singapore-listed stocks have been recipient to net institutional inflows in the 2022 year through to 9 Dec.</li><li>The 20 stocks currently listed for trading that booked the highest net institutional buying over the 49 weeks, were led by Singapore Telecommunications, Overseas Chinese Banking Corporation, Keppel Corporation, City Developments and Sembcorp Marine.</li><li>The 20 stocks contributed 85% of the combined net institutional inflows of the close to 300 stocks recipient of year-to-date net institutional inflows.</li></ul>

Close to 300 Singapore-listed stocks have been recipient to net institutional inflows in the 2022 year through to 9 Dec.The 20 stocks currently listed for trading that booked the highest net institutional buying over the 49 weeks, were led by Singapore Telecommunications, Overseas Chinese Banking Corporation, Keppel Corporation, City Developments and Sembcorp Marine.The 20 stocks contributed 85% of the combined net institutional inflows of the close to 300 stocks recipient of year-to-date net institutional inflows.

20 Stocks with Most Net Insti Inflow Returned 35% YTD

<ul>
<li>In principle, <a href="https://www.smartkarma.com/entities/jafco-co-ltd" target="_blank" data-smartkarma-citation="entities:8848:1" rel="noopener">Jafco Co Ltd (8595 JP)</a> still wants to be greenmailed to get Murakami-san out. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>i is expensive here - relative to historical values -  and from an implied stub perspective. And the MSCI inclusion event has now passed.</li>
<li>If you think this is a "risk", then you want to be long when the discount is wide and <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> is monetising assets in some way. </li>
</ul>


In principle, Jafco Co Ltd (8595 JP) still wants to be greenmailed to get Murakami-san out. 

Jardine Cycle &amp; Carriage (JCNC SP)i is expensive here - relative to historical values -  and from an implied stub perspective. And the MSCI inclusion event has now passed.
If you think this is a "risk", then you want to be long when the discount is wide and Softbank Group (9984 JP) is monetising assets in some way. 


Last Week in Event SPACE: JAFCO, Jardine Cycle, Softbank, Star Health

Singapore

Seatrium is a Singapore-headquartered engineering firm providing innovative solutions to the global offshore, marine, and energy industries. It specializes in oil & gas newbuilds and conversions, offshore renewables, specialized shipbuilding, and repairs & upgrades. The company was formed in 2023 through the merger of Sembcorp Marine and Keppel Offshore & Marine.

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Seatrium (STM SP)

Last Week in SPACE: Kawasaki Kisen Kaisha, Osstem, Fujitsu General, Adani Enterprises

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Singapore Manufacturing Index Books 21% Total Return since 2019

From the end of 2019 to 9 Jan 2023, the iEdge SG Adv Manufacturing Index generated a 21% total return. Four of the 10 - Yangzijiang Shipbuilding,...

Singapore Exchange Ltd (SGX)

Last Week in Event SPACE: Oz Minerals, Warrego, JAFCO, Swire Pac's A&Bs, Korean Mandatory Offers

The silly season is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

20 Stocks with Most Net Insti Inflow Returned 35% YTD

Close to 300 Singapore-listed stocks have been recipient to net institutional inflows in the 2022 year through to 9 Dec. The 20 stocks currently...

Singapore Exchange Ltd (SGX)

Last Week in Event SPACE: JAFCO, Jardine Cycle, Softbank, Star Health

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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