Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

Wharf Real Estate Investment Company / Equity Bottom-Up

Wharf Real Estate Investment Company (1997 HK)

<ul>
<li>In this insight, we conducted fundamental analysis on Wharf REIC .  It has a simple business model that it operates key malls in HK including Harbour City and Times Square</li>
<li>Macro-Wise, despite Wharf REIC should be seeing a recovery trend in terms of retail sales, the weak Chinese economy could pose concern on Wharf REIC’s retail sales</li>
<li>Wharf REIC is also facing several headwinds such as high interest cost and weak office market in Hong Kong.  We view the re-rating potential limited despite attractive valuation</li>
</ul>


In this insight, we conducted fundamental analysis on Wharf REIC .  It has a simple business model that it operates key malls in HK including Harbour City and Times Square
Macro-Wise, despite Wharf REIC should be seeing a recovery trend in terms of retail sales, the weak Chinese economy could pose concern on Wharf REIC’s retail sales
Wharf REIC is also facing several headwinds such as high interest cost and weak office market in Hong Kong.  We view the re-rating potential limited despite attractive valuation


Wharf REIC 1997HK: Should We Bet on HK Luxury Retail? Lack of Catalyst & Weak Chinese Spending Power

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a> Rights start trading today. Last day is next Monday. There is a general pattern to the flows and it behooves investors to be aware.</li>
<li>There is a pattern to these trades which is worth understanding.</li>
<li>In this case, I expect it is worth going long Yuexiu Rights vs Short peer basket equity earlier in the cycle.</li>
</ul>


The Yuexiu Property (123 HK) Rights start trading today. Last day is next Monday. There is a general pattern to the flows and it behooves investors to be aware.
There is a pattern to these trades which is worth understanding.
In this case, I expect it is worth going long Yuexiu Rights vs Short peer basket equity earlier in the cycle.


<ul>
<li>Hong Kong retail sales strongly rebounded 41% yoy in March</li>
<li>During May Day Holiday (Apr 29 – May 3), there was 625k mainland visitors to Hong Kong, around 63% of pre-COVID level</li>
<li>Among all RE sub-sectors, retail and residential will be the first to recover (already seeing recovery), office will be lagging and the last. </li>
</ul>


Hong Kong retail sales strongly rebounded 41% yoy in March
During May Day Holiday (Apr 29 – May 3), there was 625k mainland visitors to Hong Kong, around 63% of pre-COVID level
Among all RE sub-sectors, retail and residential will be the first to recover (already seeing recovery), office will be lagging and the last. 


HK RE: Retail to Benefit from Tourism Recovery.  Buy HLP 101 HK & NWD 17 HK on Attractive Valuation

Technical Analysis / Chartered Market Technician, The Markets Academy

David Coloretti, CMT

Technical Analysis / Chartered Market Technician

The Markets Academy

TMA implements 2 strategies. 1) Tactical ... Trend Sustainability Score (TSS) allows TMA to identify exhaustion / reversal points in interim trends by utilising our proprietary analysis of ST momentum indicators. 2) Medium Term ... our 3 Pillars approach to technical analysis allows TMA to determine high probability medium term outcomes in markets.

Technical Analysis

Wharf Real Estate Investment Company / Technical Analysis

<ul>
<li>At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.</li>
<li>The 2018/2020 downtrend was broken in December 2022. Q1 2023 has delivered a correction and opportunity to enter the uptrend at improved entry levels.</li>
<li>March has the potential to complete a bullish monthly reversal pattern upon a month end close above 44.89 and confirm a likely multi-month 12% uptrend towards 50.67. </li>
</ul>


At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
The 2018/2020 downtrend was broken in December 2022. Q1 2023 has delivered a correction and opportunity to enter the uptrend at improved entry levels.
March has the potential to complete a bullish monthly reversal pattern upon a month end close above 44.89 and confirm a likely multi-month 12% uptrend towards 50.67. 


Wharf Real Estate Investment Co Ltd (1997 HK) - Pending Confirmation of 12% Multi-Month Uptrend

David Blennerhassett

Golden Energy and Resources / Event-Driven

<ul>
<li>The Widjaja family has responded to criticism from various quarters over its low-balled Offer for <strong><a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a> </strong>and revised terms.</li>
<li>The all-cash payout for the 62.5% stake in <strong><a href="https://www.smartkarma.com/entities/golden-energy-mines-tbk-pt" target="_blank" data-smartkarma-citation="entities:16150:1" rel="noopener">Golden Energy Mines (GEMS IJ)</a></strong> is now 15.5% higher at S$0.792/share. The exit offer is 13% higher at S$0.18.1.</li>
<li>No matter how you slice it, the bump is petty. GEAR's "rump" is currently worth at least S$0.63/share.</li>
</ul>


The Widjaja family has responded to criticism from various quarters over its low-balled Offer for Golden Energy &amp; Resources (GER SP) and revised terms.
The all-cash payout for the 62.5% stake in Golden Energy Mines (GEMS IJ) is now 15.5% higher at S$0.792/share. The exit offer is 13% higher at S$0.18.1.
No matter how you slice it, the bump is petty. GEAR's "rump" is currently worth at least S$0.63/share.


Golden Energy: Offer Bumped. Still Insulting

Hong Kong

Wharf Real Estate Investment Company Limited is an investment holding company that owns and operates a portfolio of premier retail, office, and hotel properties. Its key assets include Harbour City and Times Square in Hong Kong, along with commercial properties in Singapore. The company was established in 2017 and is headquartered in Hong Kong.

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Wharf Real Estate Investment Company (1997 HK)

Wharf REIC 1997HK: Should We Bet on HK Luxury Retail? Lack of Catalyst & Weak Chinese Spending Power

We conducted fundamental analysis on Wharf REIC. Retail sales and tourist arrivals in HK may take longer to recover, as Chinese economy is...

Jacob Cheng

Yuexiu Rights - The Trading Pattern Fits

Yuexiu Property (123 HK) Rights are trading today. The stock is trading down, as expected, as those who do not wish to re-up sell their rights. I...

Travis Lundy

HK RE: Retail to Benefit from Tourism Recovery. Buy HLP 101 HK & NWD 17 HK on Attractive Valuation

Latest data show that tourism for HK is recovering. Retail sales also show strong yoy growth. After HK's reopening, retail and residential are...

Jacob Cheng

Wharf Real Estate Investment Co Ltd (1997 HK) - Pending Confirmation of 12% Multi-Month Uptrend

30+ years as a technical analyst and a razor sharp focus on momentum confirmation delivered TMA a 75% unleveraged return on our 7 Smartkarma...

David Coloretti, CMT

Golden Energy: Offer Bumped. Still Insulting

No matter how you slice it, the bump is petty. GEAR's "rump" is currently worth at least S$0.63/share. Terms have not been declared final. Buy at...

David Blennerhassett

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