Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Almost exactly eight months after <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> announced a pre-conditional Offer, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has now satisfied all pre-cons. </li>
<li>The Offer Doc will be dispatched on or around the 12th August, at which time the Offer will be open for acceptances.</li>
<li>This could turn unconditional early September. Trading tight at a gross spread of 1.5%. Keep in mind a basket of peers are up 23% since the Offer was announced.</li>
</ul>


Almost exactly eight months after HKBN Ltd (1310 HK) announced a pre-conditional Offer, China Mobile (941 HK) has now satisfied all pre-cons. 
The Offer Doc will be dispatched on or around the 12th August, at which time the Offer will be open for acceptances.
This could turn unconditional early September. Trading tight at a gross spread of 1.5%. Keep in mind a basket of peers are up 23% since the Offer was announced.


HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Gree Electric Appliances / Equity Bottom-Up

<ul>
<li>Since inception on February 23, our Robust Dividend Yielders basket has generated 20.3% total return, vs MSCI Asia-ex-Japan's 11.34%. 10 stocks in our basket of 23 appreciated more than 20%.</li>
<li>We reconstruct our basket screening all Asian stocks &gt; US$2bn market cap, dividend yield &gt;6% in 2025 and 2026, EPS CAGR &gt; 5% and upward revision to EPS forecasts.</li>
<li>Our new Dividend Yield basket has 15 stocks, 10 from HK, 3 from onshore China, 1 each from Indonesia and Singapore. Bosideng is the only stock common in both baskets. </li>
</ul>


Since inception on February 23, our Robust Dividend Yielders basket has generated 20.3% total return, vs MSCI Asia-ex-Japan's 11.34%. 10 stocks in our basket of 23 appreciated more than 20%.
We reconstruct our basket screening all Asian stocks &gt; US$2bn market cap, dividend yield &gt;6% in 2025 and 2026, EPS CAGR &gt; 5% and upward revision to EPS forecasts.
Our new Dividend Yield basket has 15 stocks, 10 from HK, 3 from onshore China, 1 each from Indonesia and Singapore. Bosideng is the only stock common in both baskets. 


Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has secured all PRC regulatory approvals for its <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> offer. The remaining precondition is approval from the HK Communications Authority. </li>
<li>I Squared, while technically still in the race, is rapidly running out of time. It needs to announce an offer before China Mobile opens its offer for acceptance.</li>
<li>Despite the HKBN CEO’s comments that the China Mobile offer is not good enough, China Mobile has no pressing need to bump if a competing offer fails to materialise.</li>
</ul>



China Mobile (941 HK) has secured all PRC regulatory approvals for its HKBN Ltd (1310 HK) offer. The remaining precondition is approval from the HK Communications Authority. 
I Squared, while technically still in the race, is rapidly running out of time. It needs to announce an offer before China Mobile opens its offer for acceptance.
Despite the HKBN CEO’s comments that the China Mobile offer is not good enough, China Mobile has no pressing need to bump if a competing offer fails to materialise.


HKBN (1310 HK): China Mobile Inches Closer Toward Precondition Satisfaction

<ul>
<li>Six months and counting; yet <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> continues to (slowly, but surely) chip away at various pre-conditions. </li>
<li>In its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0609/2025060900588.pdf" target="_blank" rel="noopener">monthly update</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> said Mobile has proposed commitments to Hong Kong's Communication Authority,  and that the commitments are sufficient to effectively address the CA's concerns. </li>
<li>The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared's proposal. </li>
</ul>


Six months and counting; yet China Mobile (941 HK) continues to (slowly, but surely) chip away at various pre-conditions. 
In its monthly update, HKBN Ltd (1310 HK) said Mobile has proposed commitments to Hong Kong's Communication Authority,  and that the commitments are sufficient to effectively address the CA's concerns. 
The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared's proposal. 


HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.</li>
<li>But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.</li>
<li>Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.
But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.
Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.


Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Hong Kong

HKT Trust and HKT Ltd trade together as a stapled security.  HKT Ltd provides telecommunications services.  The Company's business provides telecommunications products and services including local telephony services, local data and broadband services, international telecommunications services, and other services.

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HKT Ltd (6823 HK)

HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly

Trading at a gross/annualised spread of 1.5%/17.3% assuming early September payment. If in, stay in. Otherwise, this is an avoid.

David Blennerhassett

Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance

Since inception (Feb 23) our Robust Dividend Yielders basket generated 20.3% total return vs MSCI AxJ's 11.34%. Our new Dividend Yield basket...

Manishi Raychaudhuri

HKBN (1310 HK): China Mobile Inches Closer Toward Precondition Satisfaction

I Squared, while technically still in the race, is rapidly running out of time. Despite the HKBN CEO’s comments that the China Mobile offer is not...

Arun George

HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

You have Mobile's firm offer at a 2.1% gross spread. My bet is that the key PRC regulators are holding back until CA clears the transaction. Do not...

David Blennerhassett

Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Still Favor Defensives Until Market Dynamics Improve; EURO $STOXX 50 Testing Crucial 5000 Level; Watch for Resistance at $105-$117.69 on $ACWI. Buy...

Vermilion Research

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