Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soho-china-ltd" target="_blank" data-smartkarma-citation="entities:4123:1" rel="noopener">Soho China (410 HK)</a>'s Pan Shiyi is resigning to focus on "philanthropic pursuits". That sounds like "donations", which can be sourced from the Pans selling their stake in SOHO.</li>
<li>In the Nikkei 225 Annual Review, <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec (6594 JP)</a>, <a href="https://www.smartkarma.com/entities/smc-corp" target="_blank" data-smartkarma-citation="entities:20866:1" rel="noopener">SMC (6273 JP)</a>, <a href="https://www.smartkarma.com/entities/hoya-corp" target="_blank" data-smartkarma-citation="entities:8990:1" rel="noopener">Hoya (7741 JP)</a> are IN. <a href="https://www.smartkarma.com/entities/unitika-ltd" target="_blank" data-smartkarma-citation="entities:7669:1" rel="noopener">Unitika (3103 JP)</a>, <a href="https://www.smartkarma.com/entities/maruha-nichiro-corp" target="_blank" data-smartkarma-citation="entities:20640:1" rel="noopener">Maruha (1333 JP)</a>, and <a href="https://www.smartkarma.com/entities/oki-electric-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:2181:1" rel="noopener">Oki Electric (6703 JP)</a> are OUT.</li>
<li>
<a href="https://www.smartkarma.com/entities/volkswagen-ag" target="_blank" data-smartkarma-citation="entities:21738:1" rel="noopener">Volkswagen (VOW GR)</a> confirms its intention to float a portion of its Porsche sports-car brand within weeks, in what is expected to be one of Germany’s largest-ever public debuts.</li>
</ul>



Soho China (410 HK)'s Pan Shiyi is resigning to focus on "philanthropic pursuits". That sounds like "donations", which can be sourced from the Pans selling their stake in SOHO.
In the Nikkei 225 Annual Review, Nidec (6594 JP), SMC (6273 JP), Hoya (7741 JP) are IN. Unitika (3103 JP), Maruha (1333 JP), and Oki Electric (6703 JP) are OUT.

Volkswagen (VOW GR) confirms its intention to float a portion of its Porsche sports-car brand within weeks, in what is expected to be one of Germany’s largest-ever public debuts.


Last Week in Event SPACE: SOHO China, Nikkei 225 Review, SK Chemicals, SingTel, Porsche, Tyro

Equity Bottom-Up

Singtel (Singapore Telecommunications) / Equity Bottom-Up

<ul>
<li>S&amp;P revises its outlook for <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> following a series of divestments. </li>
<li>Preceding my comments on Singtel 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>


S&amp;P revises its outlook for Singtel (ST SP) following a series of divestments. 
Preceding my comments on Singtel 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: Singtel Coming Up "Cheap" As Divestments Continue Apace

<ul>
<li>Based on an admittedly somewhat finger-in-the-air estimate of probability of privatisation,  shorting <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> here against its Peer Basket is probably not a good outcome.</li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd" target="_blank" data-smartkarma-citation="entities:23726:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> has started buying back with 3.5x the average ADV impact on Bs vs As. That is likely to continue. </li>
<li>KKR's all cash A$88/share Offer for <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health (RHC AU)</a> is off. The alternative Offer has a lower implied value, and has been unceremoniously rejected, despite Ramsay's horrible FY22 numbers.</li>
</ul>


Based on an admittedly somewhat finger-in-the-air estimate of probability of privatisation,  shorting Toshiba Corp (6502 JP) here against its Peer Basket is probably not a good outcome.

Swire Pacific (19 HK) has started buying back with 3.5x the average ADV impact on Bs vs As. That is likely to continue. 
KKR's all cash A$88/share Offer for Ramsay Health (RHC AU) is off. The alternative Offer has a lower implied value, and has been unceremoniously rejected, despite Ramsay's horrible FY22 numbers.


Last Week in Event SPACE: Toshiba, Swire Pacific, Ramsay Health, Pendal, Intouch

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: Chinese and South Korean interest rates, South African inflation</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO Inc (9866 HK)</a>, <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>
</li>
</ul>


The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Chinese and South Korean interest rates, South African inflation

 Companies mentioned:NIO Inc (9866 HK), Bharti Airtel (BHARTI IN)



GEM Weekly (26 Aug 2022): China, South Korea Rates, South African Inflation; NIO, Bharti Airtel

<ul>
<li>The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points:Chinese and Asian PMI data, South Korean CPI, Indian interest rates, Indonesian GDP</li>
<li>
Companies mentioned:<a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a>, <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK), </a><a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a><a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener"> </a>
</li>
</ul>


The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points:Chinese and Asian PMI data, South Korean CPI, Indian interest rates, Indonesian GDP

Companies mentioned:Alibaba Group (9988 HK), Reliance Industries (RIL IN), Bharti Airtel (BHARTI IN), Taiwan Semiconductor (TSMC) (2330 TT), NetEase (9999 HK), Tencent (700 HK), XPeng (9868 HK) 



GEM Weekly (5 Aug 2022): Asia PMIs, SK CPI, India Interest Rates; Alibaba, TSMC, NetEase, Tencent

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Last Week in Event SPACE: SOHO China, Nikkei 225 Review, SK Chemicals, SingTel, Porsche, Tyro

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

StubWorld: Singtel Coming Up "Cheap" As Divestments Continue Apace

Amid improving earnings, the market is assigning S$6.9bn less for the unlisted ops since the beginning of Covid. Plus Singtel is monetising non...

David Blennerhassett

Last Week in Event SPACE: Toshiba, Swire Pacific, Ramsay Health, Pendal, Intouch

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

GEM Weekly (26 Aug 2022): China, South Korea Rates, South African Inflation; NIO, Bharti Airtel

The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of...

Wium Malan, CFA

GEM Weekly (5 Aug 2022): Asia PMIs, SK CPI, India Interest Rates; Alibaba, TSMC, NetEase, Tencent

The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of...

Wium Malan, CFA

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