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.


European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Property developer/investor CK Asset Holdings made a 80p/share (+1.425p dividend) cash takeover offer for value-destroyer Civitas Social Housing REIT, implied equity value £485million, 44% premium and 26.7% discount to NAV.</li>
<li>Before offer announcement, Civitas traded at 50% discount to NAV, 8.1% dividend yield (covered &lt;1x). Although my fair value estimate (dividend discount model) is 83p, shareholders will likely cash in.</li>
<li>Spread is 1.26%/3.91% (gross/annualised, assuming all payments by 11 September for simplicity). Readacross: Triple Point (SOHO LN), at 49% discount/NAV, 10.1% dividend yield (covered 0.92x), could also be a target.</li>
</ul>


Property developer/investor CK Asset Holdings made a 80p/share (+1.425p dividend) cash takeover offer for value-destroyer Civitas Social Housing REIT, implied equity value £485million, 44% premium and 26.7% discount to NAV.
Before offer announcement, Civitas traded at 50% discount to NAV, 8.1% dividend yield (covered &lt;1x). Although my fair value estimate (dividend discount model) is 83p, shareholders will likely cash in.
Spread is 1.26%/3.91% (gross/annualised, assuming all payments by 11 September for simplicity). Readacross: Triple Point (SOHO LN), at 49% discount/NAV, 10.1% dividend yield (covered 0.92x), could also be a target.


CK Asset Holdings/Civitas Social Housing: Recommended Offer

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 12th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Mengniu Dairy (2319 HK), Haier Smart Home (6690 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 12th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Mengniu Dairy (2319 HK), Haier Smart Home (6690 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (May 12th): Aia, China Mengniu Dairy, Haier Smart Home

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 5th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), China Mengniu Dairy (2319 HK), Esr (1821 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 5th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), China Mengniu Dairy (2319 HK), Esr (1821 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (May 5th): Aia, China Mengniu Dairy, ESR

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 28th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Swire Pacific (19 HK), Ck Asset (1113 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 28th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Swire Pacific (19 HK), Ck Asset (1113 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Apr 28th): Aia, Swire Pacific, Ck Asset

Hong Kong

CK Asset Holdings is a multinational conglomerate primarily engaged in property development and investment, hotel and serviced suite operation, and property and project management. The company also has interests in aircraft leasing, pub operations, and infrastructure and utility assets. It was founded in 2015 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
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CK Asset Holdings (1113 HK)

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

Hong Kong Buybacks Weekly (May 12th): Aia, China Mengniu Dairy, Haier Smart Home

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 5th): Aia, China Mengniu Dairy, ESR

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Apr 28th): Aia, Swire Pacific, Ck Asset

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

CK Asset Holdings/Civitas Social Housing: Recommended Offer

CK Asset Holdings made a 80p/share cash takeover offer for value-destroyer Civitas Social Housing. Before announcement, Civitas traded at 50%...

Jesus Rodriguez Aguilar

Hong Kong Buybacks Weekly (May 12th): Aia, China Mengniu Dairy, Haier Smart Home

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 5th): Aia, China Mengniu Dairy, ESR

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Apr 28th): Aia, Swire Pacific, Ck Asset

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM