Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Kalon is unlikely to overbid KKR for <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom (4917 JP)</a>. KKR is unlikely to walk despite the earnings guidance revision after the DD.  ¥3,100+ is a fine place to sell.</li>
<li>Panama’s Supreme Court dings <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a>'s port concessions. CKH/Beijing won't go down without a fight; and rejigging a deal for the remaining ports will (likely) be perennially delayed.</li>
<li>
<a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a>is trading through terms. The family Tender Offer is light, but it likely has enormous crossholder support. They could still claim majority of minority.</li>
</ul>


Kalon is unlikely to overbid KKR for Mandom (4917 JP). KKR is unlikely to walk despite the earnings guidance revision after the DD.  ¥3,100+ is a fine place to sell.
Panama’s Supreme Court dings CK Hutchison (1 HK)'s port concessions. CKH/Beijing won't go down without a fight; and rejigging a deal for the remaining ports will (likely) be perennially delayed.

Hisamitsu Pharmaceutical Co (4530 JP)is trading through terms. The family Tender Offer is light, but it likely has enormous crossholder support. They could still claim majority of minority.


Last Week In Event SPACE: CK Hutchison, Hisamitsu Pharma, JCNC, Mandom, Sunny Optical, Rio

<ul>
<li>The play for activists is to buy more <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>. Be very public about value, try to block the deal, then say you want to spill the board.</li>
<li>Implied valuation multiples for <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth Group Limited (751 HK)</a>'s stub and PV ops don’t seem unreasonable. But how best to hedge the delisting &amp; spin-off?</li>
<li>The (largely) expected Panamanian pushback appears factored in, with the market looking further afield to the sale of the remaining 41 global ports. <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> is trading full here.</li>
</ul>


The play for activists is to buy more Toyota Industries (6201 JP). Be very public about value, try to block the deal, then say you want to spill the board.
Implied valuation multiples for Skyworth Group Limited (751 HK)'s stub and PV ops don’t seem unreasonable. But how best to hedge the delisting &amp; spin-off?
The (largely) expected Panamanian pushback appears factored in, with the market looking further afield to the sale of the remaining 41 global ports. CK Hutchison (1 HK) is trading full here.


Last Week In Event SPACE: Toyota Industries, Skyworth Group, CK Hutchison, Dongfeng Motor

<ul>
<li>Panama’s Supreme Court is expected to make a decision shortly on whether <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> ("CKH") will retain the concessions to operate two key Panama Canal ports.</li>
<li>CKH and Panama's Comptroller hold diametrically opposite views on the legitimacy of the 2021 licence renewal and operational compliance/status of these ports. To categorise the situation political is an understatement.</li>
<li>The (largely) expected Panamanian pushback appears factored in, with the market looking further afield to the sale of the remaining 41 global ports. CKH is trading full here. </li>
</ul>


Panama’s Supreme Court is expected to make a decision shortly on whether CK Hutchison Holdings (1 HK) ("CKH") will retain the concessions to operate two key Panama Canal ports.
CKH and Panama's Comptroller hold diametrically opposite views on the legitimacy of the 2021 licence renewal and operational compliance/status of these ports. To categorise the situation political is an understatement.
The (largely) expected Panamanian pushback appears factored in, with the market looking further afield to the sale of the remaining 41 global ports. CKH is trading full here. 


CKH (1 HK): Trading Full Ahead Of Supreme Court Ruling

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio gained 5.79% in July, outperforming its benchmark by 0.30%.  The portfolio has outperformed Hong Kong indexes by 52% to 74% since inception.</li>
<li>The portfolio's largest exposures are in the industrial, financial, and technology platform sectors. The portfolio has no exposure to the materials or energy sectors.</li>
<li>The portfolio has generated a Sharpe ratio of 1.20 since inception, compared with 0.69 for the benchmark.  The portfolio's annualized mean excess return is 19.4%.</li>
</ul>


The Hong Kong Alpha portfolio gained 5.79% in July, outperforming its benchmark by 0.30%.  The portfolio has outperformed Hong Kong indexes by 52% to 74% since inception.
The portfolio's largest exposures are in the industrial, financial, and technology platform sectors. The portfolio has no exposure to the materials or energy sectors.
The portfolio has generated a Sharpe ratio of 1.20 since inception, compared with 0.69 for the benchmark.  The portfolio's annualized mean excess return is 19.4%.


<ul>
<li>The Hong Kong Alpha portfolio beat the Hong Kong indexes in June and was flat to its benchmark with a loss of 6.98%.</li>
<li>The Hong Kong market experienced heavy selling in the second half of June, as both foreign and mainland investors reduced their exposure.</li>
<li>At the end of June, we sold positions in the electric utilities, technology, consumer, and property sectors. We added positions in the broker, biotech, telecom, and industrial sectors.</li>
</ul>


The Hong Kong Alpha portfolio beat the Hong Kong indexes in June and was flat to its benchmark with a loss of 6.98%.
The Hong Kong market experienced heavy selling in the second half of June, as both foreign and mainland investors reduced their exposure.
At the end of June, we sold positions in the electric utilities, technology, consumer, and property sectors. We added positions in the broker, biotech, telecom, and industrial sectors.


Hong Kong

CK Hutchison is a multinational conglomerate with core businesses in ports and related services, retail, infrastructure, and telecommunications, operating across over 50 countries. The company's diverse portfolio includes global port operations, health and beauty retail through AS Watson, and investments in energy, transportation, and mobile telecommunications. It was formed in March 2015 and is headquartered in Hong Kong.

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CK Hutchison (1 HK)

Last Week In Event SPACE: CK Hutchison, Hisamitsu Pharma, JCNC, Mandom, Sunny Optical, Rio

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Last Week In Event SPACE: Toyota Industries, Skyworth Group, CK Hutchison, Dongfeng Motor

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

CKH (1 HK): Trading Full Ahead Of Supreme Court Ruling

The (largely) expected Panamanian pushback appears factored in, with the market looking further afield to the sale of the remaining 41 global...

David Blennerhassett

HONG KONG ALPHA PORTFOLIO: (July 2026)

We made several adjustments to the portfolio yesterday. We sold the Baidu (9888) position since it hit our stop-loss level. We also sold the...

David Mudd

HONG KONG ALPHA PORTFOLIO: (June 2026)

At mid-month, we note that pc makers are passing on higher chip and component costs to consumers. For this reason, we sold our positions in Lenovo...

David Mudd

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