Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 26 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were  discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/nissin-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:18917:1" rel="noopener">Nissin Shoji (7490 JP)</a>, and <a href="https://www.smartkarma.com/entities/paltac-corporation" target="_blank" data-smartkarma-citation="entities:20014:1" rel="noopener">Paltac Corporation (8283 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/emmerson-resources-ltd" target="_blank" data-smartkarma-citation="entities:18705:1" rel="noopener">Emmerson Resources (ERM AU)</a>, and <a href="https://www.smartkarma.com/entities/clearview-wealth-ltd" target="_blank" data-smartkarma-citation="entities:19733:1" rel="noopener">Clearview Wealth (CVW AU)</a>.</li>
</ul>


I tally 26 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were  discussed on Smartkarma this week: Kakaku.com Inc (2371 JP), Nissin Shoji (7490 JP), and Paltac Corporation (8283 JP).
Key updates/news also took place on: oOh!Media Ltd (OML AU), Emmerson Resources (ERM AU), and Clearview Wealth (CVW AU).


Asia-Pac M&A Weekly Wrap: Paltac Corp, Nissin Shoji, OOh!Media, Emmerson Res., Clearview Wealth

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

We think the National Development and Reform Commission’s, or NDRC’s, decision to unify residential and nonresidential city-gate prices will have limited earnings impact on city gas operators, as we believe these distributors will be able to pass through the city-gate price hikes to their customers. We maintain our fair value estimates for <a href="https://www.smartkarma.com/entities/14315" target="_blank" data-smartkarma-citation="entities:14315:1">China Gas Holdings Ltd (384 HK)</a>, <a href="https://www.smartkarma.com/entities/20525" target="_blank" data-smartkarma-citation="entities:20525:1">China Resources Gas Group Ltd (1193 HK)</a>, and <a href="https://www.smartkarma.com/entities/316" target="_blank" data-smartkarma-citation="entities:316:1">ENN Energy Holdings Ltd (2688 HK)</a>. Our narrow moat ratings on all three…

We think the National Development and Reform Commission’s, or NDRC’s, decision to unify residential and nonresidential city-gate prices will have limited earnings impact on city gas operators, as we believe these distributors will be able to pass through the city-gate price hikes to their customers. We maintain our fair value estimates for China Gas Holdings Ltd (384 HK), China Resources Gas Group Ltd (1193 HK), and ENN Energy Holdings Ltd (2688 HK). Our narrow moat ratings on all three…

Unification of City-Gate Prices Has Muted Impact on City Gas Operators; Positive for PetroChina

<ul>
<li>I tally 23- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources (RRL AU)</a> / <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a>'s merger, and <a href="https://www.smartkarma.com/entities/atlantic-lithium-ltd" target="_blank" data-smartkarma-citation="entities:40322:1" rel="noopener">Atlantic Lithium (A11 AU)</a>'s Scheme.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>, and <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>.</li>
</ul>


I tally 23- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Regis Resources (RRL AU) / Vault Minerals Ltd (VAU AU)'s merger, and Atlantic Lithium (A11 AU)'s Scheme.
Key updates/news also took place on: Healius (HLS AU), Atlas Arteria (ALX AU), Humm Group (HUM AU), Guocoland Malaysia (GUOL MK), and China Shengmu Organic Milk (1432 HK).


Asia-Pac M&A Weekly Wrap: Regis/Vault, Atlantic Lithium, Atlas Arteria, Humm, China Shengmu

<ul>
<li>After two years and change, SOE-backed power play <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a> has now announced the Shenzhen Stock Exchange has approved the A-share listing off its renewable energy unit.</li>
<li>Earnings, and attributable installed capacity, is now evenly split between CRP's thermal and renewable energy segments. </li>
<li>Shenzhen (&amp; Shanghai) renewable energy peers trade at significantly higher multiples to HK-listed plays. Assuming the spin-off occurs, there remains material upside to CRP here. </li>
</ul>


After two years and change, SOE-backed power play China Resources Power (836 HK) has now announced the Shenzhen Stock Exchange has approved the A-share listing off its renewable energy unit.
Earnings, and attributable installed capacity, is now evenly split between CRP's thermal and renewable energy segments. 
Shenzhen (&amp; Shanghai) renewable energy peers trade at significantly higher multiples to HK-listed plays. Assuming the spin-off occurs, there remains material upside to CRP here. 


CR Power (836 HK): Still Upside From Expected Clean Energy Spin-Off

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

We looked back over the last month to see which names in Hong Kong had the most Analyst upgrades and downgrades. On the positive side, <a href="https://www.smartkarma.com/entities/175" target="_blank" data-smartkarma-citation="entities:175:1">CNOOC Ltd (883 HK)</a> topped the list with 4 upgrades. 7 names including <a href="https://www.smartkarma.com/entities/45" target="_blank" data-smartkarma-citation="entities:45:1">China Construction Bank H (939 HK)</a> and the <a href="https://www.smartkarma.com/entities/659" target="_blank" data-smartkarma-citation="entities:659:1">Bank Of Communications Co H (3328 HK)</a> had 3 upgrades. 15 names including <a href="https://www.smartkarma.com/entities/1119" target="_blank" data-smartkarma-citation="entities:1119:1">Industrial and Commercial Bank of China (H) (1398 HK)</a> and <a href="https://www.smartkarma.com/entities/1120" target="_blank" data-smartkarma-citation="entities:1120:1">Agricultural Bank Of China Limited (1288 HK)</a> had 2 upgrades. If a company had downgrade over the same period it was…

We looked back over the last month to see which names in Hong Kong had the most Analyst upgrades and downgrades. On the positive side, CNOOC Ltd (883 HK) topped the list with 4 upgrades. 7 names including China Construction Bank H (939 HK) and the Bank Of Communications Co H (3328 HK) had 3 upgrades. 15 names including Industrial and Commercial Bank of China (H) (1398 HK) and Agricultural Bank Of China Limited (1288 HK) had 2 upgrades. If a company had downgrade over the same period it was…

Most Popular / Unpopular Names in Hong Kong....

China

ENN Energy is a major clean energy distributor in China, primarily engaged in the investment, construction, operation, and management of gas pipeline infrastructure, as well as the sales and distribution of piped gas, liquefied natural gas (LNG), and other multi-energy products. The company also provides low-carbon integrated energy solutions and smart home services. It was founded in 1992 and is headquartered in Langfang, China.

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ENN Energy (2688 HK)

Asia-Pac M&A Weekly Wrap: Paltac Corp, Nissin Shoji, OOh!Media, Emmerson Res., Clearview Wealth

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Unification of City-Gate Prices Has Muted Impact on City Gas Operators; Positive for PetroChina

We think the National Development and Reform Commission’s, or NDRC’s, decision to unify residential and nonresidential city-gate prices will have...

Morningstar, Inc.

Asia-Pac M&A Weekly Wrap: Regis/Vault, Atlantic Lithium, Atlas Arteria, Humm, China Shengmu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

CR Power (836 HK): Still Upside From Expected Clean Energy Spin-Off

Even assigning a hefty holding company discount, there remains considerable upside to CRP's share price here, should the spin-off unfold. CRP's...

David Blennerhassett

Most Popular / Unpopular Names in Hong Kong....

We looked back over the last month to see which names in Hong Kong had the most Analyst upgrades and downgrades. On the positive side, CNOOC Ltd...

Custom Products Group

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52-week Range

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