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/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> is trading "cheap" to <a href="https://www.smartkarma.com/entities/genting-singapore-limited" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a>. However, the cleaner, more liquid, GENS is the better play.</li>
<li>Preceding my comments on GENT and GENS 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>



Genting Bhd (GENT MK) is trading "cheap" to Genting Singapore (GENS SP). However, the cleaner, more liquid, GENS is the better play.
Preceding my comments on GENT and GENS 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: Genting (GENT MK)'s "Cheapness" Is Still A Punt

<ul>
<li>Stick with restaurant group <a href="https://www.smartkarma.com/entities/colowide-co-ltd" target="_blank" data-smartkarma-citation="entities:13967:1" rel="noopener">Colowide Co Ltd (7616 JP)</a>, despite the elevated implied stub and NAV discount. And <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> craters on rights issue plan.</li>
<li>Preceding my comments on Colowide and Genting 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>


Stick with restaurant group Colowide Co Ltd (7616 JP), despite the elevated implied stub and NAV discount. And Genting Bhd (GENT MK) craters on rights issue plan.
Preceding my comments on Colowide and Genting 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: Stay With Colowide (7616 JP); Bullet Dodged On Genting (GENT MK)

<ul>
<li>It's a weak stub. And given <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a>'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against <a href="https://www.smartkarma.com/entities/japan-petroleum-exploration" target="_blank" data-smartkarma-citation="entities:12219:1" rel="noopener">JAPEX (1662 JP)</a>.</li>
<li>Keswick chips away at <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-southeast-asia-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Matheson Southeast Asia (JCNC SP)</a> (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> in-specie-distribution and special dividend.</li>
</ul>


It's a weak stub. And given Inpex Corp (1605 JP)'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against JAPEX (1662 JP).
Keswick chips away at Jardine Matheson (JM SP)'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. 

Jardine Matheson Southeast Asia (JCNC SP) (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the Toyota Motor (7203 JP) in-specie-distribution and special dividend.


Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>DBS sees M. deal as key to SGX's growth and potential earnings boost.</li>
<li>RHB maintains 'buy' on CSE Global after US$8 million SEI acquisition.</li>
<li>World Cup impacts high-value gaming patrons; DBS retains ‘hold’ on Genting Singapore.</li>
</ul>


DBS sees M. deal as key to SGX's growth and potential earnings boost.
RHB maintains 'buy' on CSE Global after US$8 million SEI acquisition.
World Cup impacts high-value gaming patrons; DBS retains ‘hold’ on Genting Singapore.


Singapore Market Roundup (24-Jul-2026): DBS Views M. Deal as Vital for SGX Growth and Earnings.

<ul><li>DBS keeps 'hold' on Genting Singapore, citing World Cup's impact on gaming patrons.</li><li>CGS International raises Yangzijiang Shipbuilding's target price to $5.10.</li><li>RHB optimistic on CLAR; portfolio changes expected to boost DPU from FY2027.</li></ul>

DBS keeps 'hold' on Genting Singapore, citing World Cup's impact on gaming patrons.CGS International raises Yangzijiang Shipbuilding's target price to $5.10.RHB optimistic on CLAR; portfolio changes expected to boost DPU from FY2027.

Singapore Market Roundup (23-Jul-2026): DBS maintains 'hold' on Genting Singapore due to World

Singapore

Genting Singapore develops, manages, and operates integrated resort destinations, including gaming, attractions, hospitality, MICE, leisure, and entertainment facilities. The company owns and operates Resorts World Sentosa (RWS) in Singapore, which features Universal Studios Singapore, S.E.A. Aquarium, Adventure Cove Waterpark, hotels, a casino, and MICE facilities. Genting Singapore was incorporated in 1984 and is headquartered in Singapore.

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Genting Singapore (GENS SP)

StubWorld: Genting (GENT MK)'s "Cheapness" Is Still A Punt

A bet on GENT, is a bet on U.S. gaming, most recently in NY, wherein GENT's track record is less than stellar. GENS, as a pure gambling play is not...

David Blennerhassett

StubWorld: Stay With Colowide (7616 JP); Bullet Dodged On Genting (GENT MK)

I might simply be inclined to (still) go outright long in Colowide here. And I would (still) be disinclined to set up the Genting stub here.

David Blennerhassett

Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

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

Singapore Market Roundup (24-Jul-2026): DBS Views M. Deal as Vital for SGX Growth and Earnings.

DBS views the M. deal as crucial for SGX's growth. RHB keeps 'buy' on CSE Global after its $8M SEI acquisition. Worlds Cup impacts high-value...

Singapore Market Roundup

Singapore Market Roundup (23-Jul-2026): DBS maintains 'hold' on Genting Singapore due to World

DBS maintains 'hold' on Genting Singapore due to World Cup effects. CGS raises Yangzijiang target to $5.10; RHB optimistic on CLAR, expecting DPU...

Singapore Market Roundup

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