Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>If you like <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>'s Appraisal Rights case, buy. If a LO investor who held until now and bullish the market, sell now and replace your beta.</li>
<li>Current NAV levels for <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> are somewhat depressed. To a lesser extent, so is the implied stub (netting off the stake in <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>).</li>
<li>China has established itself as the global EVs benchmark. But  expect increased competition, overcapacity, and in turn, profit squeeze. <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a>is trading full ahead of VOYAH's spin-off.</li>
</ul>


If you like Toyota Industries (6201 JP)'s Appraisal Rights case, buy. If a LO investor who held until now and bullish the market, sell now and replace your beta.
Current NAV levels for Prosus NV (PRX NA) are somewhat depressed. To a lesser extent, so is the implied stub (netting off the stake in Tencent (700 HK)).
China has established itself as the global EVs benchmark. But  expect increased competition, overcapacity, and in turn, profit squeeze. Dongfeng Motor (489 HK)is trading full ahead of VOYAH's spin-off.


Last Week In Event SPACE: Toyota Inds., Prosus/Tencent, Dongfeng Motor, WH Group

<ul>
<li>13 months since <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> was IPO'ed, <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> is currently trading around its highest implied stub, and narrowest NAV discount, inside a year</li>
<li>Preceding my comments on the WH Group 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>


13 months since Smithfield Foods (SFD US) was IPO'ed, WH Group (288 HK) is currently trading around its highest implied stub, and narrowest NAV discount, inside a year
Preceding my comments on the WH Group 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: WH Group (288 HK) Trading Rich To Shuanghui And Smithfield

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Muyuan Foods (2714 HK) launched its Hongkong IPO aiming to raise up to HK$ 10.7B. The company plans to sell 273.9M shares at HK$39 per share.</li>
<li>Muyuan Foods is a technology-driven leading pork company. Their major products include hogs, namely finished hogs, piglets and breeding hogs, as well as fresh and frozen meat products.</li>
<li>We would recommend the investors to subscribe to the issue backed by strong integrated business model, cost competitiveness and innovation capabilities across the value chain.</li>
</ul>


Muyuan Foods (2714 HK) launched its Hongkong IPO aiming to raise up to HK$ 10.7B. The company plans to sell 273.9M shares at HK$39 per share.
Muyuan Foods is a technology-driven leading pork company. Their major products include hogs, namely finished hogs, piglets and breeding hogs, as well as fresh and frozen meat products.
We would recommend the investors to subscribe to the issue backed by strong integrated business model, cost competitiveness and innovation capabilities across the value chain.


Muyuan Foods A/H Listing: Meaty Enough for Investors

<ul>
<li>After reducing the IPO price, and the placement size, <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> has now completed the spin-off of <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a>.</li>
<li>Preceding my comments on the WH Group 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>


After reducing the IPO price, and the placement size, WH Group (288 HK) has now completed the spin-off of Smithfield Foods (SFD US).
Preceding my comments on the WH Group 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: WH Group (288 HK) IPOs Smithfield (SFD US). Now What?

<ul>
<li>On the 21st January 2025, <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>, the world's largest pork producer, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0121/2025012100994.pdf" target="_blank" rel="noopener">announced</a> Smithfield had made a public filing of the "Preliminary Prospectus" with the SEC.</li>
<li>A US$23-US$27/share indicative price range backed out a possible market cap for Smithfield of US$9.0bn-US$10.6bn, at the high end of my estimate, and more than twice its 2013 privatisation value. </li>
<li>
Reportedly,  WHG are now guiding that Smithfield is likely to be priced at $20/share. Expect WHG to sell off here.</li>
</ul>


On the 21st January 2025, WH Group (288 HK), the world's largest pork producer, announced Smithfield had made a public filing of the "Preliminary Prospectus" with the SEC.
A US$23-US$27/share indicative price range backed out a possible market cap for Smithfield of US$9.0bn-US$10.6bn, at the high end of my estimate, and more than twice its 2013 privatisation value. 

Reportedly,  WHG are now guiding that Smithfield is likely to be priced at $20/share. Expect WHG to sell off here.


WH Group (288 HK) Is Stretched As Smithfield Mulls IPO Price Reduction

China

Henan Shuanghui Investment & Development Co., Ltd. is an investment holding company.  Through its subsidiaries, the Company manufactures meat products and frozen food, provides processing and printing services, as well as operates in commercial trading.

Henan Shuanghui Investment & Development (000895 CH)

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Henan Shuanghui Investment & Development (000895 CH)

Last Week In Event SPACE: Toyota Inds., Prosus/Tencent, Dongfeng Motor, WH Group

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

StubWorld: WH Group (288 HK) Trading Rich To Shuanghui And Smithfield

WH Group is trading full to its one-year average trading metrics, post Smithfield spin-off. Forward growth drivers are seen in Smithfield and Henan...

David Blennerhassett

Muyuan Foods A/H Listing: Meaty Enough for Investors

Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...

Tina Banerjee

StubWorld: WH Group (288 HK) IPOs Smithfield (SFD US). Now What?

For a cross border holdco, with a material, somewhat difficult to short, PRC-listed sub; in tandem with a second material sub, with an exchange...

David Blennerhassett

WH Group (288 HK) Is Stretched As Smithfield Mulls IPO Price Reduction

A US$10bn market cap for Smithfield was punchy. Reportedly, the feedback from investors think likewise. Dumbing down the bottom end of the price...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In Event SPACE: Toyota Inds., Prosus/Tencent, Dongfeng Motor, WH Group

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

StubWorld: WH Group (288 HK) Trading Rich To Shuanghui And Smithfield

WH Group is trading full to its one-year average trading metrics, post Smithfield spin-off. Forward growth drivers are seen in Smithfield and Henan...

David Blennerhassett

Muyuan Foods A/H Listing: Meaty Enough for Investors

​Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...

Tina Banerjee

StubWorld: WH Group (288 HK) IPOs Smithfield (SFD US). Now What?

For a cross border holdco, with a material, somewhat difficult to short, PRC-listed sub; in tandem with a second material sub, with an exchange...

David Blennerhassett

WH Group (288 HK) Is Stretched As Smithfield Mulls IPO Price Reduction

A US$10bn market cap for Smithfield was punchy. Reportedly, the feedback from investors think likewise. Dumbing down the bottom end of the price...

David Blennerhassett

Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...