Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a>'s Offer for <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>, it seemed appropriate to revisit <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group (53 HK)</a>. Just as well - it is totally bombed out. </li>
<li>I see Guoco's implied stub - net of GuocoLand, <a href="https://www.smartkarma.com/entities/hong-leong-financial-group" target="_blank" data-smartkarma-citation="entities:6602:1" rel="noopener">Hong Leong Financial (HLFG MK)</a>, <a href="https://www.smartkarma.com/entities/bank-of-east-asia-ltd" target="_blank" data-smartkarma-citation="entities:341:1" rel="noopener">Bank of East Asia (23 HK)</a>, and <a href="https://www.smartkarma.com/entities/rank-group-plc" target="_blank" data-smartkarma-citation="entities:22117:1" rel="noopener">Rank Group (RNK LN)</a> - at a decade low.</li>
<li>It's coming up to eight years since the Quek family reloaded an Offer for Guoco. Which subsequently failed. Time for the family to step up. Again.</li>
</ul>


After GuocoLand (GUOL SP)'s Offer for Guocoland Malaysia (GUOL MK), it seemed appropriate to revisit Guoco Group (53 HK). Just as well - it is totally bombed out. 
I see Guoco's implied stub - net of GuocoLand, Hong Leong Financial (HLFG MK), Bank of East Asia (23 HK), and Rank Group (RNK LN) - at a decade low.
It's coming up to eight years since the Quek family reloaded an Offer for Guoco. Which subsequently failed. Time for the family to step up. Again.


Guoco (53 HK): Now Even A Deeper Value Play

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/hong-leong-financial-group">Hong Leong Financial</a> Group (HLFG) is a diversified financial services holding company with a strong presence in Malaysia and a growing regional footprint. Its core businesses include commercial banking, insurance, and investment banking.</li>
 <li>The Group's primary subsidiary, Hong Leong Bank, has demonstrated resilient performance with loan growth consistently outpacing the industry average. However, recent group-level earnings were impacted by lower contributions from the bank, indicating sensitivity to its largest segment's performance.</li>
 <li>Forward-looking strategy is centered on digital innovation to enhance customer experience, a commitment to ESG principles with a Net Zero by 2050 target, and disciplined cost management to support profitability amidst a stable but competitive Malaysian economic outlook.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Hong Leong Financial Group (HLFG) is a diversified financial services holding company with a strong presence in Malaysia and a growing regional footprint. Its core businesses include commercial banking, insurance, and investment banking.
  The Group's primary subsidiary, Hong Leong Bank, has demonstrated resilient performance with loan growth consistently outpacing the industry average. However, recent group-level earnings were impacted by lower contributions from the bank, indicating sensitivity to its largest segment's performance.
  Forward-looking strategy is centered on digital innovation to enhance customer experience, a commitment to ESG principles with a Net Zero by 2050 target, and disciplined cost management to support profitability amidst a stable but competitive Malaysian economic outlook.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hong Leong Financial (HLFG MK) - Aug 2026

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/okp-holdings-limited" target="_blank" data-smartkarma-citation="entities:13193:1" rel="noopener">OKP (OKP SP)</a> is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.</li>
<li>The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.</li>
<li>OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.</li>
</ul>



OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.
The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.
OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.


OKP Holdings - 1H26 Earnings Update - Order Book and Margins at Peak but De-Rating Overdone

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain immune to the disruption occurring elsewhere.  Price and relative strength uptrends intact remain, and we reiterate our overweight recommendation.  In today’s report we provide a collection of the better looking company charts across the emerging markets universe.

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain immune to the disruption occurring elsewhere.  Price and relative strength uptrends intact remain, and we reiterate our overweight recommendation.  In today’s report we provide a collection of the better looking company charts across the emerging markets universe.

<ul>
<li>I see <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a>'s implied stub at around a decade low. And a trailing P/B of 0.34x, versus the five-year average of 0.4x. </li>
<li>~67%-Held <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a> (trading at 0.64x P/B) looks set to privatise ~68%-held <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> at ~0.55x P/B, further adding to Guoco's look-through "cheapness". </li>
<li>It's coming up to eight years since the Quek family last attempted to take Guoco private. I can see the family stepping up here.</li>
</ul>


I see Guoco Group Ltd (53 HK)'s implied stub at around a decade low. And a trailing P/B of 0.34x, versus the five-year average of 0.4x. 
~67%-Held GuocoLand (GUOL SP) (trading at 0.64x P/B) looks set to privatise ~68%-held Guocoland Malaysia (GUOL MK) at ~0.55x P/B, further adding to Guoco's look-through "cheapness". 
It's coming up to eight years since the Quek family last attempted to take Guoco private. I can see the family stepping up here.


Guoco (53 HK): Still Deep Value. Still Illiquid

Malaysia

Hong Leong Financial Group Berhad is a banking and financial services holding company. The Company provides a range of services including commercial and consumer banking, investment banking, and insurance broking. Through its subsidiaries, Hong Leong Financial underwrites life/general insurance, provides funds management, corporate advisory, and stock and share broking services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hong Leong Financial (HLFG MK)

Guoco (53 HK): Now Even A Deeper Value Play

I like Guoco here either as a potential privatisation play, or simply as a deep value play. I see the implied stub - net of all the key listcos -...

David Blennerhassett

Primer: Hong Leong Financial (HLFG MK) - Aug 2026

Hong Leong Financial Group (HLFG) is a diversified financial services holding company with a strong presence in Malaysia and a growing regional...

αSK Primers

OKP Holdings - 1H26 Earnings Update - Order Book and Margins at Peak but De-Rating Overdone

OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.

Evolve Capital Advisory Pte Ltd

Attractive EM Charts

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain...

Vermilion Research

Guoco (53 HK): Still Deep Value. Still Illiquid

Guoco remains a potential privatisation play; and/or a deep value play. I see the implied stub - net of the key listcos - around a decade low. The...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)