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/inghams-group-ltd" target="_blank" data-smartkarma-citation="entities:23640:1" rel="noopener">Inghams (ING AU)</a> is Australia and New Zealand's largest vertically integrated poultry producer with a market in each country of ~40% and ~35% respectively.</li>
<li>Ingham's share price is down 37% in the past years via a combination of ballooning costs, a bird flu lockdown in WA, and its legacy concentrated market exposure (<a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths</a> and <a href="https://www.smartkarma.com/entities/coles-group-ltd" target="_blank" data-smartkarma-citation="entities:27799:1" rel="noopener">Coles</a>).</li>
<li>Shares popped 6.7% on the 13th August amid media speculation about a possible acquisition (PSP Investment rumoured). Inghams <a href="https://announcements.asx.com.au/asxpdf/20260814/pdf/072rb1lnb9znr0.pdf" target="_blank" rel="noopener">denied</a> receiving any approaches. But the situation is still worth discussing. </li>
</ul>



Inghams (ING AU) is Australia and New Zealand's largest vertically integrated poultry producer with a market in each country of ~40% and ~35% respectively.
Ingham's share price is down 37% in the past years via a combination of ballooning costs, a bird flu lockdown in WA, and its legacy concentrated market exposure (Woolworths and Coles).
Shares popped 6.7% on the 13th August amid media speculation about a possible acquisition (PSP Investment rumoured). Inghams denied receiving any approaches. But the situation is still worth discussing. 


PSP Investments (Reportedly) In A Flap Over Inghams (ING AU)

Commonwealth Bank of Australia / Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 31st August, published on the 4th September.</li>
<li>The largest industry net increase in the past week was A$1.2bn into "Banks"; the largest industry net decrease was A$0.9bn out of "Gold". Net shorts declined A$0.9bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a>, <a href="https://www.smartkarma.com/entities/national-australia-bank-ltd" target="_blank" data-smartkarma-citation="entities:15:1" rel="noopener">National Australia Bank (NAB AU)</a>, <a href="https://www.smartkarma.com/entities/transurban-group" target="_blank" data-smartkarma-citation="entities:593:1" rel="noopener">Transurban (TCL AU)</a>, <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a>, and <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 31st August, published on the 4th September.
The largest industry net increase in the past week was A$1.2bn into "Banks"; the largest industry net decrease was A$0.9bn out of "Gold". Net shorts declined A$0.9bn week-on-week.
Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), National Australia Bank (NAB AU), Transurban (TCL AU), Westpac Banking (WBC AU), and BHP (BHP AU).


Aussie Shorts [31 Aug 2026]: CBA, NAB, Transurban, Westpac, BHP

<ul>
<li>
<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> initiates a second arbitration against the Republic of Panama after Panama's highest court annulled CKH's port contracts earlier this year. </li>
<li>After falling post-1H26 results,  <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-limited" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a> is inexpensive to its parent <a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network A (600050 CH)</a> - its hybrid domestic A-share twin </li>
<li>The "upside-down world" continues as Trump embraces North Korea, and amps up hostility towards it southern neighbour, possibly disrupting Hanwha's acquisition of <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>'s US ops. </li>
</ul>



CK Hutchison (1 HK) initiates a second arbitration against the Republic of Panama after Panama's highest court annulled CKH's port contracts earlier this year. 
After falling post-1H26 results,  China Unicom (762 HK) is inexpensive to its parent China United Network A (600050 CH) - its hybrid domestic A-share twin 
The "upside-down world" continues as Trump embraces North Korea, and amps up hostility towards it southern neighbour, possibly disrupting Hanwha's acquisition of Austal Ltd (ASB AU)'s US ops. 


Last Week In Event SPACE: CK Hutch, China Unicom, Austal, Steadfast

<ul>
<li>EQT would probably jump higher and Bain would come out above that. Both would aim high to get it done and not lose the asset. Stay long <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>.</li>
<li>As <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> books losses in response to contractual relief delays (or cancellation altogether[?]), Hanwha steps in with a fair offer for Austal's US unit.</li>
<li>The NAV discount has narrowed, and the implied stub is elevated, but at 0.34x forward P/B, <a href="https://www.smartkarma.com/entities/swire-pacific-limited-class-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> is still a buy.</li>
</ul>


EQT would probably jump higher and Bain would come out above that. Both would aim high to get it done and not lose the asset. Stay long Kakaku.com (2371 JP).
As Austal Ltd (ASB AU) books losses in response to contractual relief delays (or cancellation altogether[?]), Hanwha steps in with a fair offer for Austal's US unit.
The NAV discount has narrowed, and the implied stub is elevated, but at 0.34x forward P/B, Swire Pacific (19 HK) is still a buy.


Last Week In Event SPACE: Kakaku.com, Austal, Swire Pacific, Ajinomoto Malaysia

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 29th June, published on the 3rd July.</li>
<li>The largest industry net increase in the past week was A$0.2bn into "Retail"; the largest industry net decrease was A$0.7bn out of "Diversified Metals". Net shorts declined A$0.8bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/pro-medicus-ltd" target="_blank" data-smartkarma-citation="entities:13516:1" rel="noopener">Pro Medicus (PME AU)</a>, <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers (WES AU)</a>, <a href="https://www.smartkarma.com/entities/aristocrat-leisure-ltd" target="_blank" data-smartkarma-citation="entities:10303:1" rel="noopener">Aristocrat Leisure (ALL AU)</a>, <a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">Mineral Resources (MIN AU)</a>, and <a href="https://www.smartkarma.com/entities/woodside-energy-group-ltd" target="_blank" data-smartkarma-citation="entities:13190:1" rel="noopener">Woodside Energy Group (WDS AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 29th June, published on the 3rd July.
The largest industry net increase in the past week was A$0.2bn into "Retail"; the largest industry net decrease was A$0.7bn out of "Diversified Metals". Net shorts declined A$0.8bn week-on-week.
Companies mentioned in this regular weekly report include: Pro Medicus (PME AU), Wesfarmers (WES AU), Aristocrat Leisure (ALL AU), Mineral Resources (MIN AU), and Woodside Energy Group (WDS AU).


Aussie Shorts [29 June 2026]: Pro Medicus, Wesfarmers, Aristocrat Leisure , MinRes, Woodside Energy

Australia

Inghams Group Limited produces poultry products. The Company offers production, processing, and distribution of chickens, turkeys, stockfeed, and other meat products. Inghams Group serves retailers throughout Australia and New Zealand.

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Inghams (ING AU)

PSP Investments (Reportedly) In A Flap Over Inghams (ING AU)

There is, as yet, no Offer on the table. The share price is pretty beaten up here. Yet, FY26E guidance is uninspiring; and current metrics are not...

David Blennerhassett

Aussie Shorts [31 Aug 2026]: CBA, NAB, Transurban, Westpac, BHP

The largest industry net increase in the past week was A$1.2bn into "Banks"; the largest industry net decrease was A$0.9bn out of "Gold". Net...

David Blennerhassett

Last Week In Event SPACE: CK Hutch, China Unicom, Austal, Steadfast

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: Kakaku.com, Austal, Swire Pacific, Ajinomoto Malaysia

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

Aussie Shorts [29 June 2026]: Pro Medicus, Wesfarmers, Aristocrat Leisure , MinRes, Woodside Energy

Net shorts declined A$0.8bn week-on-week. Companies mentioned in this regular weekly report include: Pro Medicus, Wesfarmers, Aristocrat Leisure,...

David Blennerhassett

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