Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>According to Sing Tao, two PRC firms and a mainland bank have formed a consortium to acquire <a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a>'s 33-storey Three Exchange Square.</li>
<li>This "news" is straight out of left field. For its part, HKL said the market rumour is pure speculation.</li>
<li>HKL's P/B of 0.24x is closing in on its all-time low of 0.21x during the depths of Covid. </li>
</ul>


According to Sing Tao, two PRC firms and a mainland bank have formed a consortium to acquire Hongkong Land (HKL SP)'s 33-storey Three Exchange Square.
This "news" is straight out of left field. For its part, HKL said the market rumour is pure speculation.
HKL's P/B of 0.24x is closing in on its all-time low of 0.21x during the depths of Covid. 


Hongkong Land: Exchange Square Sale Would Be BIG News. (If True)

Mandarin Oriental International / Event-Driven

<ul>
<li>Concurrent with the sale of 13 floors of OCB to <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> is seeking to privatise <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> at US$3.35/share by way of a Scheme.</li>
<li>The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms. </li>
<li>The <a href="https://links.sgx.com/FileOpen/Shareholder%20Circular.ashx?App=Announcement&amp;FileID=867134" target="_blank" rel="noopener">Scheme Doc is now out</a> for MAND. The Court Meeting is the 8th December. As with <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a>'s 2021 takeover, there is no independent assessment report. </li>
</ul>


Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) is seeking to privatise Mandarin Oriental (MAND SP) at US$3.35/share by way of a Scheme.
The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms. 
The Scheme Doc is now out for MAND. The Court Meeting is the 8th December. As with Jardine Strategic Holdings (JS SP)'s 2021 takeover, there is no independent assessment report. 


Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson's Offer

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>'Buy' calls for Genting Singapore; DBS keeps 'hold' rating.</li><li>Lim &amp; Tan starts 'buy' on Zixin Group, targeting a price of 6.6 cents.</li><li>Maybank raises Sanli Environmental's target price after $205M PUB project win.</li></ul>

'Buy' calls for Genting Singapore; DBS keeps 'hold' rating.Lim &amp; Tan starts 'buy' on Zixin Group, targeting a price of 6.6 cents.Maybank raises Sanli Environmental's target price after $205M PUB project win.

Singapore Market Roundup (11-Nov-2025): Genting Singapore: Buy rating; DBS maintains Hold.

<ul>
<li>Concurrent with the sale of 13 floors of OCB to <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> announced on the 17th October an Offer for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a>'s minorities at US$3.35/share.</li>
<li>This is a clean, full, "dull" Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.</li>
<li>Proceeds from the OCB sale will be US$925mn. And taking out MAND's minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson's stub ops. </li>
</ul>


Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)'s minorities at US$3.35/share.
This is a clean, full, "dull" Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
Proceeds from the OCB sale will be US$925mn. And taking out MAND's minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson's stub ops. 


Jardine Matheson's Underperformance Post Mandarin Offer

<ul>
<li>The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. </li>
<li>First <a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> sold nine floors of One Exchange Square to <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. The first such sale since 1988.</li>
<li>Now <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> is negotiating the sale of "certain office space" at One Causeway Bay. <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s NAV discount and implied stub are at 12-month lows/highs.</li>
</ul>


The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. 
First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
Now Mandarin Oriental (MAND SP) is negotiating the sale of "certain office space" at One Causeway Bay. Jardine Matheson (JM SP)'s NAV discount and implied stub are at 12-month lows/highs.


Jardine Matheson (JML SP): Additional Office Recycling Speculated

Singapore

Jardine Cycle & Carriage Limited operates as an investment holding company. The Company, through its subsidiaries, invests in automotive, consumer finance, utilities and infrastructure, heavy equipment and mining, property, agribusiness, cement, and consumer products businesses. Jardine Cycle & Carriage serves customers in South East Asia.

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Jardine Cycle & Carriage (JCNC SP)

Hongkong Land: Exchange Square Sale Would Be BIG News. (If True)

Reportedly two PRC firms and a mainland bank intend to acquire Hongkong Land''s Three Exchange Square. HKL said the rumor is pure speculation....

David Blennerhassett

Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson's Offer

Clean, full Offer. MAND is trading around ~2.1%/10.8% gross/annualised, assuming late Jan 2026 payment. Expect more accretion/recycling to come in...

David Blennerhassett

Singapore Market Roundup (11-Nov-2025): Genting Singapore: Buy rating; DBS maintains Hold.

Genting Singapore gets 'buy' calls; DBS holds 'hold' rating. Lim & Tan starts 'buy' on Zixin Group at 6.6 cents. Maybank raises Sanli...

Singapore Market Roundup

Jardine Matheson's Underperformance Post Mandarin Offer

Proceeds from the OCB sale will be US$925mn. And taking out MAND minorities will cost Matheson ~US$1bn. Yet the market is now assigning US$2.1bn...

David Blennerhassett

Jardine Matheson (JML SP): Additional Office Recycling Speculated

MAND announced that it is selling thirteen floors of One Causeway Bay (OCB) to Alibaba (BABA US) for US$925mn. That's ~US$0.73/share. ...

David Blennerhassett

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