Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Mandarin Oriental International / Equity Bottom-Up

Mandarin Oriental International (MAND SP)

<ul>
<li>Hong Kong is - very gradually - rolling back Covid restrictions</li>
<li>That's a welcome relief for tourists, and for hospitality companies dependent on tourism. </li>
<li>
<a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a> is trading cheap at 0.7x P/B against 1.8x on average (five years) pre-Covid.</li>
</ul>


Hong Kong is - very gradually - rolling back Covid restrictions
That's a welcome relief for tourists, and for hospitality companies dependent on tourism. 

Mandarin Oriental International (MAND SP) is trading cheap at 0.7x P/B against 1.8x on average (five years) pre-Covid.


Mandarin Oriental (MAND SP): Life Is Suite

Event-Driven

Jardine Matheson Southeast Asia / Event-Driven

Jardine Matheson Southeast Asia (JCNC SP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> is currently trading at a ~9% discount to NAV, around the narrowest since the post-Covid nadir in April 2020.</li>
<li>JCNC's recent results highlighted a marked improvement in its unlisted Vietnamese automotive ops. </li>
<li>Weakness in the Indonesian rupiah has taken some of the shine off <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>'s strong sales growth. </li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP) is currently trading at a ~9% discount to NAV, around the narrowest since the post-Covid nadir in April 2020.
JCNC's recent results highlighted a marked improvement in its unlisted Vietnamese automotive ops. 
Weakness in the Indonesian rupiah has taken some of the shine off Astra International (ASII IJ)'s strong sales growth. 


<ul>
<li>It's been a long-time coming. <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> and parent <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> will gradually sell down their 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> to fund a share purchase program.</li>
<li>Preceding my comments on Prosus and Naspers, are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % of market capitalisation greater than 20%.</li>
</ul>


It's been a long-time coming. Prosus (PRX NA) and parent Naspers (NPN SJ) will gradually sell down their stake in Tencent (700 HK) to fund a share purchase program.
Preceding my comments on Prosus and Naspers, are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % of market capitalisation greater than 20%.


StubWorld: Prosus & Naspers Gain On Buyback Funded By Tencent Share Sale

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>'s underlying net profit in FY21 was up 39% against 2020, and just 5% shy of 2019's level.</li>
<li>The latest US$250mn buyback program appears to have been completed.</li>
<li>Shares are down ~5% since the FY21 results. At a ~28% discount to NAV, JMH is inexpensive here. </li>
</ul>



Jardine Matheson Holdings (JM SP)'s underlying net profit in FY21 was up 39% against 2020, and just 5% shy of 2019's level.
The latest US$250mn buyback program appears to have been completed.
Shares are down ~5% since the FY21 results. At a ~28% discount to NAV, JMH is inexpensive here. 


Jardine Matheson (JM SP): Reloading The Buyback?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> has <a href="https://links.sgx.com/FileOpen/JMH.ashx?App=Announcement&amp;FileID=693661" target="_blank" rel="noopener">announced</a> it intends to increase the amount of its share buyback programme announced on 30th September 2021 by US$250mn to US$500mn.</li>
<li>JMH has already acquired close to US$250mn of shares under the initial buyback. All shares repurchases will be canceled.</li>
<li>Separately, the appraisal rights proceedings for dissenting shareholders of <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> is now underway in the Supreme Court of Bermuda.</li>
</ul>



Jardine Matheson Holdings (JM SP) has announced it intends to increase the amount of its share buyback programme announced on 30th September 2021 by US$250mn to US$500mn.
JMH has already acquired close to US$250mn of shares under the initial buyback. All shares repurchases will be canceled.
Separately, the appraisal rights proceedings for dissenting shareholders of Jardine Strategic Holdings (JS SP) is now underway in the Supreme Court of Bermuda.


Matheson Doubles Buybacks As Strategic Dissentient Shareholders Make Their Case

Bermuda

Jardine Strategic is an investment holding company that manages long-term strategic interests in a diversified portfolio of market-leading businesses, primarily focused on Asia. Its principal investments span sectors such as property, retail, hospitality, motor vehicles, engineering, and financial services. The company was founded in 1986 and is based in Hamilton, Bermuda.

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Jardine Strategic (JDSHF US)

Mandarin Oriental (MAND SP): Life Is Suite

Mandarin Oriental is trading cheap at 0.7x P/B against 1.8x on average (5 years) pre-Covid. Business will continue to improve from here. The...

David Blennerhassett

JCNC Is Overstretched Vs. Astra

If you had set up the stub, I would be unwinding here. I'd look to reverse the stub as and when the current momentum reverses.

David Blennerhassett

Jardine Matheson (JM SP): Reloading The Buyback?

Given JMH's strong underlying performance and discount to NAV, another round of buybacks is feasible. Especially given management was consistently...

David Blennerhassett

Matheson Doubles Buybacks As Strategic Dissentient Shareholders Make Their Case

Matheson has announced it intends to increase the amount of its share buyback programme by US$250mn to US$500mn. Court proceedings for Strategic...

David Blennerhassett

Price Gauge

52-week Range

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Mandarin Oriental (MAND SP): Life Is Suite

Mandarin Oriental is trading cheap at 0.7x P/B against 1.8x on average (5 years) pre-Covid. Business will continue to improve from here. The...

David Blennerhassett

JCNC Is Overstretched Vs. Astra

If you had set up the stub, I would be unwinding here. I'd look to reverse the stub as and when the current momentum reverses.

David Blennerhassett

StubWorld: Prosus & Naspers Gain On Buyback Funded By Tencent Share Sale

Buying a material percentage of Prosus' float at 40%+, translates to a significant lift in NAV/share accretion, even if Tencent remains static. Go...

David Blennerhassett

Jardine Matheson (JM SP): Reloading The Buyback?

Given JMH's strong underlying performance and discount to NAV, another round of buybacks is feasible. Especially given management was consistently...

David Blennerhassett

Matheson Doubles Buybacks As Strategic Dissentient Shareholders Make Their Case

Matheson has announced it intends to increase the amount of its share buyback programme by US$250mn to US$500mn. Court proceedings for Strategic...

David Blennerhassett