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/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> walks away from <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.</li>
<li>Buy <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.</li>
<li>If you have borrow on <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>, use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. </li>
</ul>



Alimentation Couche-Tard (ATD CN) walks away from Seven &amp; I Holdings (3382 JP), and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.
Buy Krungthai Card (KTC TB) with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.
If you have borrow on GMO Internet (4784 JP), use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. 


Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

<ul>
<li>Late last month, shares in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring Capital (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC World Public (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a> all went limit down. Twice. </li>
<li>As discussed in <a href="https://www.smartkarma.com/compose/insight/193869/Krungthai%20Card%20(KTC%20TB):%20Buying%20Opportunity%20After%20Margin%20Call.%20Read%20more:%20https:/skr.ma/LAfHm" target="_blank" rel="noopener">Krungthai Card (KTC TB): Buying Opportunity After Margin Call</a>, Mongkol Prakitchaiwattana had pledged his shares in all four companies, reportedly leading to margin calls. </li>
<li>Yesterday, the SET released an updated list of securities pledged in margin accounts. Notably, pledged shares in KTC has fallen to 3.5% of shares outstanding from 16.3% the previous month. </li>
</ul>


Late last month, shares in Krungthai Card (KTC TB), XSpring Capital (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice. 
As discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call, Mongkol Prakitchaiwattana had pledged his shares in all four companies, reportedly leading to margin calls. 
Yesterday, the SET released an updated list of securities pledged in margin accounts. Notably, pledged shares in KTC has fallen to 3.5% of shares outstanding from 16.3% the previous month. 


Krungthai Card (KTC TB): Buy With Both Hands As Pledged Shares Rollover

<ul>
<li>
<a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> is a pretty straightforward short term trade. Basically the second largest shareholder, Prakitchaiwattana, got margin called, and shares fell limit down. Twice.</li>
<li>South Korean private equity firm VIG Partners tables an Offer for beauty device company <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>, whose major shareholder, <a href="https://www.smartkarma.com/entities/dms-co-ltd" target="_blank" data-smartkarma-citation="entities:2132:1" rel="noopener">DMS (068790 KS)</a>, faces allegations of unfair internal transactions.</li>
<li>
<a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco (200 HK)</a>'s 11.9% gain on the 26th June - on serious volume - was predicated on a short squeeze, just eight days after the fully-paid rights shares commenced trading.</li>
</ul>



Krungthai Card (KTC TB) is a pretty straightforward short term trade. Basically the second largest shareholder, Prakitchaiwattana, got margin called, and shares fell limit down. Twice.
South Korean private equity firm VIG Partners tables an Offer for beauty device company VIOL (335890 KS), whose major shareholder, DMS (068790 KS), faces allegations of unfair internal transactions.

Melco (200 HK)'s 11.9% gain on the 26th June - on serious volume - was predicated on a short squeeze, just eight days after the fully-paid rights shares commenced trading.


Last Week In Event SPACE: Krungthai Card, VIOL, Melco, Singapore Post

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.


Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.


Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

Thailand

Krungthai Card Public Company Limited is a Thailand-based financial services company primarily engaged in credit card and personal loan businesses. The company offers a variety of credit cards, merchant acquiring services, payment services, and personal loan products including auto title loans, provincial retail lending, and e-money services. It was founded in Bangkok, Thailand, in 1996.

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Krungthai Card (KTC TB)

Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

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