Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>To avoid a political landmine, on the 4th March <strong><a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>  </strong><a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0304/2025030402128.pdf" target="_blank" rel="noopener">announced</a> a deal with Blackrock to offload its entire port ops, including the contentious Panama ports.</li>
<li>It's an astute deal selling to a buyer, ostensibly backed by the Trump administration, at the top of the market, knowing global trade could fall under a new tariff regime.</li>
<li>The risk to the transaction is one of timing. US/Panama approvals are a shoo-in. But it's a complex deal, which will take time to work through the system.</li>
</ul>


To avoid a political landmine, on the 4th March CK Hutchison Holdings (1 HK)  announced a deal with Blackrock to offload its entire port ops, including the contentious Panama ports.
It's an astute deal selling to a buyer, ostensibly backed by the Trump administration, at the top of the market, knowing global trade could fall under a new tariff regime.
The risk to the transaction is one of timing. US/Panama approvals are a shoo-in. But it's a complex deal, which will take time to work through the system.


Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Late January timing of LNY holiday boosted last month's travel and tourism statistics</li>
<li>Chinese airlines are filling outbound flights, which should lift pricing &amp; margins (eventually)</li>
<li>Numbers suggest Chinese consumers eager to travel, but spending remains muted</li>
</ul>


Late January timing of LNY holiday boosted last month's travel and tourism statistics
Chinese airlines are filling outbound flights, which should lift pricing &amp; margins (eventually)
Numbers suggest Chinese consumers eager to travel, but spending remains muted


Monthly Chinese Tourism Tracker | LNY Numbers Just OK | Airlines Filling Up | (February 2025)

<ul>
<li>Two years after most Covid restrictions ended, pace of travel recovery has slowed, naturally</li>
<li>Gov't estimates ahead of LNY travel period seem tepid, actual growth could exceed them</li>
<li>Trip.com has been stellar performer in segment, but in recent months airlines outperformed</li>
</ul>


Two years after most Covid restrictions ended, pace of travel recovery has slowed, naturally
Gov't estimates ahead of LNY travel period seem tepid, actual growth could exceed them
Trip.com has been stellar performer in segment, but in recent months airlines outperformed


Monthly Chinese Tourism Tracker | Dec & Q424 Numbers | Airlines Outperform Trip.com (January 2025)

<ul>
<li>In container shipping, 'normalization' means lower rates, lower margins, &amp; lower returns</li>
<li>In Chinese express, a potential recovery in ground segment, more risks in X-border business</li>
<li>In Chinese tourism, how will investors react to inevitable slowing</li>
</ul>


In container shipping, 'normalization' means lower rates, lower margins, &amp; lower returns
In Chinese express, a potential recovery in ground segment, more risks in X-border business
In Chinese tourism, how will investors react to inevitable slowing


Crystal Baller: Tracking Traffic's Key 2025 Themes & Events: Containers | Express | Chinese Tourism

China Southern Airlines / Equity Bottom-Up

<ul>
<li>Almost two years into China's travel recovery, November outbound activity grew strongly</li>
<li>Domestic air travel demand also showed solid growth, has accelerated since Spring '24</li>
<li>Trip.com best performing stock in this group in '24, but it no longer offers much value</li>
</ul>


Almost two years into China's travel recovery, November outbound activity grew strongly
Domestic air travel demand also showed solid growth, has accelerated since Spring '24
Trip.com best performing stock in this group in '24, but it no longer offers much value


Monthly Chinese Tourism Tracker | Outbound, Domestic Both Solid | TCOM: 2024's Best (December 2024)

Hong Kong

Mandarin Oriental International Limited is a multinational hospitality and management group that owns and operates luxury hotels, resorts, and residences across Asia, Europe, the Middle East, Africa, and the Americas. The company also engages in hotel and residences branding, management, and property development activities, offering luxury accommodations, fine dining, and wellness facilities. It was founded in 1963 and is headquartered in Hong Kong.

Mandarin Oriental International (MAND SP)

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Mandarin Oriental International (MAND SP)

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Monthly Chinese Tourism Tracker | Outbound, Domestic Both Solid | TCOM: 2024's Best (December 2024)

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