Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Melco International Development / Equity Bottom-Up

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<p>This week in StubWorld ...</p>
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<p><a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a>'s underperformance against 56.8% held <a href="https://www.smartkarma.com/entities/melco-crown-entertainme-adr" target="_blank" data-smartkarma-citation="entities:810:1" rel="noopener">Melco Resorts &amp; Entertainment (MLCO US)</a> sees an all-time low NAV discount and implied stub; and the simple ratio (Melco/MLCO) is around its lowest level since Melco took majority control in the Macau gaming play.</p>
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<p>Preceding my comments on Melco and xx are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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<p>As always, more below the fold.</p>
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This week in StubWorld ...




Melco International Development (200 HK)'s underperformance against 56.8% held Melco Resorts &amp; Entertainment (MLCO US) sees an all-time low NAV discount and implied stub; and the simple ratio (Melco/MLCO) is around its lowest level since Melco took majority control in the Macau gaming play.




Preceding my comments on Melco and xx are the weekly setup/unwind tables for Asia-Pacific Holdcos.

These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.

As always, more below the fold.


StubWorld: Melco's All-Time Low As Macau Stocks Lag Las Vegas Plays

Event-Driven

Melco International Development / Event-Driven

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<p>This week in StubWorld ...</p>
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<p>Encouraging data about a potential coronavirus vaccine from <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> gives a boost to Nevada-gaming stocks, which now trade "rich" to their Macau gaming holdings.</p>
<p>Conversely, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a> is trading cheap to <a href="https://www.smartkarma.com/entities/melco-crown-entertainme-adr" target="_blank" data-smartkarma-citation="entities:810:1" rel="noopener">Melco Resorts &amp; Entertainment (MLCO US)</a>, as Lawrence Ho continues to add to his holding - plus there are large movements in CCASS.</p>
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<p>Preceding my comments on Melco and <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a>  are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...



Encouraging data about a potential coronavirus vaccine from Pfizer Inc (PFE US) gives a boost to Nevada-gaming stocks, which now trade "rich" to their Macau gaming holdings.
Conversely, Melco International Development (200 HK) is trading cheap to Melco Resorts &amp; Entertainment (MLCO US), as Lawrence Ho continues to add to his holding - plus there are large movements in CCASS.



Preceding my comments on Melco and Swire Pacific (A) (19 HK)  are the weekly setup/unwind tables for Asia-Pacific Holdcos.




These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.




StubWorld: A Shot In The Arm For Gaming Stocks

Last Week in Event SPACE: Northern Star/Saracen, Vedanta, Toyota, Swire

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<p>This week in StubWorld ...</p>
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<p>Lawrence Ho has all-but sidestepped family succession issues since his father passed away earlier this year - Stanley fathered 17 children with four women, and I count at last three ongoing legal actions by the siblings  - and appears intent on developing his own brand. With <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a> languishing around its NAV lows, will he simply continue to (gradually) increase his stake in Melco, or propose a major restructuring. </p>
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<p>Preceding my comments on Toyota and Melco, are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...



Lawrence Ho has all-but sidestepped family succession issues since his father passed away earlier this year - Stanley fathered 17 children with four women, and I count at last three ongoing legal actions by the siblings  - and appears intent on developing his own brand. With Melco International Development (200 HK) languishing around its NAV lows, will he simply continue to (gradually) increase his stake in Melco, or propose a major restructuring. 



Preceding my comments on Toyota and Melco, are the weekly setup/unwind tables for Asia-Pacific Holdcos.





These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.




StubWorld: Melco (200 HK) At NAV Trough Levels

Last Week In Event SPACE: ESR/Sabana REITs, Vedanta, Leyou, Alpha, Metlifecare, Melco, Neles

Hong Kong

Melco International Development is an investment holding company primarily engaged in the leisure and entertainment sector. It develops, owns, and operates an international network of integrated casino gaming and entertainment resorts, offering gaming, luxury accommodation, dining, entertainment, and retail. The company was founded in 1910 and is headquartered in Central, Hong Kong.

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Melco International Development (200 HK)

StubWorld: Melco's All-Time Low As Macau Stocks Lag Las Vegas Plays

Melco is a set-up here - go Long Melco and Short MLCO. Even taking the view that sentiment/growth for casino stocks is better in the US than in...

David Blennerhassett

StubWorld: A Shot In The Arm For Gaming Stocks

Melco International Development (200 HK) is trading cheap to Melco Resorts & Entertainment (MLCO US), as Lawrence Ho continues to add to his...

David Blennerhassett

Last Week in Event SPACE: Northern Star/Saracen, Vedanta, Toyota, Swire

Last Week in Event SPACE ... Plus, other events, CCASS movements and Mood Spins. (This insight covers specific insights & comments...

David Blennerhassett

StubWorld: Melco (200 HK) At NAV Trough Levels

his week in StubWorld ... Commercial real estate (in the world's most expensive city) - check. Hotel exposure - check. Marine services -...

David Blennerhassett

Last Week In Event SPACE: ESR/Sabana REITs, Vedanta, Leyou, Alpha, Metlifecare, Melco, Neles

Last Week in Event SPACE ... The parade of S-REIT mergers continues with ESR-REIT (EREIT SP)finally taking Sabana Shari’ah Compliant REIT...

David Blennerhassett

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