Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Via 49.9%-held MPIC, <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> is spinning off Maynilad, a provider of water and wastewater services in the Greater Manila Area, on the Philippine Stock Exchange</li>
<li>Maynilad will tentatively have a market cap of US$2.7bn. Other key investors include <a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings (DMC PM)</a> and <a href="https://www.smartkarma.com/entities/marubeni-corp" target="_blank" data-smartkarma-citation="entities:7463:1" rel="noopener">Marubeni Corp (8002 JP)</a>. Listing is expected in July.</li>
<li>I see First Pac's discount to NAV at ~30%, around its narrowest level in a decade. </li>
</ul>


Via 49.9%-held MPIC, First Pacific Co (142 HK) is spinning off Maynilad, a provider of water and wastewater services in the Greater Manila Area, on the Philippine Stock Exchange
Maynilad will tentatively have a market cap of US$2.7bn. Other key investors include DMCI Holdings (DMC PM) and Marubeni Corp (8002 JP). Listing is expected in July.
I see First Pac's discount to NAV at ~30%, around its narrowest level in a decade. 


StubWorld: First Pacific (142 HK) Looking Stretched

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>“In the next 50 years... we won’t give a thought to selling those [Japanese trading companies].... Japan’s record has been extraordinary.” (Warren Buffett)</li>
<li>In this insight, we provide detailed comparisons of the five major Japanese trading companies and five major Korean holdcos/trading companies. </li>
<li>Japanese trading companies have higher points for market cap, ROE, DPS increase, and shares cancellation. Korean holdcos have higher points for dividend yield, debt/equity ratio, ROIC, and valuations. </li>
</ul>


“In the next 50 years... we won’t give a thought to selling those [Japanese trading companies].... Japan’s record has been extraordinary.” (Warren Buffett)
In this insight, we provide detailed comparisons of the five major Japanese trading companies and five major Korean holdcos/trading companies. 
Japanese trading companies have higher points for market cap, ROE, DPS increase, and shares cancellation. Korean holdcos have higher points for dividend yield, debt/equity ratio, ROIC, and valuations. 


Shareholder Returns of Japanese Trading Companies Invested By Buffett Vs Top Korean Trading/Holdcos

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>AI back in focus with NVDA's Jensen set to deliver his keynote tomorrow.</li>
<li>Intel jumping with the new CEO looking to shake up its AI lineup and further trim the fat.</li>
<li>Buffet increasing stakes in the Trading Houses extremely well flagged so don't expect much surprise.</li>
</ul>


AI back in focus with NVDA's Jensen set to deliver his keynote tomorrow.
Intel jumping with the new CEO looking to shake up its AI lineup and further trim the fat.
Buffet increasing stakes in the Trading Houses extremely well flagged so don't expect much surprise.


Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Salter Brothers Emerging Cos L / Equity Bottom-Up

<ul><li>Mitsui AM invests $120M in acquiring 50% stake in Greater Tokyo Data Centre, expanding their presence in the region.</li><li>Star Entertainment secures $590M refinancing from Salter Brothers in Australia, providing capital for future growth and development.</li><li>Panel discussion highlights how Australia's evolving society is shifting focus of Build-to-Rent sector from macro to micro level.</li></ul>

Mitsui AM invests $120M in acquiring 50% stake in Greater Tokyo Data Centre, expanding their presence in the region.Star Entertainment secures $590M refinancing from Salter Brothers in Australia, providing capital for future growth and development.Panel discussion highlights how Australia's evolving society is shifting focus of Build-to-Rent sector from macro to micro level.

Asia Real Estate Tracker (13-Mar-2025): Mitsui AM buys 50% of Tokyo Data Centre for $120M.

Cross Asset Strategy

<ul>
<li>In this insight, we discuss how Buffett's increased stakes in Japanese trading companies could positively impact Korean trading companies.</li>
<li>In addition, we look back at the past five years and compare how the major Korean trading companies have performed relative to their Japanese counterparts. </li>
<li>In Korea, we believe that the following 5 major Korean trading companies (POSCO International, Hanwha Corp, LX International, Samsung Corp, and Hyundai Corp) could continue to outperform the market.</li>
</ul>


In this insight, we discuss how Buffett's increased stakes in Japanese trading companies could positively impact Korean trading companies.
In addition, we look back at the past five years and compare how the major Korean trading companies have performed relative to their Japanese counterparts. 
In Korea, we believe that the following 5 major Korean trading companies (POSCO International, Hanwha Corp, LX International, Samsung Corp, and Hyundai Corp) could continue to outperform the market.


Warren Buffett's Increased Stakes in Japanese Trading Houses - Impact on Korean Trading Companies

Japan

MITSUI & CO., LTD. is a general trading company.  The Company has operating groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals, Foods, Energy, Textiles, and General Merchandise.  Mitsui also operates real estate and overseas development projects.

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Mitsui & Co Ltd (8031 JP)

StubWorld: First Pacific (142 HK) Looking Stretched

MPIC's deep value is being extrapolated. However, this development adds yet another listed company. First Pac''s valuations appear full. The...

David Blennerhassett

Shareholder Returns of Japanese Trading Companies Invested By Buffett Vs Top Korean Trading/Holdcos

In this insight, we provide detailed comparisons of the five major Japanese trading companies and five major Korean holdcos/trading companies.

Douglas Kim

Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines

AI is back in focus as NVDA GTC developers conference. Intel's new CEO aims to shake up its AI lineup. Buffet's increased stakes in Trading Houses...

Andrew Jackson

Asia Real Estate Tracker (13-Mar-2025): Mitsui AM buys 50% of Tokyo Data Centre for $120M.

Mitsui AM invests $120M in Greater Tokyo Data Centre, Star Entertainment secures $590M refinance, focus on living in the moment, BTR in Australia...

Asia Real Estate Tracker

Warren Buffett's Increased Stakes in Japanese Trading Houses - Impact on Korean Trading Companies

In this insight, we discuss how Buffett's increased stakes in Japanese trading companies could positively impact Korean trading companies.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: First Pacific (142 HK) Looking Stretched

MPIC's deep value is being extrapolated. However, this development adds yet another listed company. First Pac''s valuations appear full. The...

David Blennerhassett

Shareholder Returns of Japanese Trading Companies Invested By Buffett Vs Top Korean Trading/Holdcos

In this insight, we provide detailed comparisons of the five major Japanese trading companies and five major Korean holdcos/trading companies.

Douglas Kim

Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines

​AI is back in focus as NVDA GTC developers conference. Intel's new CEO aims to shake up its AI lineup. Buffet's increased stakes in Trading Houses...

Andrew Jackson

Asia Real Estate Tracker (13-Mar-2025): Mitsui AM buys 50% of Tokyo Data Centre for $120M.

Mitsui AM invests $120M in Greater Tokyo Data Centre, Star Entertainment secures $590M refinance, focus on living in the moment, BTR in Australia...

Asia Real Estate Tracker

Warren Buffett's Increased Stakes in Japanese Trading Houses - Impact on Korean Trading Companies

In this insight, we discuss how Buffett's increased stakes in Japanese trading companies could positively impact Korean trading companies.

Douglas Kim

AI is back in focus as NVDA GTC developers conference. Intel's new CEO aims to shake up its AI lineup. Buffet's increased stakes in Trading Houses...