Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>It looks like the Khan Bank IPO in Mongolia is on. </li>
<li>HS Holdings (former Sawada) will own &lt;50% shortly. That will trigger de-consolidation of Khan Bank in Q2. </li>
<li>That could be meaningful. Right now, the entire capital structure is in flux because of recently announced/booked/closed asset sales and now this. Earnings are out 28 April. </li>
</ul>


It looks like the Khan Bank IPO in Mongolia is on. 
HS Holdings (former Sawada) will own &lt;50% shortly. That will trigger de-consolidation of Khan Bank in Q2. 
That could be meaningful. Right now, the entire capital structure is in flux because of recently announced/booked/closed asset sales and now this. Earnings are out 28 April. 


HS/Sawada:  Khan Bank IPO Decided, and Earnings in A Week To Show Sharp Gain in BVPS/Liquidity

<ul>
<li>Sawada/<a href="https://www.smartkarma.com/entities/hs-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">HS Holdings (8699 JP)</a> yesterday announced it would receive a large dividend from its namesake brokerage business, and then announced it would sell it to its own 2nd largest shareholder. </li>
<li>Then HS Holdings said it would buy back up to 23% of its shares out this morning in a ToSTNeT-3 transaction. </li>
<li>The sale of what was its second most important remaining asset is good. Buying back shares below book is normally good. </li>
</ul>


Sawada/HS Holdings (8699 JP) yesterday announced it would receive a large dividend from its namesake brokerage business, and then announced it would sell it to its own 2nd largest shareholder. 
Then HS Holdings said it would buy back up to 23% of its shares out this morning in a ToSTNeT-3 transaction. 
The sale of what was its second most important remaining asset is good. Buying back shares below book is normally good. 


Sawada/HS Holdings (8699) - A Quite Salutary Development.. And We Wait...

<ul>
<li>Sawada/HS Holdings (8699 JP) gets the bulk of its earnings from Khan Bank (even more so post-exit from gaitame).</li>
<li>Khan Bank just had a fantastic year with earnings up 77%. </li>
<li>But Sawada has just done a deal with should give one pause.</li>
</ul>


Sawada/HS Holdings (8699 JP) gets the bulk of its earnings from Khan Bank (even more so post-exit from gaitame).
Khan Bank just had a fantastic year with earnings up 77%. 
But Sawada has just done a deal with should give one pause.


Sawada/HS (8699) - A NON-Salutary Development

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s extreme bifurcation with <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, widens even more. The holding in Oriental Land is now worth 275% of Keisei's market cap. </li>
<li>The fact that we don't KNOW what Murakami-san did and <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> shares fell in large volume Friday AND pro-ration was 100% will lead to higher-than-expectd volatility.</li>
<li>The placement, the pledge, the connected party transaction, and a large parcel of shares moving into CCASS (ostensibly the founder/chairman's), suggest all is not well with <a href="https://www.smartkarma.com/entities/shimao-property-holdings-limited" target="_blank" data-smartkarma-citation="entities:8375:1" rel="noopener">Shimao Property (813 HK)</a>. </li>
</ul>



Keisei Electric Railway Co (9009 JP)'s extreme bifurcation with Oriental Land (4661 JP), widens even more. The holding in Oriental Land is now worth 275% of Keisei's market cap. 
The fact that we don't KNOW what Murakami-san did and Shinsei Bank (8303 JP) shares fell in large volume Friday AND pro-ration was 100% will lead to higher-than-expectd volatility.
The placement, the pledge, the connected party transaction, and a large parcel of shares moving into CCASS (ostensibly the founder/chairman's), suggest all is not well with Shimao Property (813 HK). 


Last Week in Event SPACE: Keisei Electric, Shinsei Bank, Shimao, Sawada, Virtus, Senex Energy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sawada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">Sawada Holdings (8699 JP)</a> is not done. The Upsilon investors wanted a 50+% control TOB but rules... The tender foundered, but on Oct 1 they got ~33% with MCB approval.</li>
<li>There is an EGM today, to approve AoI changes, a new board slate, a name change to HS Holdings (which tells you something). There is a new Advisory Board too.</li>
<li>And last night, the company announced an asset sale worth 20% of book. It is worth understanding the implications.</li>
</ul>



Sawada Holdings (8699 JP) is not done. The Upsilon investors wanted a 50+% control TOB but rules... The tender foundered, but on Oct 1 they got ~33% with MCB approval.
There is an EGM today, to approve AoI changes, a new board slate, a name change to HS Holdings (which tells you something). There is a new Advisory Board too.
And last night, the company announced an asset sale worth 20% of book. It is worth understanding the implications.


Sawada (8699 JP) Sells A Big Asset at > 2.5x Book; Now New Directors and New Advisory Board

Japan

HS Holdings Co., Ltd. offers banking services. The Company provides deposits, loans, domestic settlement, fund management, and other services. HS Holdings also offers securities dealing, securities brokerage, securities underwriting, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HS Holdings (8699 JP)

HS/Sawada: Khan Bank IPO Decided, and Earnings in A Week To Show Sharp Gain in BVPS/Liquidity

Sawada/HS Holdings' main, and now nearly only asset - Khan Bank - has officially confirmed its plans to IPO in June. That will cause...

Travis Lundy

Sawada/HS Holdings (8699) - A Quite Salutary Development.. And We Wait...

Sawada/HS Holdings (8699) had a non-salutary development 10 days ago selling a stake in Khan Bank at a discount to book, but just bought back 21%...

Travis Lundy

Sawada/HS (8699) - A NON-Salutary Development

HS/Sawada Holdings has a majority stake in a great small and high-growth asset and it just sold a little bit of it at the wrong price. That's not a...

Travis Lundy

Last Week in Event SPACE: Keisei Electric, Shinsei Bank, Shimao, Sawada, Virtus, Senex Energy

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Sawada (8699 JP) Sells A Big Asset at > 2.5x Book; Now New Directors and New Advisory Board

Sawada announced October 1 that Meta Capital would buy shares from World Capital and Hideo Sawada. It didn't say who the LPs were. We may know now....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)