Stock research on global mid-cap companies, Evaluate Research

Evaluate Research

Stock research on global mid-cap companies

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Equity Bottom-Up

<ul>
<li>Despite Headwinds Revenue Remains Relatively Stable at HK $1,968 million </li>
<li>For 1HFY2023–Total Buyback of 0.77 million shares (HK$2.3 million) at average price of $2.99 </li>
<li>Stock at 0.25x tangible P/B and at 1.96x P/E on our FY2024 earnings estimate </li>
</ul>


Despite Headwinds Revenue Remains Relatively Stable at HK $1,968 million 
For 1HFY2023–Total Buyback of 0.77 million shares (HK$2.3 million) at average price of $2.99 
Stock at 0.25x tangible P/B and at 1.96x P/E on our FY2024 earnings estimate 


SHK 86_HK: Dividend Yield 8.5%, P/E 1.96x, P/B 0.25x

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>The key stocks mentioned in this regular insight are <a href="https://www.smartkarma.com/entities/sun-hung-kai-properties-ltd" target="_blank" data-smartkarma-citation="entities:111:1" rel="noopener">Sun Hung Kai Properties (16 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharm (6990 HK)</a>, and <a href="https://www.smartkarma.com/entities/wisdom-sports-group" target="_blank" data-smartkarma-citation="entities:10451:1" rel="noopener">Wisdom Sports (1661 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
The key stocks mentioned in this regular insight are Sun Hung Kai Properties (16 HK), Wuxi Biologics (2269 HK), Sichuan Kelun-Biotech Biopharm (6990 HK), and Wisdom Sports (1661 HK).


HK CEO & Director Dealings (26 Jan 2024): Sun Hung Kai, Wuxi Bio, Sichuan Kelun-Bio, Wisdom Sports

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.</li>
<li>Given <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">CR Power (836 HK)</a>'s clean energy unit's profitably, a listing should be a significant event, attracting a wide audience, and probably a premium to other listed green energy plays.</li>
<li>
<a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a> is unquestionably cheap. But Bain's indicative Offer is not the answer to long-suffering shareholders.</li>
</ul>



Toshiba Corp (6502 JP)'s Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.
Given CR Power (836 HK)'s clean energy unit's profitably, a listing should be a significant event, attracting a wide audience, and probably a premium to other listed green energy plays.

Chindata Group (CD US) is unquestionably cheap. But Bain's indicative Offer is not the answer to long-suffering shareholders.


Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-group-ltd" target="_blank" data-smartkarma-citation="entities:4387:1" rel="noopener">Allied (373 HK)</a> took <a href="https://www.smartkarma.com/entities/allied-properties-h-k-limited" target="_blank" data-smartkarma-citation="entities:19953:1" rel="noopener">Allied Properties (H.K.) (56 HK)</a> private in 2020, followed by <a href="https://www.smartkarma.com/entities/shk-hong-kong-industries-ltd" target="_blank" data-smartkarma-citation="entities:2399:1" rel="noopener">SHK Hong Kong Industries (666 HK)</a> in 2021. Now it's <a href="https://www.smartkarma.com/entities/tian-an-china-investment" target="_blank" data-smartkarma-citation="entities:13665:1" rel="noopener">Tian An China (28 HK)</a>'s turn.</li>
<li>Preceding my comments on Tian An and AGL are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Allied (373 HK) took Allied Properties (H.K.) (56 HK) private in 2020, followed by SHK Hong Kong Industries (666 HK) in 2021. Now it's Tian An China (28 HK)'s turn.
Preceding my comments on Tian An and AGL are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-an-china-investment" target="_blank" data-smartkarma-citation="entities:13665:1" rel="noopener">Tian An China Investment (28 HK)</a> and <a href="https://www.smartkarma.com/entities/allied-group-ltd" target="_blank" data-smartkarma-citation="entities:4387:1" rel="noopener">Allied (373 HK)</a> entered a trading halt “pursuant to The Hong Kong Code on Takeovers and Mergers.” Allied owns 55.72% of Tian An.</li>
<li>It is likely that Allied Group is seeking to privatise its subsidiary Tian An. Tian An's other substantial shareholders have a history of sell-downs which facilitate an offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/allied-properties-h-k-limited" target="_blank" data-smartkarma-citation="entities:19953:1" rel="noopener">Allied Properties (H.K.) (56 HK)</a>/APL's partial offer for Tian An in 2011 and Allied's privatisation of APL in 2020 point to a 20.8%-34.3% premium or HK$5.01-5.57 per share offer.</li>
</ul>



Tian An China Investment (28 HK) and Allied (373 HK) entered a trading halt “pursuant to The Hong Kong Code on Takeovers and Mergers.” Allied owns 55.72% of Tian An.
It is likely that Allied Group is seeking to privatise its subsidiary Tian An. Tian An's other substantial shareholders have a history of sell-downs which facilitate an offer.

Allied Properties (H.K.) (56 HK)/APL's partial offer for Tian An in 2011 and Allied's privatisation of APL in 2020 point to a 20.8%-34.3% premium or HK$5.01-5.57 per share offer.


Tian An China Investments (28 HK): Trading Halt, Privatisation by Allied Group?

Hong Kong

Sun Hung Kai & Company Limited is an investment holding company. The Company, through its subsidiaries, focuses on providing tailor-made financing solutions to corporations, small businesses, and individuals.

Sun Hung Kai (86 HK)

SHK 86_HK: Dividend Yield 8.5%, P/E 1.96x, P/B 0.25x

SHK is currently trading at only 0.25x tangible P/B on our FY2024 estimates. Similarly, the stock is cheap even on P/E basis.

Evaluate Research

HK CEO & Director Dealings (26 Jan 2024): Sun Hung Kai, Wuxi Bio, Sichuan Kelun-Bio, Wisdom Sports

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China

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

StubWorld: Tian An In AGL's Crosshairs

Tian is currently suspended so there is nothing to do. AGL is dirt cheap. Expect Asiasec Properties (271 HK) and Sun Hung Kai (86 HK) to be the...

David Blennerhassett

Tian An China Investments (28 HK): Trading Halt, Privatisation by Allied Group?

It is likely that Allied Group is seeking to privatise its subsidiary Tian An. An analysis of past transactions suggests an offer of HK$5.01-5.57...

Arun George