Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway (SWB MK)</a> posted a 1Q26 profit of RM9.4bn; inclusive of a RM9.1bn fair value gain from <a href="https://www.smartkarma.com/entities/sunway-healthcare-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare (SUNMED MK)</a>'s listing.  Sunway and its listed holdings are trading rich.</li>
<li>Preceding my comments on Sunway 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>



Sunway (SWB MK) posted a 1Q26 profit of RM9.4bn; inclusive of a RM9.1bn fair value gain from Sunway Healthcare (SUNMED MK)'s listing.  Sunway and its listed holdings are trading rich.
Preceding my comments on Sunway 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%.


Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

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Equity Bottom-Up

<ul>
 <li>Sunway is a leading Malaysian conglomerate with a diversified business model spanning property development, construction, healthcare, and real estate investment, providing multiple revenue streams and resilience.</li>
 <li>Recent performance highlights strong property sales, achieving 86% of the FY25 target, and an improving balance sheet with net gearing reduced to 0.35x. However, 9M25 core net profit fell below expectations due to slower progress billings in the construction segment.</li>
 <li>Forward-looking catalysts include major property launches scheduled for 4Q25 and strategic expansion in the healthcare division to capture growing demand and medical tourism. The construction segment's growth is supported by a robust order book, particularly in high-tech facilities like data centers.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Sunway is a leading Malaysian conglomerate with a diversified business model spanning property development, construction, healthcare, and real estate investment, providing multiple revenue streams and resilience.
  Recent performance highlights strong property sales, achieving 86% of the FY25 target, and an improving balance sheet with net gearing reduced to 0.35x. However, 9M25 core net profit fell below expectations due to slower progress billings in the construction segment.
  Forward-looking catalysts include major property launches scheduled for 4Q25 and strategic expansion in the healthcare division to capture growing demand and medical tourism. The construction segment's growth is supported by a robust order book, particularly in high-tech facilities like data centers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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

Thematic (Sector/Industry)

<ul><li>Dash Living has acquired a multi-family property in Tokyo for $400 million, marking a major investment.</li><li>TPG is expanding its operations in Singapore and Malaysia by launching a senior healthcare platform.</li><li>GDS in China is experiencing benefits from asset sales despite facing operational losses in its data center business.</li></ul>

Dash Living has acquired a multi-family property in Tokyo for $400 million, marking a major investment.TPG is expanding its operations in Singapore and Malaysia by launching a senior healthcare platform.GDS in China is experiencing benefits from asset sales despite facing operational losses in its data center business.

Asia Real Estate Tracker (19-Mar-2026): Dash Living Acquires $400M Tokyo Multi-Family Property

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a> is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.</li>
</ul>



Nippon Dry Chemical (1909 JP) is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.

CK Hutchison (1 HK) is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. 

Jardine Matheson (JM SP) goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.


Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI-US. Remain aggressively long/continue to expect more upside into year-end and the early2026.</li>
<li>Europe's EURO STOXX 50 is breaking out from its 7-month base, above the crucial 5500 level, and RS is attempting to reverse its 5-month downtrend -- buy.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI-US. Remain aggressively long/continue to expect more upside into year-end and the early2026.
Europe's EURO STOXX 50 is breaking out from its 7-month base, above the crucial 5500 level, and RS is attempting to reverse its 5-month downtrend -- buy.


Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Malaysia

Sunway Bhd. is a property development and construction company. The Company's other business divisions include quarrying and building materials trading and manufacturing, hospitality, leisure, and healthcare.

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Sunway Bhd (SWB MK)

StubWorld: Sunway's Stable Is Overpriced

Compared to listed conglomerate peers, Sunway is trading rich. SUNMED, SUNCON, and SREIT are also trading rich to peers.

David Blennerhassett

Primer: Sunway Bhd (SWB MK) - Nov 2025

Sunway is a leading Malaysian conglomerate with a diversified business model spanning property development, construction, healthcare, and real...

αSK

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Dash Living acquired a Tokyo property for $400M, TPG launched a senior healthcare platform in Singapore and Malaysia, and DayOne seeks a $7B loan...

Asia Real Estate Tracker

Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Europe EURO $STOXX 50 Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan $EWT, China $MCHI, Korea $EWY, and the U.S. $SPX; Bullish...

Vermilion Research

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