Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>
<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 a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.</li>
<li>As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.</li>
<li>Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.</li>
</ul>



First Pacific Co (142 HK) is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.
As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.
Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.


BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last night, the Board of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>  <a href="https://hub.optiwise.io/en/documents/126006/6443705A1ADCC43E2A43725E1ADAC538670F012A12A8B03D653207281ED9C34E6042702B6BDFC4311044072F6BADC53E144B6C1E4E8DCF396043755C1AD9C13A6741765E1EDBC33964366C1E4E8D_160720242124040612E.pdf" target="_blank" rel="noopener">announced</a> an amalgamation with <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> and Tender Offers for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> (at THB 216.30) </li>
<li>And <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a> (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.</li>
<li>But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...</li>
</ul>


Last night, the Board of Intouch Holdings (INTUCH TB)  announced an amalgamation with Gulf Energy Development (GULF TB) and Tender Offers for Advanced Info Service (ADVANC TB) (at THB 216.30) 
And Thaicom Pcl (THCOM TB) (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.
But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...


Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Despite President Trump postponing the 50% import tariff on the EU — which initially acted as a catalyst for a rebound in the SET — the index was quickly dragged down by weak investor confidence amid concerns over an economic slowdown.</li><li>Nevertheless, gains in DELTA, ADVANC, and SCC helped the index close slightly higher, albeit on low trading volume.</li><li>The index continued its attempt to rebound and hold above the support level at 1,173 points, which was successful.</li></ul>

Despite President Trump postponing the 50% import tariff on the EU — which initially acted as a catalyst for a rebound in the SET — the index was quickly dragged down by weak investor confidence amid concerns over an economic slowdown.Nevertheless, gains in DELTA, ADVANC, and SCC helped the index close slightly higher, albeit on low trading volume.The index continued its attempt to rebound and hold above the support level at 1,173 points, which was successful.

David Blennerhassett

<ul>
<li>Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, were considering taking Japfa private.</li>
<li>This was discussed in<a href="https://www.smartkarma.com/compose/insight/174028/%20https:/skr.ma/iKVsA" target="_blank" rel="noopener"> Japfa (JAP SP): Impressive Gain. But No Firm Offer</a>. Then crickets. </li>
<li>The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. </li>
</ul>


Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play Japfa Ltd (JAP SP), were considering taking Japfa private.
This was discussed in Japfa (JAP SP): Impressive Gain. But No Firm Offer. Then crickets. 
The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. 


Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

<ul>
<li>
HK$1.38/Share. That's the takeaway as <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> enters an SPA to offload its 78.7% stake in <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art (6808 HK)</a> at <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0101/2025010100067.pdf" target="_blank" rel="noopener">HK$1.38/share</a>, a 44.4% discount to last close.</li>
<li>The buyer, Paragon Shine, an entity under Chinese PE outfit DCP Capital, is paying ~HK$12.3bn compared to BABA's HK$28.1bn purchase of a 51% stake in October 2020.</li>
<li>Should the SPA complete, an unconditional MGO is triggered. Minorities tendering can receive up to HK$1.58/share. But the question is: why would BABA be cashing out at this price?</li>
</ul>



HK$1.38/Share. That's the takeaway as Alibaba Group (9988 HK) enters an SPA to offload its 78.7% stake in Sun Art (6808 HK) at HK$1.38/share, a 44.4% discount to last close.
The buyer, Paragon Shine, an entity under Chinese PE outfit DCP Capital, is paying ~HK$12.3bn compared to BABA's HK$28.1bn purchase of a 51% stake in October 2020.
Should the SPA complete, an unconditional MGO is triggered. Minorities tendering can receive up to HK$1.58/share. But the question is: why would BABA be cashing out at this price?


Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38

Thailand

Thaicom PCL operates satellite communication business. The Company operates and provides satellite transponder services. Thaicom also provides Internet, satellite uplink/downlink, and telephone network services.

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Thaicom Pcl (THCOM TB)

BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Since our insight on 1st Pac last Sept., the stock has gained 33%. Company had solid 2024 results. MPIC, the undervalued Phil./Indonesia...

David Mudd

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

This is a complicated multi-conditional deal - great for GULF bad for INTUCH - which appears to be "done" except for an inter-conditional aspect...

Travis Lundy

Technical Analysis - MAY 27, 2025

Despite President Trump postponing the 50% import tariff on the EU — which initially acted as a catalyst for a rebound in the SET — the index was...

Krungthai XSpring

Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

Scheme Doc dispatched. 15th April Scheme Meeting. Payment on or around the 30th May. With a fair value range of S$0.53 to S$0.56/share, the IFA...

David Blennerhassett

Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38

The SPA completed on the 27th Feb, triggering the MGO. Composite Doc to be dispatched on or before the 6th Mar. Under the terms of the SPA, an...

David Blennerhassett

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