Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Continued stub losses are one thing. Ballooning <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> parent debt is another. </li>
<li>Preceding my comments on PCCW and <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT Ltd (6823 HK)</a> 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>


Continued stub losses are one thing. Ballooning PCCW Ltd (8 HK) parent debt is another. 
Preceding my comments on PCCW and HKT Ltd (6823 HK) 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%.


StubWorld: PCCW's Premium To NAV Is Unsustainable

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have tightened, 5 widened, 1 remained at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols (see section on the company), Media-for-Europe, Sixt.</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>



Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have tightened, 5 widened, 1 remained at same level).
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols (see section on the company), Media-for-Europe, Sixt.
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: July‘24 Report

<ul>
<li>Since mid-May, share-price spreads have not shown a clear trend across our European liquid universe of ordinary and preferred shares (9 have tightened, 7 widened, 1 remained at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols, Media-for-Europe, Sixt, Volkswagen.</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-May, share-price spreads have not shown a clear trend across our European liquid universe of ordinary and preferred shares (9 have tightened, 7 widened, 1 remained at same level).
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols, Media-for-Europe, Sixt, Volkswagen.
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: June‘24 Report

<ul>
<li>Since mid-April, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7 widened). Views are unchanged. </li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Danieli, Grifols (see section on the company), Media-for-Europe, Sixt, Volkswagen.</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal, Roche.</li>
</ul>


Since mid-April, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7 widened). Views are unchanged. 
Recommended trades long preferred / short ordinary shares: Atlas Copco, Danieli, Grifols (see section on the company), Media-for-Europe, Sixt, Volkswagen.
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal, Roche.


Liquid Universe of European Ordinary and Preferred Shares: May‘24 Report

<ul>
<li>Since mid-March, spreads have generally widened across our European liquid universe of ordinary and preferred shares (5 have tightened, 12 widened, 2 remained at same level).</li>
<li>Views are unchanged. Recommended trades long preferred / short ordinary shares: Danieli, Grifols, Media-for-Europe, Sixt, Volkswagen.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal, Roche.</li>
</ul>


Since mid-March, spreads have generally widened across our European liquid universe of ordinary and preferred shares (5 have tightened, 12 widened, 2 remained at same level).
Views are unchanged. Recommended trades long preferred / short ordinary shares: Danieli, Grifols, Media-for-Europe, Sixt, Volkswagen.
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal, Roche.


Liquid Universe of European Ordinary and Preferred Shares: April‘24 Report

France

Vivendi SE provides culture, entertainment, media, and communication services. The Company specializes in audiovisual and cinema, communications, magazines, gaming, live performance, and distribution platform activities. Vivendi serves customers worldwide.

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Vivendi SE (VIV FP)

StubWorld: PCCW's Premium To NAV Is Unsustainable

PCCW has an attractive yield. But that's about it. A 4% premium to NAV is unsustainable. I'd reverse the stub here - short PCCW, long HKT.

David Blennerhassett

Liquid Universe of European Ordinary and Preferred Shares: July‘24 Report

Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: June‘24 Report

Since mid-May, share-price spreads have not shown a clear trend across our European liquid universe of ordinary and preferred shares (9 have...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May‘24 Report

Since mid-April, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: April‘24 Report

Since mid-March, spreads have generally widened across our European liquid universe of ordinary and preferred shares (5 have tightened, 12 widened,...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)