Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a></strong> is coming up "cheap" to 90%-held <strong><a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings C (300999 CH)</a>; </strong>yet implied stub numbers suggests otherwise. </li>
<li>Preceding my comments on Wilmar 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>



Wilmar International (WIL SP) is coming up "cheap" to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); yet implied stub numbers suggests otherwise. 
Preceding my comments on Wilmar 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: Wilmar Trading "Cheap" To YKA. Understandably.

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>RHB and DBS maintain 'neutral' outlook on Wilmar despite strong 2QFY2026 results.</li>
<li>Analysts remain optimistic about Frencken's outlook for the strong second half.</li>
<li>Analysts remain optimistic on Singtel after 1QFY2027 earnings exceeded forecasts.</li>
</ul>


RHB and DBS maintain 'neutral' outlook on Wilmar despite strong 2QFY2026 results.
Analysts remain optimistic about Frencken's outlook for the strong second half.
Analysts remain optimistic on Singtel after 1QFY2027 earnings exceeded forecasts.


Singapore Market Roundup (14-Aug-2026): RHB and DBS keep 'neutral' stance on Wilmar after strong

Equity & Credit Research

Duncan Chan

<ul>
<li>ENSO remained broadly neutral during early 2026, although probabilities of El Niño later increased, suggesting weather risk remains more forward-looking than physically visible.</li>
<li>Palm oil appears most exposed, with Malaysia and Indonesia dominating global supply and 2015–2016 El Niño contributing to 13–17% production declines and 20–30% CPO gains.</li>
<li>Natural rubber follows because Thailand accounts for roughly one-third of global production, while late-2025 flooding affected 656,000 hectares and reduced supply flexibility.</li>
</ul>


ENSO remained broadly neutral during early 2026, although probabilities of El Niño later increased, suggesting weather risk remains more forward-looking than physically visible.
Palm oil appears most exposed, with Malaysia and Indonesia dominating global supply and 2015–2016 El Niño contributing to 13–17% production declines and 20–30% CPO gains.
Natural rubber follows because Thailand accounts for roughly one-third of global production, while late-2025 flooding affected 656,000 hectares and reduced supply flexibility.


El Niño / La Niña: Which ASEAN Commodities Have The Smallest Buffers?

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asia-Ex-Japan is down 10% since the war started. The underperformers, Korea, Indonesia, India, Philippines and Thailand, have high import dependence on energy or, significant current account and fiscal deficits.</li>
<li>Myriad concerns impact Asian markets: energy and industrial input shortage, energy price shock driving inflation expectations and demand destruction, and higher energy prices hurting current accounts and fiscal balances. </li>
<li>Oil exploration, defense, green energy and the high dividend yield cash proxies seem to be the only safe spots in this tumultuous environment. These sectors have understandably generated positive returns.</li>
</ul>


Asia-Ex-Japan is down 10% since the war started. The underperformers, Korea, Indonesia, India, Philippines and Thailand, have high import dependence on energy or, significant current account and fiscal deficits.
Myriad concerns impact Asian markets: energy and industrial input shortage, energy price shock driving inflation expectations and demand destruction, and higher energy prices hurting current accounts and fiscal balances. 
Oil exploration, defense, green energy and the high dividend yield cash proxies seem to be the only safe spots in this tumultuous environment. These sectors have understandably generated positive returns.


Asian Equities: Market Movements Reflect Macro Risks

<ul><li>DBS keeps 'buy' rating on Yangzijiang after announcing 10% stake acquisition.</li><li>Maybank Securities upgrades Wilmar to 'buy' due to improving earnings.</li><li>Jardine Matheson's FY2025 profit rises 11%; announces US$2.35 per share dividend.</li></ul>

DBS keeps 'buy' rating on Yangzijiang after announcing 10% stake acquisition.Maybank Securities upgrades Wilmar to 'buy' due to improving earnings.Jardine Matheson's FY2025 profit rises 11%; announces US$2.35 per share dividend.

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

Singapore

Wilmar International is Asia's leading agribusiness group, operating an integrated model across the agricultural commodity business. Its activities include oil palm cultivation, oilseed crushing, edible oils refining, flour and rice milling, sugar milling and refining, and manufacturing of consumer products, specialty fats, oleochemicals, biodiesel, and fertilizers. The company was founded in 1991 and is headquartered in Singapore.

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Wilmar International (WIL SP)

StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

Wilmar is coming up "cheap" to YKA, yet the implied stub numbers suggests otherwise. I'd be reluctant to long Wilmar, short YKA right here. I would...

David Blennerhassett

Singapore Market Roundup (14-Aug-2026): RHB and DBS keep 'neutral' stance on Wilmar after strong

RHB and DBS keep a 'neutral' outlook on Wilmar despite strong 2QFY2026 results, while analysts are optimistic about Frencken and Singtel's earnings.

Singapore Market Roundup

El Niño / La Niña: Which ASEAN Commodities Have The Smallest Buffers?

Weather risk alone is not investable; palm oil and rubber matter because ASEAN supply buffers are thinner and transmission can show up in...

Duncan Chan

Asian Equities: Market Movements Reflect Macro Risks

Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...

Manishi Raychaudhuri

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

DBS maintains 'buy' on Yangzijiang after 10% stake acquisition; Maybank upgrades Wilmar to 'buy'; Jardine Matheson's FY2025 profit up 11% with...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

Wilmar is coming up "cheap" to YKA, yet the implied stub numbers suggests otherwise. I'd be reluctant to long Wilmar, short YKA right here. I would...

David Blennerhassett

Singapore Market Roundup (14-Aug-2026): RHB and DBS keep 'neutral' stance on Wilmar after strong

RHB and DBS keep a 'neutral' outlook on Wilmar despite strong 2QFY2026 results, while analysts are optimistic about Frencken and Singtel's earnings.

Singapore Market Roundup

El Niño / La Niña: Which ASEAN Commodities Have The Smallest Buffers?

Weather risk alone is not investable; palm oil and rubber matter because ASEAN supply buffers are thinner and transmission can show up in...

Duncan Chan

Asian Equities: Market Movements Reflect Macro Risks

​Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...

Manishi Raychaudhuri

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

DBS maintains 'buy' on Yangzijiang after 10% stake acquisition; Maybank upgrades Wilmar to 'buy'; Jardine Matheson's FY2025 profit up 11% with...

Singapore Market Roundup

Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...