Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>This week in StubWorld ...</p>
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<p>I see <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>'s discount to NAV at 63%, around the level when <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd-8e397b7b-30b8-4284-afc1-e1dc799b2e5c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings (300999 CH)</a> IPO'ed last October, and closing in on the <a href="https://www.smartkarma.com/entities/archer-daniels-midland-co" target="_blank" data-smartkarma-citation="entities:14746:1" rel="noopener">Archer Daniels Midland Co (ADM US)</a>'s placement levels last August. Wilmar is cheap here.</p>
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<p>Preceding my comments on Wilmar are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...



I see Wilmar International (WIL SP)'s discount to NAV at 63%, around the level when Yihai Kerry Arawana Holdings (300999 CH) IPO'ed last October, and closing in on the Archer Daniels Midland Co (ADM US)'s placement levels last August. Wilmar is cheap here.



Preceding my comments on Wilmar are the weekly setup/unwind tables for Asia-Pacific Holdcos.



These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


StubWorld: Buybacks Resume Into Inexpensive Wilmar

China

Yihai Kerry Arawana Holdings Co., Ltd wholesales and distributes food products. The Company provides kitchen foods, feed raw materials, oil technology products, and other products. Yihai Kerry Arawana Holdings also operates investment businesses.

Yihai Kerry Arawana Holdings C (300999 CH)

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StubWorld: Buybacks Resume Into Inexpensive Wilmar

Wilmar looks inexpensive here, even for a cross-border, possibly-difficult-to-short subsidiary, Holdco situation. Potential near-term catalysts...

David Blennerhassett