In today’s briefing:
- StubWorld: Swire Is “Rich” To Cathay; And Cathay “Cheap” To Air China
- Asia Real Estate Tracker (16-Apr-2025): Singapore’s LHN Group wants SGX listing for Coliwoo Co-Living.
- The Beat Ideas: Samhi Hotels, A Strategic Play on India’s Premium Hotels
- Lucror Analytics – Morning Views Asia
- Kina Securities Meeting (KSL AU): A Papua New Guinea Commercial Bank.
StubWorld: Swire Is “Rich” To Cathay; And Cathay “Cheap” To Air China
- Swire Pacific (A) (19 HK) is coming up “rich” on my monitor vs. Cathay Pacific Airways (293 HK); and Cathay “cheap” to Air China Ltd (H) (753 HK).
- Preceding my comments on Swire and Cathay are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Asia Real Estate Tracker (16-Apr-2025): Singapore’s LHN Group wants SGX listing for Coliwoo Co-Living.
- LHN Group intends to list Coliwoo Co-Living on SGX, expanding their presence in the real estate market.
- C&W reports a significant 42% drop in office rents in Hong Kong, reflecting the changing landscape post-Q1 2019.
- PGIM Real Estate promotes David Fassbender to Deputy Head of APAC, indicating a shift in leadership within the company.
The Beat Ideas: Samhi Hotels, A Strategic Play on India’s Premium Hotels
- SAMHI Hotels (SAMHI IN) witnessing a 9-10% top-line growth attributed to same-store Average Room Rate (ARR) growth and robust occupancy trend across all the segments.
- Company is set to generate a top line of INR 3.2-3.5bn pa post stabilization in 2 years with an increase of 532 keys across three hotels.
- Company is expecting 35% revenue growth in next 3-4 years by repositioning the ACIC portfolio under the Marriott Tribute & Courtyard brands and opening new hotels like W& Westin Tribute.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
- In the US, the import price index slipped to negative 0.1% m-o-m (0.0% e / 0.2% revised p) in March. The index excludes tariff duties paid by importers to US Customs and Border Protection.
- Long-end treasury yields fell for a second day, supported by Deputy Treasury Secretary Michael Faulkender’s statements that officials are discussing easing the supplementary lending requirements to lower the costs of trading treasuries for banks.
Kina Securities Meeting (KSL AU): A Papua New Guinea Commercial Bank.
Last week, I had the pleasure of meeting the senior management team of Kina Securities (KSL AU — US$193 million) — a Papua New Guinea- (“PNG”) based commercial bank listed on the ASX.
Participants included Kina Securities’ CEO Ivan Vidovich and CFO Johnson Kalo.
The bank trades at a modest P/E ratio of 8.2x with a dividend yield of 9.2%. While the share price has risen recently, it remains well below its all-time high in 2019.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
