Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

StubWorld - Set-Up & Unwind Extremes: Dah Sing, Japan Post, Sembcorp

Dah Sing (2356 HK): Trading Cheap As Chong Hing Gets Bid

StubWorld: Melco's Implied Stub At Multi-Year Low

Quiddity Advisors

Event-Driven

<ul>
<li>In the setup/unwind tables highlighted in<a href="https://skr.ma/JEUKB" target="_blank" rel="noopener"> StubWorld: Haw Par Looking Stretched</a>, I see <a href="https://www.smartkarma.com/entities/dah-sing-financial-holdings" target="_blank" data-smartkarma-citation="entities:589:1" rel="noopener">Dah Sing Financial (440 HK)</a> at trading "cheap" to 74.4%-held <a href="https://www.smartkarma.com/entities/dah-sing-banking-group-ltd" target="_blank" data-smartkarma-citation="entities:342:1" rel="noopener">Dah Sing Banking (2356 HK)</a>.</li>
<li>I see DSF at a 51% discount to NAV, around its one-year average. However the simple ratio (DSF/DSB) and implied stub are at multi-year lows.</li>
<li>Separately, DSB is trading at a ~62% discount to NAV - applying its 13.2%-holding in <a href="https://www.smartkarma.com/entities/bank-of-chongqing-co-ltd-h" target="_blank" data-smartkarma-citation="entities:658:1" rel="noopener">Bank of Chongqing (1963 HK)</a> - around a one-year high.  This is, however, a weak stub. </li>
</ul>


In the setup/unwind tables highlighted in StubWorld: Haw Par Looking Stretched, I see Dah Sing Financial (440 HK) at trading "cheap" to 74.4%-held Dah Sing Banking (2356 HK).
I see DSF at a 51% discount to NAV, around its one-year average. However the simple ratio (DSF/DSB) and implied stub are at multi-year lows.
Separately, DSB is trading at a ~62% discount to NAV - applying its 13.2%-holding in Bank of Chongqing (1963 HK) - around a one-year high.  This is, however, a weak stub. 


Dah Sing Financial (2356 HK): Discounts On Discounts