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

First Pacific (142 HK): Maynilad's IPO Price Firmed

First Pacific (142 HK): Maynilad's IPO (Now With Prospectus Numbers)

First Pacific (142 HK)'s Full Value As Maynilad Commences Trading

First Pacific (142 HK): Even More Value In The Stub

StubWorld: First Pacific (142 HK) Looking Stretched

Quiddity Advisors

Event-Driven

<ul>
<li>In <a href="https://skr.ma/EZx9j" target="_blank" rel="noopener">StubWorld: First Pacific (142 HK) Looking Stretched</a>, I saw <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a>'s discount to NAV at ~30%, around its narrowest level in a decade.</li>
<li>That analysis applied a fixed value for MPIC (delisted in 4Q23). However, if applying a look-through into 23.7%-held <a href="https://www.smartkarma.com/entities/manila-electric-company" target="_blank" data-smartkarma-citation="entities:3527:1" rel="noopener">Manila Electric Company (MER PM)</a>, that NAV discount widens. Currently ~40%.</li>
<li>By that yardstick this is the narrowest NAV discount since early 2018. This appears too tight. The benefits from the proposed spin-off of Maynilad appear baked in.</li>
</ul>


In StubWorld: First Pacific (142 HK) Looking Stretched, I saw First Pacific Co (142 HK)'s discount to NAV at ~30%, around its narrowest level in a decade.
That analysis applied a fixed value for MPIC (delisted in 4Q23). However, if applying a look-through into 23.7%-held Manila Electric Company (MER PM), that NAV discount widens. Currently ~40%.
By that yardstick this is the narrowest NAV discount since early 2018. This appears too tight. The benefits from the proposed spin-off of Maynilad appear baked in.


First Pacific (142 HK) Is Fully Valued Here