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

Sector Briefing: Consumer Lifestyle in Singapore (Consumer Segmentation) - Part 2

StubWorld - Set-Up & Unwind Extremes (10 July 2017)

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/758" target="_blank" data-smartkarma-citation="entities:758:1">Great Eagle Holdings Ltd (41 HK) ("GE")</a> has recently disconnected with 65.5%-held <a href="https://www.smartkarma.com/entities/759" target="_blank" data-smartkarma-citation="entities:759:1">Champion Reit (2778 HK)</a>, worth 81% of GE's market cap and ~48% of NAV.The bifurcation is the result of CREIT's outperformance to media reports its 100%-owned Langham Place office tower could fetch upwards of $24.5-$26bn for the 700k sqft site. CREIT had earlier <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0704/LTN201707041551.pdf" target="_blank">announced</a> it was exploring a sale of the property. CREIT is up ~27% since the beginning of the month (11.61% yesterday on 6 1/2 year-high volume), adding around $8bn in market cap.GE's implied stub, comprising 10 <a href="http://www.langhamhotels.com/en/" target="_blank">Langham Hotels</a> (Australia, Shanghai, London &amp; the US) and investment property (mainly its headquarters, Great Eagle Centre), is currently trading at a 12-month low, or ~0.25x P/B of the stub assets.Separately, GE has recently featured in local media for all the wrong reasons as a family feud gets publicly aired. Last <a href="https://www.smartkarma.com/insights/stubworld-set-up-unwind-extremes-10-july-2017" target="_blank">week</a> I mentioned a High Court order towards dismissing the family trust.Liquidity for GE is low - around US$1.2mn/day. More below the fold.

Great Eagle Holdings Ltd (41 HK) ("GE") has recently disconnected with 65.5%-held Champion Reit (2778 HK), worth 81% of GE's market cap and ~48% of NAV.The bifurcation is the result of CREIT's outperformance to media reports its 100%-owned Langham Place office tower could fetch upwards of $24.5-$26bn for the 700k sqft site. CREIT had earlier announced it was exploring a sale of the property. CREIT is up ~27% since the beginning of the month (11.61% yesterday on 6 1/2 year-high volume), adding around $8bn in market cap.GE's implied stub, comprising 10 Langham Hotels (Australia, Shanghai, London &amp; the US) and investment property (mainly its headquarters, Great Eagle Centre), is currently trading at a 12-month low, or ~0.25x P/B of the stub assets.Separately, GE has recently featured in local media for all the wrong reasons as a family feud gets publicly aired. Last week I mentioned a High Court order towards dismissing the family trust.Liquidity for GE is low - around US$1.2mn/day. More below the fold.

Great Eagle Holdings

Great Eagle - Out of Place