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

The Week that Was in ASEAN@Smartkarma - Digital Enhancements, Cheap Banks, and Buybacks

Smartkarma Flash Webinar | Jardine Matheson Acquires Jardine Strategic

StubWorld: Matheson Buybacks As Ratio Mean Reverts; JCNC Looking Cheap

Jardine Matheson's Buybacks: A Bargain Upon Itself

StubWorld: Would Jardines Move Back To HK?

Quiddity Advisors

Event-Driven

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Back on the 23 October, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> <a href="https://links.sgx.com/FileOpen/JMH.ashx?App=Announcement&amp;FileID=636187" target="_blank" rel="noopener">announced</a> an intention to invest up to US$500mn in a share buyback program through to 30 June 2021. Any shares repurchased would be canceled.
Using the then-last-traded price of US$44/share, US$500mn translated to 11.4mn shares or 1.56% of shares out, or 3.8% of minorities, excluding <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a>'s stake.
JM has repurchased 3.2mn shares at a cost of US$166mn since that announcement, at an average price of US$51.69/share. Shares acquired accounted for roughly 30% of daily volume. And that is one-third of the buyback programme.
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At this clip, the stated buyback program could be completed by the 1Q20, or early 2Q. 
But there's nothing to stop Matheson from reloading another US$500mn program. Or more.
More below the fold.


Back on the 23 October, Jardine Matheson Holdings (JM SP) announced an intention to invest up to US$500mn in a share buyback program through to 30 June 2021. Any shares repurchased would be canceled.
Using the then-last-traded price of US$44/share, US$500mn translated to 11.4mn shares or 1.56% of shares out, or 3.8% of minorities, excluding Jardine Strategic Holdings (JS SP)'s stake.
JM has repurchased 3.2mn shares at a cost of US$166mn since that announcement, at an average price of US$51.69/share. Shares acquired accounted for roughly 30% of daily volume. And that is one-third of the buyback programme.

At this clip, the stated buyback program could be completed by the 1Q20, or early 2Q. 
But there's nothing to stop Matheson from reloading another US$500mn program. Or more.
More below the fold.

Jardine Lloyd Thompson Group PLC (JLT LN)

Jardine Matheson: Buybacks Ahead Of Schedule