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

Matheson Doubles Buybacks As Strategic Dissentient Shareholders Make Their Case

The Week That Was in ASEAN@Smartkarma - Link Net, Jardine Matheson, and WeLab

Jardine Matheson (JM SP): Fast Food Junked

Jardine Matheson: Value Gradually Emerging Four Months On

Quiddity Advisors

Equity Bottom-Up

Jardine Matheson Holdings / Equity Bottom-Up

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<p>On the 6th September, <a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> <a href="https://links.sgx.com/FileOpen/HKLH0906.ashx?App=Announcement&amp;FileID=682657" target="_blank" rel="noopener">announced</a> a US$500mn share buyback program, which will run until 31st December 2022. Based on the average daily volume over the last year of US$9-10mn, this buyback is roughly equivalent to ~15% of daily volume through to 2022 year-end. Pretty punchy.</p>
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<p>In <em><a href="https://skr.ma/aFS5q" target="_blank" rel="noopener">Hongkong Land's (HKL SP) Big Buyback</a></em>, I said the Jardine's group evidently believes it makes good business sense to buy back its own shares in place of deploying capital into HKL's investment and development property portfolio.</p>
<p>Now it's <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>'s turn to buy back its own shares. </p>
<p>Yesterday the conglomerate <a href="https://links.sgx.com/FileOpen/JMH.ashx?App=Announcement&amp;FileID=685150" target="_blank" rel="noopener">announced</a> a US$250mn buyback which will run through to 30 June next year.</p>
<p>As with HKL, the holding of treasury shares is not permitted in JMH's constitution, therefore any shares repurchased will be cancelled.</p>
<p>I see JMH's discount to NAV at ~30%, around its lowest level since taking <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> private.</p>
<p>We now have some indication as to what the Keswick family considers a cheap entry-level. </p>
<p>More below the fold.</p>
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On the 6th September, Hongkong Land (HKL SP) announced a US$500mn share buyback program, which will run until 31st December 2022. Based on the average daily volume over the last year of US$9-10mn, this buyback is roughly equivalent to ~15% of daily volume through to 2022 year-end. Pretty punchy.


In Hongkong Land's (HKL SP) Big Buyback, I said the Jardine's group evidently believes it makes good business sense to buy back its own shares in place of deploying capital into HKL's investment and development property portfolio.
Now it's Jardine Matheson Holdings (JM SP)'s turn to buy back its own shares. 
Yesterday the conglomerate announced a US$250mn buyback which will run through to 30 June next year.
As with HKL, the holding of treasury shares is not permitted in JMH's constitution, therefore any shares repurchased will be cancelled.
I see JMH's discount to NAV at ~30%, around its lowest level since taking Jardine Strategic Holdings (JS SP) private.
We now have some indication as to what the Keswick family considers a cheap entry-level. 
More below the fold.






Mandarin Oriental International (MAND SP)

Dairy Farm International Holdings (DFI SP)

Jardine Matheson's (JM SP) Turn To Buy Back Shares