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: Matheson Nudging Extreme Levels As Buybacks Continue

StubWorld: Ayala Corp Under Pressure As Govt Probes Contracts

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

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<p>This week in <strong>StubWorld</strong> ...</p>
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<p><a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a>'s 54.88% subsidiary <a href="https://www.smartkarma.com/entities/melco-crown-entertainme-adr" target="_blank" data-smartkarma-citation="entities:810:1" rel="noopener">Melco Resorts &amp; Entertainment (MLCO US)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0206/2020020601305.pdf" target="_blank" rel="noopener">announced</a> it will no longer acquire an additional 9.99% in <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>. But the reasons behind the decision go beyond that stated.</p>
<p>Having recently acquired a 25% in <a href="https://www.smartkarma.com/entities/manila-water-co-inc" target="_blank" data-smartkarma-citation="entities:22789:1" rel="noopener">Manila Water Co (MWC PM)</a>, Enrique Razon will now take control of the water utility from <a href="https://www.smartkarma.com/entities/ayala-corporation" target="_blank" data-smartkarma-citation="entities:1474:1" rel="noopener">Ayala Corporation (AC PM)</a>.</p>
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<p>Preceding my comments on Melco and Ayala are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...


Melco International Development (200 HK)'s 54.88% subsidiary Melco Resorts &amp; Entertainment (MLCO US) announced it will no longer acquire an additional 9.99% in Crown Resorts (CWN AU). But the reasons behind the decision go beyond that stated.
Having recently acquired a 25% in Manila Water Co (MWC PM), Enrique Razon will now take control of the water utility from Ayala Corporation (AC PM).


Preceding my comments on Melco and Ayala are the weekly setup/unwind tables for Asia-Pacific Holdcos.




These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.




StubWorld: Melco Steps Back From Crown; Ayala Hands Over Control Of Manila Water