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: The Demand for ASM Intl's Front-End; Takara's Spending for Spending's Sake

StubWorld: Suzuki Looks A Short Here As Maruti Drives Growth

Suzuki:1QFY18 Mother India`s WOW Factor Hits with Strong Growth

Quiddity Advisors

Event-Driven

This week I analysed <a href="https://www.smartkarma.com/entities/873" target="_blank" data-smartkarma-citation="entities:873:1">PCCW Ltd (8 HK)</a>'s discount to NAV, which has widened beyond its 12-month STD subsequent to the release of its <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2013/0227/LTN20130227259.pdf" target="_blank">2018 interim results</a>. The EBITDA stub loss in 1H18, the largest in 2 years, was primarily dragged down by a decline in revenue and profit margins in the Solutions segment.
I've also briefly touched on <a href="https://www.smartkarma.com/entities/52" target="_blank" data-smartkarma-citation="entities:52:1">Wheelock &amp; (20 HK)</a>'s 2018 interim results and an update on the Voluntary Unconditional General Offer for <a href="https://www.smartkarma.com/entities/3197" target="_blank" data-smartkarma-citation="entities:3197:1">Wheelock Properties (S) Ltd (WP SP)</a>.
Preceding my comments on PCCW and Wheelock 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 as a % - of at least 20%.
A detailed NAV for a number of these parent/holding relationships highlighted can be found in Smartkarma's Holdco monitor.

This week I analysed PCCW Ltd (8 HK)'s discount to NAV, which has widened beyond its 12-month STD subsequent to the release of its 2018 interim results. The EBITDA stub loss in 1H18, the largest in 2 years, was primarily dragged down by a decline in revenue and profit margins in the Solutions segment.
I've also briefly touched on Wheelock &amp; (20 HK)'s 2018 interim results and an update on the Voluntary Unconditional General Offer for Wheelock Properties (S) Ltd (WP SP).
Preceding my comments on PCCW and Wheelock 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 as a % - of at least 20%.
A detailed NAV for a number of these parent/holding relationships highlighted can be found in Smartkarma's Holdco monitor.

StubWorld: PCCW Plumbs New Lows & Wheelock Props' Privatisation