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 26 years of covering Asia Pacific equities, the past 20 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: PCCW's Premium To NAV Is Unsustainable

StubWorld: Rumoured Interest In PCCW's Fibre

Quiddity Advisors

Event-Driven

<ul>
<li>FY25 results reaffirm <strong><a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a></strong>'s stub ops continue to burn cash. Deconsolidated net debt touches an all-time high. And <strong><a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT (6823 HK)</a></strong>'s dividend pass-through % is trending south.</li>
<li>Preceding my comments on PCCW/ HKT are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


FY25 results reaffirm PCCW Ltd (8 HK)'s stub ops continue to burn cash. Deconsolidated net debt touches an all-time high. And HKT (6823 HK)'s dividend pass-through % is trending south.
Preceding my comments on PCCW/ HKT are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: PCCW's Irrational NAV Premium & Implied Stub