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

Smartkarma Corporate Webinar | Asian Sea: Pet Food and Frozen Sustainable Growth Drivers

Quiddity Advisors

Event-Driven

Distributor and exporter of processed frozen seafood <a href="https://www.smartkarma.com/entities/asian-sea-corp-pcl" target="_blank" data-smartkarma-citation="entities:19827:1" rel="noopener">Asian Sea Corp (ASIAN TB)</a> (ASC) has <a href="https://www.set.or.th/set/pdfnews.do?newsId=16341685899620&amp;sequence=0" target="_blank" rel="noopener">announced</a> it intends to spin-off and separately list Asian Alliance International (AAI), a manufacturer of tuna products and pet food.
AAI is currently a wholly-owned subsidiary of ASC. The goal is to issue new shares accounting for 20% of AAI on a fully diluted basis, and for ASC to place out shares totaling 10% on a fully-diluted basis. ASC's effective interest would therefore decline to 70% with 30% in public hands. Pre-emptive rights for existing ASC shareholders will also be afforded, up to 20% of the IPO.
In the 1H21, AAI accounted for 53%, 61%, &amp; 55% of ASC's revenue, net profit &amp; net assets, and has effectively been the group's growth driver in recent years.
At Bt16.30/share ASC's share price is 25% adrift of its all-time high in early August, but still 880% up from its Covid low in March last year.
With an expected implementation of the spin-off in the 4Q22, has the market over-corrected recently?
More below the fold.

Distributor and exporter of processed frozen seafood Asian Sea Corp (ASIAN TB) (ASC) has announced it intends to spin-off and separately list Asian Alliance International (AAI), a manufacturer of tuna products and pet food.
AAI is currently a wholly-owned subsidiary of ASC. The goal is to issue new shares accounting for 20% of AAI on a fully diluted basis, and for ASC to place out shares totaling 10% on a fully-diluted basis. ASC's effective interest would therefore decline to 70% with 30% in public hands. Pre-emptive rights for existing ASC shareholders will also be afforded, up to 20% of the IPO.
In the 1H21, AAI accounted for 53%, 61%, &amp; 55% of ASC's revenue, net profit &amp; net assets, and has effectively been the group's growth driver in recent years.
At Bt16.30/share ASC's share price is 25% adrift of its all-time high in early August, but still 880% up from its Covid low in March last year.
With an expected implementation of the spin-off in the 4Q22, has the market over-corrected recently?
More below the fold.

Towards A New Holdco As Asian Sea (ASIAN TB) Spins Off Pet Food Sub