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

Quiddity Advisors

Equity Bottom-Up

Hengan International Group / Equity Bottom-Up

<ul>
<li>Given their market leadership in China's personal care industry, <strong><a href="https://www.smartkarma.com/entities/hengan-international-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29:1" rel="noopener">Hengan International Group (1044 HK)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International Holdings (3331 HK)</a></strong> arguably make a valid pair trade.</li>
<li>Yet Hengan's bottom line is dominated by its sanitary napkin products; whereas Vinda's tissue segment has a similarly high contribution to its net profit. </li>
<li>On various valuation metrics, both companies, relative to listed peers, and their historical trading numbers, appear inexpensive.</li>
</ul>


Given their market leadership in China's personal care industry, Hengan International Group (1044 HK) and Vinda International Holdings (3331 HK) arguably make a valid pair trade.
Yet Hengan's bottom line is dominated by its sanitary napkin products; whereas Vinda's tissue segment has a similarly high contribution to its net profit. 
On various valuation metrics, both companies, relative to listed peers, and their historical trading numbers, appear inexpensive.


Vinda Vs Hengan: Cut From A Different Cloth