Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

WH Group (288 HK) - Now Cheapest in Yonks Outright and Vs Peers

WH Group (288 HK) - Stronger, But Still WAY Cheap to Peers

WH Group Post-Tender Outlook - Index Selldown and Back-End Trading/Valuations

WH Group - Stock Plummets as Ousted Son Drags Pigs Into The Mud

Quiddity Advisors

Equity Bottom-Up

Post WH Group Tender Offer buyback, there is a fair bit of good news. <ul>
<li>A month ago, <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> was near its cheapest vs peers in years on a forward earnings basis.</li>
<li>Lean hog prices are finally making a rebound in China after a multi-month cull and NDRC intervention</li>
<li>Hog prices in the US remain strong-ish. </li>
<li>Forward earnings estimates are up. </li>
</ul>But since the strength in WH Group shares immediately post-tender, when people sold the overhang, the stock has fallen sharply. HK and China-listed peers are up an average of 15% in the past month while global-listed peers are down 4%. WH Group resembles a mix of those two baskets but is down 12% in the same period vs +5% for an equal-weighted basket.The shares are now scraping on 4-year lows despite recent 15% accretion, and on an accretion-adjusted basis have underperformed by 30% in bit over a month. That is probably overdone.

Post WH Group Tender Offer buyback, there is a fair bit of good news. 
A month ago, WH Group (288 HK) was near its cheapest vs peers in years on a forward earnings basis.
Lean hog prices are finally making a rebound in China after a multi-month cull and NDRC intervention
Hog prices in the US remain strong-ish. 
Forward earnings estimates are up. 
But since the strength in WH Group shares immediately post-tender, when people sold the overhang, the stock has fallen sharply. HK and China-listed peers are up an average of 15% in the past month while global-listed peers are down 4%. WH Group resembles a mix of those two baskets but is down 12% in the same period vs +5% for an equal-weighted basket.The shares are now scraping on 4-year lows despite recent 15% accretion, and on an accretion-adjusted basis have underperformed by 30% in bit over a month. That is probably overdone.

WH Group (288 HK) Now Cheapest Vs Peers in Yonks