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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/51" target="_blank" data-smartkarma-citation="entities:51:1">Wharf Holdings Ltd (4 HK)</a> closed up 8.67% on Friday in response to comments from management at the <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0309/LTN20170309208.pdf" target="_blank">FY16 results</a> briefing as to a possible spin-off of “some of the … IP (investment property) assets” by way of an in-specie distribution. <a href="https://www.smartkarma.com/entities/52" target="_blank" data-smartkarma-citation="entities:52:1">Wheelock &amp; Co Ltd (20 HK)</a> was up 6.48% on the day.Separate to the spin-off, Wharf’s results came in around 6-7% ahead of street estimates. One detail widely disseminated in the press, concerned 73.84%-held <a href="https://www.smartkarma.com/entities/6690" target="_blank" data-smartkarma-citation="entities:6690:1">I Cable Communications Ltd (1097 HK)</a>, wherein Wharf has essentially thrown the company to the curb, terminating sale negotiations and halting funding commitments. Yet with an estimated carrying value of around $370mn on Wharf’s books or 0.1% of Wharf’s net assets, it’s simply not enough to move the needle. Wheelock is trading at a 20% discount to NAV against a 12-mth average of 24%.More below the fold on scenario analysis on this possible spin-off, and the impact on Wheelock.

Wharf Holdings Ltd (4 HK) closed up 8.67% on Friday in response to comments from management at the FY16 results briefing as to a possible spin-off of “some of the … IP (investment property) assets” by way of an in-specie distribution. Wheelock &amp; Co Ltd (20 HK) was up 6.48% on the day.Separate to the spin-off, Wharf’s results came in around 6-7% ahead of street estimates. One detail widely disseminated in the press, concerned 73.84%-held I Cable Communications Ltd (1097 HK), wherein Wharf has essentially thrown the company to the curb, terminating sale negotiations and halting funding commitments. Yet with an estimated carrying value of around $370mn on Wharf’s books or 0.1% of Wharf’s net assets, it’s simply not enough to move the needle. Wheelock is trading at a 20% discount to NAV against a 12-mth average of 24%.More below the fold on scenario analysis on this possible spin-off, and the impact on Wheelock.

Wheelock – Evaluating Wharf's Proposed IP In-Specie