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

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

StubWorld: PPB/Wilmar, LG Corp, China Motor/Yulon Motor

Wilmar International Placement - Can't Pinpoint the Reason for ADM Selling

Quiddity Advisors

Event-Driven

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<p>Back on the 12 July, major agribusiness outfit <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> <a href="https://links.sgx.com/FileOpen/Wilmar_announcement_on_proposed_China_IPO_dd_12Jul2019%20.ashx?App=Announcement&amp;FileID=570225" target="_blank" rel="noopener">announced</a> that the China Securities Regulatory Commission (CSRC) had accepted Yihai Kerry Arawana Holdings' (YKA) application for its proposed listing on the Shenzhen Stock Exchange (ChiNext Board).</p>
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<p>YKA is one of the largest agribusiness and food processing companies in China and is currently 99.99% held by Wilmar.</p>
<p>I discussed this IPO in <em><a href="https://skr.ma/U4wbi" target="_blank" rel="noopener">China Ops IPO One Step Closer</a></em>.</p>
<p>An indicative timetable has now been <a href="https://links.sgx.com/FileOpen/Wilmar_announcement_on_China_listing_timetable_18Sep2020.ashx?App=Announcement&amp;FileID=632078" target="_blank" rel="noopener">issued</a> with an expected listing mid-October.</p>
<p>The issue price will be <a href="https://links.sgx.com/FileOpen/Wilmar_announcement_on_update_on_China_listing_24Sept2020.ashx?App=Announcement&amp;FileID=632581" target="_blank" rel="noopener">RMB25.70/share</a>, or a 31.12x YKA's FY19 recurring net profit. The unlisted stub is trading at an implied trailing PER of 3x.</p>
<p>The amount to be raised is RMB13.933bn for 10% of shares out on fully diluted basis. Investor interest has been strong - with the online portion for RMB5.82bn oversubscribed 600+x. </p>
<p>Wilmar is trading flat over the past month, and up 9% YTD. I think the stock has more to run.</p>
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Back on the 12 July, major agribusiness outfit Wilmar International (WIL SP) announced that the China Securities Regulatory Commission (CSRC) had accepted Yihai Kerry Arawana Holdings' (YKA) application for its proposed listing on the Shenzhen Stock Exchange (ChiNext Board).


YKA is one of the largest agribusiness and food processing companies in China and is currently 99.99% held by Wilmar.
I discussed this IPO in China Ops IPO One Step Closer.
An indicative timetable has now been issued with an expected listing mid-October.
The issue price will be RMB25.70/share, or a 31.12x YKA's FY19 recurring net profit. The unlisted stub is trading at an implied trailing PER of 3x.
The amount to be raised is RMB13.933bn for 10% of shares out on fully diluted basis. Investor interest has been strong - with the online portion for RMB5.82bn oversubscribed 600+x. 
Wilmar is trading flat over the past month, and up 9% YTD. I think the stock has more to run.






Henan Shuanghui Investment & Development (000895 CH)

Wilmar International

Wilmar: YKA's Pricing & Cheap Rump Stake