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

StubWorld - Set-Up & Unwind Extremes: China Everbright; Green Cross

StubWorld - Set-Up & Unwind Extremes: JCNC, Citic

StubWorld - Set-Up & Unwind Extremes: Renault/Nissan

StubWorld - Set-Up & Unwind Extremes: Sembcorp, Aeon, First Pacific

StubWorld - Set-Up & Unwind Extremes: Sino-American, Wheelock, Intouch

StubWorld - Set-Up & Unwind Extremes: AVIC, Kolon

Quiddity Advisors

Event-Driven

This week: <a href="https://www.smartkarma.com/entities/50" target="_blank" data-smartkarma-citation="entities:50:1">Hang Lung Group Ltd (10 HK)</a>’s discount remains stretched after bouncing off a 12-month low earlier in the week; and <a href="https://www.smartkarma.com/entities/18845" target="_blank" data-smartkarma-citation="entities:18845:1">Tsugami Corp (6101 JP)</a> optically looks expensive vs. newly-listed sub, <a href="https://www.smartkarma.com/entities/26199" target="_blank" data-smartkarma-citation="entities:26199:1">Precision Tsugami China Corp (1651 HK)</a>.These relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.My comments on Hang Lung, Tsugami and others (including <a href="https://www.smartkarma.com/entities/606" target="_blank" data-smartkarma-citation="entities:606:1">Wynn Resorts Ltd (WYNN US)</a> &amp; <a href="https://www.smartkarma.com/entities/21085" target="_blank" data-smartkarma-citation="entities:21085:1">Naspers Ltd (NPN SJ)</a> follow the weekly setup/unwind tables.(Market cap and liquidity noted below are in US$. Liquidity is assessed on a 3-month average)

This week: Hang Lung Group Ltd (10 HK)’s discount remains stretched after bouncing off a 12-month low earlier in the week; and Tsugami Corp (6101 JP) optically looks expensive vs. newly-listed sub, Precision Tsugami China Corp (1651 HK).These relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.My comments on Hang Lung, Tsugami and others (including Wynn Resorts Ltd (WYNN US) &amp; Naspers Ltd (NPN SJ) follow the weekly setup/unwind tables.(Market cap and liquidity noted below are in US$. Liquidity is assessed on a 3-month average)

StubWorld - セットアップ＆アンワインド・エクストリーム：ハン・ルン、ツガミ