Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera (6971 JP)</a> is not blowing out the lights versus peers, but it's relatively inexpensive to its history and peers. If Kazuo Inamori's shares are sold, Kyocera can buy them.</li>
<li>
<a href="https://www.smartkarma.com/entities/hang-lung-group-ltd" target="_blank" data-smartkarma-citation="entities:50:1" rel="noopener">Hang Lung (10 HK)</a> currently trades at a 62% discount to NAV, a level last seen around the Covid lows in May 2020.</li>
<li>Washington and Beijing reach an agreement allowing US regulators access to audits of Chinese companies listed on American exchanges.  However, US regulators remain cautious about the success of the deal.</li>
</ul>



Kyocera (6971 JP) is not blowing out the lights versus peers, but it's relatively inexpensive to its history and peers. If Kazuo Inamori's shares are sold, Kyocera can buy them.

Hang Lung (10 HK) currently trades at a 62% discount to NAV, a level last seen around the Covid lows in May 2020.
Washington and Beijing reach an agreement allowing US regulators access to audits of Chinese companies listed on American exchanges.  However, US regulators remain cautious about the success of the deal.


Last Week in Event SPACE: Kyocera, Hang Lung Group, CSRC/PCAOB Audit Terms, MACA, Nitro Software

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hang-lung-group-ltd" target="_blank" data-smartkarma-citation="entities:50:1" rel="noopener">Hang Lung (10 HK)</a> recently announced it had acquired 1.3% in <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a> over a one-year period, increasing its holding to 59.5%.</li>
<li>HLG currently trades at a 62% discount to NAV, a level last seen around the Covid lows in May 2020.</li>
<li>HLG is the most basic of Holdco structures - there is almost a 100% overlap in the stub ops with HLP's property investments. </li>
</ul>



Hang Lung (10 HK) recently announced it had acquired 1.3% in Hang Lung Properties (101 HK) over a one-year period, increasing its holding to 59.5%.
HLG currently trades at a 62% discount to NAV, a level last seen around the Covid lows in May 2020.
HLG is the most basic of Holdco structures - there is almost a 100% overlap in the stub ops with HLP's property investments. 


Hang Lung Group Chips Away At Holding In Hang Lung Props

A-Living Smart City Services C / Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. </li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. </li>
<li>These insights may also flag those companies where shares have been pledged, both recently and ongoing. Stocks mentioned include <a href="https://www.smartkarma.com/entities/a-living-services-co-ltd" target="_blank" data-smartkarma-citation="entities:26728:1" rel="noopener">A-Living Services (3319 HK)</a> and <a href="https://www.smartkarma.com/entities/hang-lung-group-ltd" target="_blank" data-smartkarma-citation="entities:50:1" rel="noopener">Hang Lung (10 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. 
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. 
These insights may also flag those companies where shares have been pledged, both recently and ongoing. Stocks mentioned include A-Living Services (3319 HK) and Hang Lung (10 HK).


Hong Kong CEO & Director Dealings - 1st September 2022

<ul>
<li>Eight proposals seem a lot for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>. However, if you are a PE fund on the radar of private equity LP investors, you have to get involved.</li>
<li>The size of the trade is apparently 38 million shares. If you have been in the <a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> / <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a> trade, take the deal, tactically.</li>
<li>Perhaps a big pharma could make a splashy bid for <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>'sTauRx, but we're not there yet.</li>
</ul>


Eight proposals seem a lot for Toshiba Corp (6502 JP). However, if you are a PE fund on the radar of private equity LP investors, you have to get involved.
The size of the trade is apparently 38 million shares. If you have been in the Woodside Petroleum (WPL AU) / Santos Ltd (STO AU) trade, take the deal, tactically.
Perhaps a big pharma could make a splashy bid for Genting Bhd (GENT MK)'sTauRx, but we're not there yet.


Last Week in Event SPACE: Toshiba, Woodside, Genting Berhad, SPH REIT, Virtus Health, Xiamen Port

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>With US interest rate trending up, many of the Hong Kong blue chips are exposed to higher interest expenses from their outstanding debt. We look into who are less vulnerable.</li>
<li>
<a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a>, <a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing Company APAC (1876 HK)</a>, <a href="https://www.smartkarma.com/entities/xinyi-solar-holdings-ltd" target="_blank" data-smartkarma-citation="entities:318:1" rel="noopener">Xinyi Solar (968 HK)</a>, <a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">Power Assets (6 HK)</a> and <a href="https://www.smartkarma.com/entities/mtr-corp" target="_blank" data-smartkarma-citation="entities:13289:1" rel="noopener">MTR Corp (66 HK)</a> are found to be more immunized.</li>
<li>Most have large cash balance, low leverage and more fixed rate debt. GEG, Bud APAC and Xinyi Solar may even benefit from higher interest income given net cash position.  </li>
</ul>


With US interest rate trending up, many of the Hong Kong blue chips are exposed to higher interest expenses from their outstanding debt. We look into who are less vulnerable.

Galaxy Entertainment Group (27 HK), Budweiser Brewing Company APAC (1876 HK), Xinyi Solar (968 HK), Power Assets (6 HK) and MTR Corp (66 HK) are found to be more immunized.
Most have large cash balance, low leverage and more fixed rate debt. GEG, Bud APAC and Xinyi Solar may even benefit from higher interest income given net cash position.  


Rising US Interest Rate: A Look at Which HK Blue Chips Are Less Vulnerable

Hong Kong

Hang Lung Properties Limited, through its subsidiaries, invests in, develops, and manages properties. The Company also manages parking lots. Hang Lung Properties serves customers in Hong Kong.

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Hang Lung Properties (101 HK)

Last Week in Event SPACE: Kyocera, Hang Lung Group, CSRC/PCAOB Audit Terms, MACA, Nitro Software

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Hang Lung Group Chips Away At Holding In Hang Lung Props

HLG currently trades at a 62% discount to NAV, a level last seen around the Covid lows in May 2020. At 0.19x P/B, an all-time low, this is an...

David Blennerhassett

Hong Kong CEO & Director Dealings - 1st September 2022

These insights may also flag those companies where shares have been pledged, both recently and ongoing. Stocks mentioned include A-Living Services...

David Blennerhassett

Last Week in Event SPACE: Toshiba, Woodside, Genting Berhad, SPH REIT, Virtus Health, Xiamen Port

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Rising US Interest Rate: A Look at Which HK Blue Chips Are Less Vulnerable

We look at what companies in the Hang Seng Index are more immunized to the rising US interest rate environment; and found the top five are with...

Osbert Tang, CFA

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