Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Under revised terms, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp (SMM SP)</a> will issue fewer shares to <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel (KEP SP)</a>. It's now a takeover rather than Scheme. Keppel will deliver more shares to shareholders, keeping less.  </li>
<li>Stay cautiously positive on <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> until the stock starts trading as if those who bought on momentum look like they are getting out. </li>
<li>With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old-school perspective applying Benjamin Graham's Net Nets</li>
</ul>


Under revised terms, Sembcorp (SMM SP) will issue fewer shares to Keppel (KEP SP). It's now a takeover rather than Scheme. Keppel will deliver more shares to shareholders, keeping less.  
Stay cautiously positive on Socionext (6526 JP) until the stock starts trading as if those who bought on momentum look like they are getting out. 
With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old-school perspective applying Benjamin Graham's Net Nets


Last Week In Event SPACE: Keppel/Sembcorp, Socionext, Jinke Smart, Hitachi Transport, Lifestyle Intl

<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 Group (10 HK)</a> is currently trading at a miserly 0.15x P/B, its lowest level since records began.</li>
<li>It has also been somewhat of a forgetful week for 59.5%-held <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>, down 12%, following Wednesday's 7% decline.</li>
<li>HLG's discount to NAV has retraced back to levels last seen during the 2020 Covid lows. </li>
</ul>



Hang Lung Group (10 HK) is currently trading at a miserly 0.15x P/B, its lowest level since records began.
It has also been somewhat of a forgetful week for 59.5%-held Hang Lung Properties (101 HK), down 12%, following Wednesday's 7% decline.
HLG's discount to NAV has retraced back to levels last seen during the 2020 Covid lows. 


Hang Lung Group's All-Time Low P/B As Hang Lung Props Rolls Over

<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

Hong Kong

Hysan Development Company Limited, through its subsidiaries, invests in real estate.  The Company's properties include commercial rental and luxury residential buildings in Hong Kong.  The Company also invests in treasuries.

China Jinmao Holdings Group Limited invests in and develops real estate projects in the Peoples Republic of China.

Swire Pacific Limited operates as a holding company. The Company, through its subsidiaries, focuses on real estate, aviation, beverage, industrial, marine services, trading, and industrial businesses. Swire Pacific operates worldwide.

Great Eagle Holdings Limited, through its subsidiaries, develops and invests in properties, operates hotels and restaurants, and trades building materials.  The Company also invests in securities and provides management, maintenance, and insurance agency services.  In addition, Great Eagle operates sports clubs.

Shenzhen Investment Limited, through its subsidiaries, develops and invests in properties, sells commercial and industrial goods, and provides transportation services.

China Overseas Grand Oceans Group Ltd. is a property development and sales company. The Compnay'ss operations include the entire property development process, comprising land acquisition and investment, construction planning, design and execution, sales and marketing, after-sales service as well as property management.

Kowloon Development Company Limited, through its subsidiaries, develops and invests in properties.  The Company also invests in and trades securities. In addition, Kowloon Development distributes and exhibits films.

Poly Property Group Co., Ltd. develops, invests in, and manages properties in China.  The Company develops mid- to high-end residential and commercial projects in first-tier and second-tier provincial capitals in Central and Southwestern China.

Tian An China Investments Co Ltd, through its subsidiaries, develops and manages properties, and provides agency services.  The Company also sells construction materials.

K Wah International Holdings Limited is principally involved in property development and investment in Hong Kong, Mainland China and Singapore. The Company also holds an interest in Galaxy Entertainment Group.

Hainan Haide Industry Co., Ltd. develops residential properties and operates a hotel.

Shanghai Wanye Enterprises Co., Ltd. develops and manages real estate and hotels. Through its subsidiaries, the Company also provides travel services, organizes exhibitions and conferences, and manages golf courses.

Marcus & Millichap, Inc. is a national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services.

Beijing Vantone Real Estate Co., Ltd. through its subsidiaries, develops real estates and engages in property management.

Beijing Vantone Real Estate Co., (600246 CH)

Kennedy-Wilson Holdings Inc. is a vertically-integrated real estate investment and services company. The Company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management.

PT Ciputra Development Tbk develops and sells real estate including office spaces, shopping centers, and related facilities as well as industrial estates. The Company also designs, develops, and maintains housing facilities including golf courses, clubs, restaurants, recreational places, and related facilities.

Tibet Urban Development and Investment Co., Ltd. PLC operates in property development business. The company also involve in business of urban transforamtion and construction of affordable housing.

Huaku Development Co Ltd builds, sells, and leases commercial and residential buildings which are constructed by independent contractors.

China Merchants Property Operation & Service Co., Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other services. China Merchants Property Operation & Service also operates investment, labor dispatch, and other businesses.

China Merchants Property Operation and Service Co., Ltd. (001914 CH)

China Merchants Property Operation and Service Co., Ltd.

PT Metropolitan Kentjana Tbk PT owns shopping malls and office buildings.

Hang Lung Group Limited, through its subsidiaries, invests in and develops properties.  The Company also owns and manages hotels, provides financial services, and operates parking lots.

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Hang Lung (10 HK)

Last Week In Event SPACE: Keppel/Sembcorp, Socionext, Jinke Smart, Hitachi Transport, Lifestyle Intl

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's All-Time Low P/B As Hang Lung Props Rolls Over

Hang Lung Group (10 HK) is currently trading at a miserly 0.15x P/B, its lowest level since records began. HLG's discount to NAV has retraced back...

David Blennerhassett

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

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