Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a> released fantastic, above-consensus earnings for Q1, which were minimally impacted (positively) by non-recurring profits. </li>
<li>The driver was higher gas production on much higher prices. At current price, the implied PER is 3.0x for 2022.</li>
<li>And the company also announced a Special Dividend of HK$1.18/share or 10.9% of yesterday's share price. </li>
</ul>



CNOOC Ltd (883 HK) released fantastic, above-consensus earnings for Q1, which were minimally impacted (positively) by non-recurring profits. 
The driver was higher gas production on much higher prices. At current price, the implied PER is 3.0x for 2022.
And the company also announced a Special Dividend of HK$1.18/share or 10.9% of yesterday's share price. 


CNOOC (883 HK) Surprises with Special Div

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Meituan, CNOOC, China Mobile, COLI, and outflows from Tencent, China Resources Beer, and HKEX. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Meituan, CNOOC, China Mobile, COLI, and outflows from Tencent, China Resources Beer, and HKEX. 


Hong Kong Connect Flows: Meituan, CNOOC, China Mobile, COLI

<ul>
<li>CNOOC's RMB Issue of 2.6bn Shares (about US$5bn with over-allotment) was priced at a 14.2% premium to Friday's close. Not Great Bob.</li>
<li>But 31 March indications of Q1 results, and the promises of an H-share buyback noted in the Annual Results a day earlier are worthwhile noting.</li>
<li>CNOOC continues to trail Global Peers in Price and Forward EBIT multiple since the Executive Order 13959 dampened share demand and booted it from global indices. It's still cheap though.</li>
</ul>


CNOOC's RMB Issue of 2.6bn Shares (about US$5bn with over-allotment) was priced at a 14.2% premium to Friday's close. Not Great Bob.
But 31 March indications of Q1 results, and the promises of an H-share buyback noted in the Annual Results a day earlier are worthwhile noting.
CNOOC continues to trail Global Peers in Price and Forward EBIT multiple since the Executive Order 13959 dampened share demand and booted it from global indices. It's still cheap though.


CNOOC RMB Share Prices at Small Premium (But CNOOC Still Cheap To Peers)

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight sound bound purchases of Li Ning, Wuxi Biologics, HKEx, and China Mobile. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight sound bound purchases of Li Ning, Wuxi Biologics, HKEx, and China Mobile. 


Hong Kong Connect Flows: What Chinese Bought for Rebound?

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a>'s activists are stuck. So are management. 3+ years since the last big buyback, 3 new CEOs and we are back to the drawing board for both management/activists. </li>
<li>Quarz and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV.</li>
<li>Regulatory overhang sees <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>'s spread to terms trading wide. </li>
</ul>



Toshiba (6502 JP)'s activists are stuck. So are management. 3+ years since the last big buyback, 3 new CEOs and we are back to the drawing board for both management/activists. 
Quarz and Mapletree North Asia Commercial Trust (MAGIC SP) holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV.
Regulatory overhang sees Link Administration Holdings (LNK AU)'s spread to terms trading wide. 


Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman's Headcount, Razer, Crown Resorts

Hong Kong

China Mobile Limited, through its subsidiaries, provides cellular telecommunications and related services in the People's Republic of China and Hong Kong SAR.

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China Mobile Ltd Spon Adr (CHL US)

CNOOC (883 HK) Surprises with Special Div

CNOOC had a blowout Q1 and announced a special dividend equal to 10.9% of the share price as of today's close. The CEO has been switched out for a...

Travis Lundy

Hong Kong Connect Flows: Meituan, CNOOC, China Mobile, COLI

We highlight weekly southbound inflows into Meituan, CNOOC, China Mobile, COLI, and outflows from Tencent, China Resources Beer, and HKEX.

Ke Yan, CFA, FRM

Hong Kong Connect Flows: What Chinese Bought for Rebound?

We highlight weekly Hong Kong Connect sound bound inflows into Li Ning, Wuxi Biologics, HKEx, and China Mobile. We also noticed huge southbound...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman's Headcount, Razer, Crown Resorts

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CNOOC (883 HK) Surprises with Special Div

CNOOC had a blowout Q1 and announced a special dividend equal to 10.9% of the share price as of today's close. The CEO has been switched out for a...

Travis Lundy

Hong Kong Connect Flows: Meituan, CNOOC, China Mobile, COLI

We highlight weekly southbound inflows into Meituan, CNOOC, China Mobile, COLI, and outflows from Tencent, China Resources Beer, and HKEX.

Ke Yan, CFA, FRM

CNOOC RMB Share Prices at Small Premium (But CNOOC Still Cheap To Peers)

CNOOC is up 40% in 6mos on some RMB Issue hopes and more oil price bullishness. Q1 results hinted on 31 March are big gains vs 2021. A Shares...

Travis Lundy

Hong Kong Connect Flows: What Chinese Bought for Rebound?

We highlight weekly Hong Kong Connect sound bound inflows into Li Ning, Wuxi Biologics, HKEx, and China Mobile. We also noticed huge southbound...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman's Headcount, Razer, Crown Resorts

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