Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Merchants China Direct Investments / Event-Driven

<ul>
<li>Activist Argyle Street's approach to closed-end investment company <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a> (CMCDI) has a certain David Webb-like quality.</li>
<li>Apart from the deep value angle, the analysis of director Elizabeth Kan's potential conflict of interest is particularly insightful. Argle will vote against Kan's re-election at the 20th June AGM</li>
<li>Given this upcoming vote, as I've done with <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a> and <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> previously, it's useful to investigate the lesser-known shareholder register, a byproduct of investigative disclosure reports.</li>
</ul>


Activist Argyle Street's approach to closed-end investment company China Merchants China Direct Investments (133 HK) (CMCDI) has a certain David Webb-like quality.
Apart from the deep value angle, the analysis of director Elizabeth Kan's potential conflict of interest is particularly insightful. Argle will vote against Kan's re-election at the 20th June AGM
Given this upcoming vote, as I've done with Giordano (709 HK) and L'Occitane (973 HK) previously, it's useful to investigate the lesser-known shareholder register, a byproduct of investigative disclosure reports.


CMCDI (133 HK): AGM Outcome May Provide Another Leg-Up

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Golden Throat Holdings / Equity Bottom-Up

<ul>
<li>Golden Throat Holdings is a gem. It has excellent fundamentals including an eye-catching dividend yield (17.9% in 2023) and a blistering DPS growth (10x from 2020 to 2023). </li>
<li>It also benefits from a compelling long-term theme (relieving sore throats caused by worsening air quality/smog/fine dust problems along with recurrent regular cold/flu symptoms among millions of people in China). </li>
<li>Golden Throat Holdings is one of the leading throat lozenges manufacturers in China. Its net margin averaged 24% from 2019 to 2023.</li>
</ul>


Golden Throat Holdings is a gem. It has excellent fundamentals including an eye-catching dividend yield (17.9% in 2023) and a blistering DPS growth (10x from 2020 to 2023). 
It also benefits from a compelling long-term theme (relieving sore throats caused by worsening air quality/smog/fine dust problems along with recurrent regular cold/flu symptoms among millions of people in China). 
Golden Throat Holdings is one of the leading throat lozenges manufacturers in China. Its net margin averaged 24% from 2019 to 2023.


Asian Dividend Gems: Golden Throat Holdings

Keisei Electric Railway Co / Event-Driven

<ul>
<li>The Palliser/<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is an unconvincing trade. Avoid being long Keisei vs <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> except in short-term impact events. Avoid the drift trade also.</li>
<li>On the subject of activism, keep an eye on <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a>'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.</li>
<li>A <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. </li>
</ul>


The Palliser/Keisei Electric Railway Co (9009 JP) is an unconvincing trade. Avoid being long Keisei vs Oriental Land (4661 JP) except in short-term impact events. Avoid the drift trade also.
On the subject of activism, keep an eye on China Merchants China Direct Investments (133 HK)'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.
A Sigma Healthcare (SIG AU)/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. 


Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

<ul>
<li>The trade of being short <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> vs Nikkei 225 or Sector Basket is fundamentally slightly short Nikkei 225 froth.</li>
<li>
<a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a>'s SGM will likely pivot off how the shareholders under Halcyon Securities vote. Digging a little deeper as to who these shareholders are, provides some (not-altogether) surprising results.</li>
<li>
<a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a> intends to launch a Tender Offer on <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a> without having contacted C&amp;F first. A HOSTILE deal. Yum!</li>
</ul>


The trade of being short Fast Retailing (9983 JP) vs Nikkei 225 or Sector Basket is fundamentally slightly short Nikkei 225 froth.

Giordano (709 HK)'s SGM will likely pivot off how the shareholders under Halcyon Securities vote. Digging a little deeper as to who these shareholders are, provides some (not-altogether) surprising results.

AZ-Com Maruwa Holdings (9090 JP) intends to launch a Tender Offer on Chilled &amp; Frozen Logistics Holdings (9099 JP) without having contacted C&amp;F first. A HOSTILE deal. Yum!


Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend

<ul>
<li>Apparently Elliott is requesting <a href="https://www.smartkarma.com/entities/mitsui-fudosan-co-ltd" target="_blank" data-smartkarma-citation="entities:565:1" rel="noopener">Mitsui Fudosan (8801 JP)</a> conduct a very large buyback and to sell down its stake in <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>.</li>
<li>Some 17 months after the Cheng Family failed to secure 50%+ of <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, the family are now calling an SGM to install friendly directors.</li>
<li>The<a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson (2651 JP)</a> deal is not terribly surprising. It's not terribly surprising that it is being done cheaply. It IS being done too cheaply. This is bumpable by force. </li>
</ul>


Apparently Elliott is requesting Mitsui Fudosan (8801 JP) conduct a very large buyback and to sell down its stake in Oriental Land (4661 JP).
Some 17 months after the Cheng Family failed to secure 50%+ of Giordano International (709 HK), the family are now calling an SGM to install friendly directors.
TheLawson (2651 JP) deal is not terribly surprising. It's not terribly surprising that it is being done cheaply. It IS being done too cheaply. This is bumpable by force. 


Last Week in Event SPACE: Mitsui Fudosan/Oriental Land, Giordano, JSR, Pasona, Lawson, L'Occitane

Hong Kong

Giordano International Limited, through its subsidiaries, retails and distributes casual apparel and accessories under theGiordano, Giordano Ladies, Giordano Junior, BSX and Concepts One brands.

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Giordano International (709 HK)

CMCDI (133 HK): AGM Outcome May Provide Another Leg-Up

CMCDI is cheap. If small, illiquid names, with a activism angle are your thing, pick up shares here. Keep an eye on the AGM. If Kan is booted, this...

David Blennerhassett

Asian Dividend Gems: Golden Throat Holdings

Golden Throat Holdings is one of the leading throat lozenges manufacturers in China. It has an eye-catching dividend yield (17.9% in 2023) and a...

Douglas Kim

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

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

Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend

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

Last Week in Event SPACE: Mitsui Fudosan/Oriental Land, Giordano, JSR, Pasona, Lawson, L'Occitane

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

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