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/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> spiked 12.3% yesterday in response to media reports (like <a href="https://www.thestandard.com.hk/breaking-news/section/4/202702/China-Mobile-explores-acquiring-Hong-Kong-telecom-firm-HKBN%C2%A0" target="_blank" rel="noopener">this one</a>) that <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> was running a ruler over the company.</li>
<li>This follows Bloomberg reports last month and in May last year, that I Square's HGC Global Communications and numerous PE outfits were kicking tyres of the Hong Kong broadband play.</li>
<li>Over the weekend, Hong Kong's security chief was quoted as saying "the internet could become a major loophole when maintaining national security". <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT (6823 HK)</a> is a potential privatisation candidate. </li>
</ul>



HKBN Ltd (1310 HK) spiked 12.3% yesterday in response to media reports (like this one) that China Mobile (941 HK) was running a ruler over the company.
This follows Bloomberg reports last month and in May last year, that I Square's HGC Global Communications and numerous PE outfits were kicking tyres of the Hong Kong broadband play.
Over the weekend, Hong Kong's security chief was quoted as saying "the internet could become a major loophole when maintaining national security". HKT (6823 HK) is a potential privatisation candidate. 


<ul>
<li>According to Bloomberg, KKR and PAG are considering bids for Hong Kong broadband play <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>.</li>
<li>Private equity firms, possibly including Stonepeak, are understood to be conducting due diligence on HKBN, which has a current market cap of ~US$1.6bn. </li>
<li>Increased broadband usage became a Covid trend. That looks set to continue. This is a steady business, with an attractive yield. </li>
</ul>


According to Bloomberg, KKR and PAG are considering bids for Hong Kong broadband play HKBN Ltd (1310 HK).
Private equity firms, possibly including Stonepeak, are understood to be conducting due diligence on HKBN, which has a current market cap of ~US$1.6bn. 
Increased broadband usage became a Covid trend. That looks set to continue. This is a steady business, with an attractive yield. 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>, <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> placements; <a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> and <a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/hong-kong-television-network-limited" target="_blank" data-smartkarma-citation="entities:12953:1" rel="noopener">Hong Kong Television Network (1137 HK)</a>, <a href="https://www.smartkarma.com/entities/rex-minerals-ltd" target="_blank" data-smartkarma-citation="entities:13845:1" rel="noopener">Rex Minerals (RXM AU)</a>, <a href="https://www.smartkarma.com/entities/second-chance-properties-ltd" target="_blank" data-smartkarma-citation="entities:20342:1" rel="noopener">Second Chance Properties (SCE SP)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: ASICS Corp (7936 JP), Honda Motor (7267 JP), Kokusai Electric (6525 JP) placements; Sanil Electric (062040 KS) and Timee Inc (215A JP) IPOs.
Event-Driven developments: Canvest Environmental Protection Group (1381 HK), Shanghai Henlius Biotech (2696 HK), Hong Kong Television Network (1137 HK), Rex Minerals (RXM AU), Second Chance Properties (SCE SP).



Weekly Deals Digest (14 Jul) - Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex

<ul>
<li>The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> but moves have come fast and furious.</li>
<li>Apparently minorities are grumbling to the SFC about the low-balled Offer for <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>. And for good reason. The best course of action? Vote against the Scheme.</li>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> is trading at a steep NAV discount. And the controlling family is making  a partial Offer to gain majority control. </li>
</ul>


The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by Aisin (7259 JP) but moves have come fast and furious.
Apparently minorities are grumbling to the SFC about the low-balled Offer for Asia Cement China (743 HK). And for good reason. The best course of action? Vote against the Scheme.

Hanwha Corporation (000880 KS) is trading at a steep NAV discount. And the controlling family is making  a partial Offer to gain majority control. 


Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric

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

Hong Kong

TOM Group Ltd, through its subsidiaries, provides online media, internet, and telecom value-added service, sells advertising of print media and outdoor media, markets sports sponsorship and promotional events, and publishes magazines and books.

Huanxi Media Group Limited is engaged in the media and entertainment related businesses which include development and investment in films and television drama series as well as operation of streaming platform.

Television Broadcasts Limited broadcasts and produces television programs. The Company also licenses and distributes satellite and subscription television programs, and provides services such as animation, videotape rental, film studio leasing, and advertising.

Phoenix Media Investment (Holdings) Limited operates as a new media company with an integrated platform consisting of internet media website, mobile channel, and video channel. The Company also operates real estate business. Phoenix Media Investment (Holdings) conducts business in China.

Pico Far East Holdings Limited, through its subsidiaries, designs exhibition stand and fabrication, museum interior fit outs, and advertising sign.  The Company also organizes exhibition and conference, provides hall management services, and other activities.

Oriental Press Group Limited, through its subsidiaries, publishes newspapers and magazines.  The Company also invests in properties and provides building management, finance services, and human resources services.

Mei Ah Entertainment Group Limited, through its subsidiaries, distributes films and programs in audio visual products formats.  The Company also sub-licenses film exhibition and rights, and provides internet and related services.  In addition, Mei Ah Entertainment operates television station.

IMAX China Holding, Inc. operates as a holding company. The Company, through its subsidiaries, broadcasts movies in theaters. IMAX China Holding serves customers in China.

Universe International Holdings Limited, through its subsidiaries, distributes in various videogram formats.  The Company also licenses and sub-licenses film rights and operates film exhibition.  In addition, Universe International leases investment properties and machineries for replication optical discs.

Hong Kong Economic Times Holdings Limited, through its subsidiaries, publishes the Hong Kong Economic Times, magazines, books, and other publications. The Company also provides real time financial information, and operates recruitment advertising and training businesses.

Hong Kong Economic Times Holdings Ltd (423 HK)

WOWOW INC. provides broadcasting services via satellite. The Company provides BS digital broadcasting services as well as media advertising services. Wowow delivers TV programs such as movies, sports events, live concerts, and dramas to its subscribers.

Media Matrix Worldwide Ltd. provides services in the entertainment industry mainly in films, television, digital cinema, and fashion. The Company assists in TV and music software, film completion guarantee bonds, ad films, music videos, event management, film production, and marketing.

SKY Network Television Limited is a pay-television operator in New Zealand.  The Company broadcasts various pay networks via UHF and Digital satellite platforms and offers a variety of programming including news, sports, movies, digital radio and pay-per-view events.

ValueCommerce Co., Ltd. offers Internet marketing solutions through affiliate program management services.  The Company also provides SEM (Search Engine Marketing) and SEO (Search Engine Optimization) services.  ValueCommerce also provides consulting services.

Jagran Prakashan Limited publishes a daily newspaper. The Company publishes and distributes the "Dainik Jagran".

PT Global Mediacom Tbk, also known as MNC Media, is the holding company of MNC Group's media businesses. The Company's businesses cover free-to-air televisions, a regional TV network, 150,000 hours of content library, a broadband and Pay TV platforms, and new media businesses that includes a mobile games developer in China.

Dafeng TV Ltd. operates and provides cable TV services in Taiwan. The Company installs and maintains cable television systems for subscribers as well as provides advertising and publishing services.

Seoul Broadcasting System (SBS) is a commercial television and radio broadcasting company.  The Company produces and broadcasts programs, such as news, sports, weather, music, movies, and television drama series.

BEC World Public Company Limited is diversified media holding company. The Company is involved in broadcasting and media businesses, including television and radio broadcasting and news media; Programme Sourcing-Production, Distribution and Extended and Supporting Businesses, including producing shows and music and marketing activities.

IG Port, Inc. plans and produces animated cartoon for films, original video animation, TV shows, and video games.  The Company also plans and produces game software.  IG Port operates its business worldwide.

Hong Kong Television Network Limited, through its subsidiaries, provides international telecommunications services and fixed telecommunication network services. The Company's services include broadband Internet access, local VoIP, IP-TV and corporate data services, direct dial, international calling cards, and mobile call forwarding services.

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Hong Kong Television Network (1137 HK)

If HKBN Gets Taken Out, Who's Next?

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David Blennerhassett

HKBN (1310 HK): KKR & PAG's Pipe Dreams

There is as yet, no firm Offer. Shares are up ~3%. It's a steady business, with solid shareholder backing, strong management, and a decent yield...

David Blennerhassett

Weekly Deals Digest (14 Jul) - Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex

Last week, notable developments occurred in Event-Driven (Canvest Environmental, Henlius, HKTV, Rex Minerals, Second Chance) and ECM (ASICS, Honda,...

Arun George

Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric

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: 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

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