Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

CK Infrastructure Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a>, 75.67%-held by <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0711/2024071100267.pdf" target="_blank" rel="noopener">announced</a> it is considering a second listing on an overseas stock exchange, such as London.</li>
<li>A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.</li>
<li>The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.</li>
</ul>



CK Infrastructure Holdings (1038 HK), 75.67%-held by CK Hutchison Holdings (1 HK), announced it is considering a second listing on an overseas stock exchange, such as London.
A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.
The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.


Keisei Electric Railway Co / Event-Driven

<ul>
<li>No surprise: <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway (9009 JP)</a> shareholders voted down Palliser's proposal. If the vote was close, Palliser may ups its rhetorical game, and takes a harder stance.</li>
<li>Argyle failed to boot one <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">CMCDI (133 HK)</a> director. They'll next target the management agreement renewal; and agitate the company buy back 20% of shares outstanding at 90% of NAV.</li>
<li>The Offeror now has 90.16% in <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> - so this will get suspended at the close of the Offer.</li>
</ul>


No surprise: Keisei Electric Railway (9009 JP) shareholders voted down Palliser's proposal. If the vote was close, Palliser may ups its rhetorical game, and takes a harder stance.
Argyle failed to boot one CMCDI (133 HK) director. They'll next target the management agreement renewal; and agitate the company buy back 20% of shares outstanding at 90% of NAV.
The Offeror now has 90.16% in Great Eastern Holdings (GE SP) - so this will get suspended at the close of the Offer.


Last Week in Event SPACE: Keisei Electric, China Merchants, Great Eastern, Jardine Matheson/JCNC

<ul>
<li>In its 14th May quarterly review, MSCI <a href="https://app2.msci.com/eqb/gimi/stdindex/MSCI_May24_STPublicList.pdf" target="_blank" rel="noopener">announced</a>  <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> will be removed from its index effective 31 May. Shares closed down 4.3% on the 15th.</li>
<li>JCNC announced yesterday that <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> has lifted its stake to 81.058% from 79.866%. </li>
<li>JCNC is trading rich to its NAV. The simple ratio (JCNC/<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>) is around its highest level outside the 2008 GFC. A takeover from parent Matheson is unlikely.</li>
</ul>


In its 14th May quarterly review, MSCI announced  Jardine Cycle &amp; Carriage (JCNC SP) will be removed from its index effective 31 May. Shares closed down 4.3% on the 15th.
JCNC announced yesterday that Jardine Matheson Holdings (JM SP) has lifted its stake to 81.058% from 79.866%. 
JCNC is trading rich to its NAV. The simple ratio (JCNC/Astra International (ASII IJ)) is around its highest level outside the 2008 GFC. A takeover from parent Matheson is unlikely.


Jardines Bumps JCNC Stake Post MSCI Deletion

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights in <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)</a>, <a href="https://www.smartkarma.com/entities/cp-axtra-pcl" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">CP Axtra (CPAXT TB)</a>, and <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>.</li>
<li>There were also macro insights on inflation in Thailand and the Philippines, a sector view on EVs in ASEAN and the 14 top picks in ASEAN from <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz.</a>
</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights in Sumber Alfaria Trijaya Tbk Pt (AMRT IJ), CP Axtra (CPAXT TB), and Jardine Matheson Holdings (JM SP).
There were also macro insights on inflation in Thailand and the Philippines, a sector view on EVs in ASEAN and the 14 top picks in ASEAN from Dr. Andrew Stotz.

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Alfamart Uncut, CP Axtra Revealed, and Jardine Matheson

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.

<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/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> seeks to raise up to US$320 million.</li>
<li>Event-Driven developments: <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>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</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: Shift Up (462870 KS) seeks to raise up to US$320 million.
Event-Driven developments: Asia Cement China (743 HK), Greatview Aseptic Packaging (468 HK), Huafa Property Services Group (982 HK), Chilled &amp; Frozen Logistics Holdings (9099 JP), Infocom Corp (4348 JP). 


Weekly Deals Digest (02 Jun) - Infocom, CF Logistics, Asia Cement, GA Pack, Huafa, Shift Up

Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

Sembcorp Industries Ltd provides utilities and integrated services for industrial sites such as power, gas, steam, water, wastewater treatment and other on-site services. The Company's businesses also include marine & offshore engineering and urban development comprising industrial parks and business, commercial and residential spaces.

Gallant Venture Ltd is an investment holding company. The Company owns and operates industrial parks, supplies telecommunications services, electricity and water and wastewater management services, operates resorts and hotels, and develops real estate.

Bonvests Holdings Limited is an investment holding company whose subsidiaries develop real estate and operate waste collection and disposal, and contract cleaning.  The Company also develops and operates hotels locally and overseas, as well as operates food and beverage restaurants.  Bonvests Holdings trades securities and rents properties.

Yangzijiang Shipbuilding (Holdings) Limited builds a wide range of ships. The Company produces a wide range of commercial vessels, mini bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels, and lifting vessels.

ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

Frencken Group Limited designs, develops, and produces complex and advanced modules and systems, based on precision mechanics, hardware and software.

BRC Asia Limited designs, manufactures, and markets steel mesh under the BRC brand name.  The Company's products include non-standard and customized mesh, a wide range of prefabricated products including beam and column cages, complete prefabricated beam and column reinforcement, staggered mesh, twin wire mesh, and pile cap cages.

XP Power Ltd. designs and manufactures products used to supply, regulate, and distribute electrical power.  The Company's products convert alternating current into direct current, provide components with one or more voltage levels, and regulate and monitor voltages to protect against electrical surges.

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

LG Corp. is a holding company, which operates subsidiaries including LG Electronics, LG Household & Health Care, LG Chem Ltd., and Dacom Corp. The Company's main business areas are electronics, chemicals, and household products manufacturing and telecommunications services.

DCC PLC is a sales, marketing, distribution and business support services Group. The Group operates in the following sectors; energy, IT & entertainment products, healthcare, environmental services and food & beverage. DCC's strategy is to grow a sustainable, diversified business.

Smiths Group plc is a global technology company.  The company delivers products and services for the threat & contraband detection, medical devices, energy and communications market worldwide.

Lifco AB operates as a holding company. The Company, through its subsidiaries, provides dental products, machinery and tools, sawmill equipment, contract manufacturing, vehicle interiors, and environmental technology. Lifco offers its products through a network of subsidiaries and partnerships worldwide.

Enka Insaat ve Sanayi AS provides construction and construction related services worldwide. The Company builds infrastructure, commercial projects and factories. The manufacturing subsidiaries produce construction materials, steel pipes, windows and hand tools. The Group also imports and distributes industrial machinery in Turkey.

Jardine Matheson Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on motor vehicles, property investment and development, food retailing, health and beauty, home furnishings, engineering and construction, transport services, restaurants, luxury hotels, financial services, heavy equipment, mining, energy, and agribusiness.

KOC Holding A.S. is a holding company. The Company has interests in manufacturers of automobiles, household appliances, consumer electronics, textiles, construction materials and other goods, food processers, liquefied petroleum gas distributors, insurance, factoring, lease financing, and securities brokerage companies, and banks.

Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in nine primary business segments: Automotive, Investment, Energy, Gaming, Railcar, Food Packaging, Metals, Real Estate and Home Fashion.

Seibu Holdings Inc. offers diversified operation. The Company through its subsidiary companies operates transportation, construction, hotel, leisure facilities, and real estate business. Seibu Holdings provides group enterprises strategy planning, operation management, asset management and supply, and business promotions.

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

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Jardine Matheson Holdings (JM SP)

CK Infra (1038 HK): London Calling

CKI announced it is considering a second listing on an overseas exchange such as London. But a dual primary listing, or a secondary listing? The...

David Blennerhassett

Last Week in Event SPACE: Keisei Electric, China Merchants, Great Eastern, Jardine Matheson/JCNC

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

Jardines Bumps JCNC Stake Post MSCI Deletion

Jardine Matheson clears 83% in JCNC, up from ~78% at the beginning of the year. I see JCNC's NAV PREMIUM at 17%, down from a recent high of 29%....

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - Alfamart Uncut, CP Axtra Revealed, and Jardine Matheson

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Weekly Deals Digest (02 Jun) - Infocom, CF Logistics, Asia Cement, GA Pack, Huafa, Shift Up

Last week, notable developments occurred in Event-Driven (Infocom, CF Logistics, Asia Cement China, GA Pack, Huafa, SciClone, Adbri) and ECM (Shift...

Arun George

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