Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Metro Pacific Investments Co / Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a></strong>, together with three other entities, are proposing to delist <strong><a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a></strong> at PHP 4.63/share, a 22% premium to the 12-month VWAP.</li>
<li>The four bidders hold a combined stake in MPIC of 63.4%. The Offer is conditional on First Pac shareholder approval, a tendering threshold, and an MPIC shareholder vote.</li>
<li>Elsewhere, First Pac continues to trade cheap to its NAV. Nothing new there.</li>
</ul>



First Pacific Co (142 HK), together with three other entities, are proposing to delist Metro Pacific Investments Co (MPI PM) at PHP 4.63/share, a 22% premium to the 12-month VWAP.
The four bidders hold a combined stake in MPIC of 63.4%. The Offer is conditional on First Pac shareholder approval, a tendering threshold, and an MPIC shareholder vote.
Elsewhere, First Pac continues to trade cheap to its NAV. Nothing new there.


Metro Pac (MPI PM): Delisting Offer from First Pac & Co

<ul>
<li>Last week <strong><a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a></strong> announced a 33% increase in recurring profit to a record high.</li>
<li>The full-year distribution up to 19.0 HK cents/share backs out a yield of 6.3%.</li>
<li>The current discount to NAV of 56% compares with a 12-month average of 59%, and a long-term average of 50%.</li>
</ul>


Last week First Pacific Co (142 HK) announced a 33% increase in recurring profit to a record high.
The full-year distribution up to 19.0 HK cents/share backs out a yield of 6.3%.
The current discount to NAV of 56% compares with a 12-month average of 59%, and a long-term average of 50%.


First Pac (142 HK): Perennially Inexpensive

<div>
<p>This week in StubWorld ...</p>
</div>
<div>
<div class="content-highlight">
<p>Decent 2021 interims and continual buybacks have not curbed <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a>'s recent underperformance, with the market assigning US$300mn <em>less</em> for the stub ops than before.</p>
</div>
</div>
<div>
<p>Preceding my comments on First Pac are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
</div>
<div>
<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
</div>


This week in StubWorld ...



Decent 2021 interims and continual buybacks have not curbed First Pacific Co (142 HK)'s recent underperformance, with the market assigning US$300mn less for the stub ops than before.



Preceding my comments on First Pac are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


StubWorld: First Pac (142 HK)'s Correction After Year-Long Contraction

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

<ul><li>We uncover a stake in post-merger Tokopedia-GoJek held by the Japanese e-commerce company Beenos (3328 JP) that, at the slated US$40bn IPO valuation for the Southeast Asian unicorn, would account for more than 80% of the US$270m enterprise value.</li><li>MM2 Asia (MM2 SP) has signed an SPA to dispose of their cinema business as part of an ongoing restructuring of the media and entertainment group</li><li>Metro Pacific (MPI PM) accelerated repurchases of a further 224.8m shares during the past week taking the 30-day tally to 1.71% shares out.</li></ul>

We uncover a stake in post-merger Tokopedia-GoJek held by the Japanese e-commerce company Beenos (3328 JP) that, at the slated US$40bn IPO valuation for the Southeast Asian unicorn, would account for more than 80% of the US$270m enterprise value.MM2 Asia (MM2 SP) has signed an SPA to dispose of their cinema business as part of an ongoing restructuring of the media and entertainment groupMetro Pacific (MPI PM) accelerated repurchases of a further 224.8m shares during the past week taking the 30-day tally to 1.71% shares out.

Wickhams Hill Research | Under-The-Radar Issue 6

<ul>
<li>The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.</li>
<li>Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares</li>
<li>We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.</li>
</ul>


The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.
Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares
We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.


Wickhams Hill Research | Under-The-Radar Issue 3

Philippines

Metro Pacific Investments Corporation is an investment holding company. The Company, through its subsidiaries, provides water, sanitation and sewerage services, and also operates in real estate, infrastructure projects, toll roads, electricity distribution, hospital operations and light rail.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Metro Pacific Investments Co (MPI PM)

Metro Pac (MPI PM): Delisting Offer from First Pac & Co

Trading at a gross/annualised spread of 8%/29% assuming payment mid-Aug (net of sales tax of 64bps). Get involved. First Pac has perennially been...

David Blennerhassett

First Pac (142 HK): Perennially Inexpensive

First Pac is doing all the right things: buying back shares, a steady payout ratio, excellent transparency, and accessible management. But shares...

David Blennerhassett

StubWorld: First Pac (142 HK)'s Correction After Year-Long Contraction

in the short term, absent a major catalyst, I'd like to see the share price settle a bit. Longer-term, this appears a decent entry point, with a...

David Blennerhassett

Wickhams Hill Research | Under-The-Radar Issue 6

We uncover a stake in post-merger Tokopedia-GoJek held by the Japanese e-commerce company Beenos (3328 JP) that at the slated...

Lloyd Moffatt

Wickhams Hill Research | Under-The-Radar Issue 3

The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high.

Lloyd Moffatt

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)