Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Jardine Cycle & Carriage / Equity Bottom-Up

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<p>This week in StubWorld ...</p>
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<p><span data-preserver-spaces="true"><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> gets a boost from the reduction in downpayment for autos, but <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> is not a short at these levels. </span></p>
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<p>Preceding my comments on JCNC/Astra <em>and </em><a href="https://www.smartkarma.com/entities/neowiz-holdings-corp" target="_blank" data-smartkarma-citation="entities:14203:1" rel="noopener">Neowiz Holdings (042420 KS)</a><a href="https://www.smartkarma.com/entities/neowiz-games-corp" target="_blank" data-smartkarma-citation="entities:12425:1" rel="noopener">Neowiz Games (095660 KS)</a>  are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<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>
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<p>As always, more below the fold.</p>
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This week in StubWorld ...




Astra International (ASII IJ) gets a boost from the reduction in downpayment for autos, but Jardine Cycle &amp; Carriage (JCNC SP) is not a short at these levels. 




Preceding my comments on JCNC/Astra and Neowiz Holdings (042420 KS)Neowiz Games (095660 KS)  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%.


As always, more below the fold.


StubWorld: Jardine Cycle/Astra, Neowiz Holdings/Games

Event-Driven

<p>This week's two-part Holdco overview is chock-full of charts, covering the performance of all 566 stubs in my stub monitor, across all countries, and liquidity baskets, in the midst of the recent correction in markets.</p>
<p>This insight covers Japan and Korea.</p>
<p>The results, as always, are interesting, with some baskets clearly outperforming others. If you take the view that more liquid parents vis-à-vis less liquid subs will either underperform or outperform during these unprecedented times, the answer is not always clear cut, from one country to the next. </p>
<p>As always, there is more below the fold.</p>

This week's two-part Holdco overview is chock-full of charts, covering the performance of all 566 stubs in my stub monitor, across all countries, and liquidity baskets, in the midst of the recent correction in markets.
This insight covers Japan and Korea.
The results, as always, are interesting, with some baskets clearly outperforming others. If you take the view that more liquid parents vis-à-vis less liquid subs will either underperform or outperform during these unprecedented times, the answer is not always clear cut, from one country to the next. 
As always, there is more below the fold.

Holdcos: Charts Amongst The Carnage. Part 1. Japan & Korea

South Korea

NEOWIZ HOLDINGS Corporation is an investment holding company. The Company, through its subsidiaries, engages in online game business, online music services, distribution of digital music, online information services, and software developments.

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Neowiz Holdings (042420 KS)

StubWorld: Jardine Cycle/Astra, Neowiz Holdings/Games

The sentiment for Indonesian autos is upbeat. But I would not go long ASII/Short JCNC here. I think a more credible NAV discount for JCNC is ~20%....

David Blennerhassett

Holdcos: Charts Amongst The Carnage. Part 1. Japan & Korea

This week's two-part Holdco overview is chock-full of charts, covering the performance of all 566 stubs in my stub monitor, across all countries,...

David Blennerhassett

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52-week Range

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