Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Sun Hung Kai Properties / Equity Bottom-Up

<ul>
<li>After <a href="https://www.smartkarma.com/entities/sun-hung-kai-properties-ltd" target="_blank" data-smartkarma-citation="entities:111:1" rel="noopener">Sun Hung Kai Properties (16 HK)</a> released its interim results, shares declined 12.7% intra-day this past Monday, touching a 14-year low, before closing down 9.5%. </li>
<li>The same day, the Kwok family increased their stake in the company, purchasing ~2.2mn shares for ~HK$175mn.  </li>
<li>SHKP is currently trading a trailing P/B of 0.36x versus its five-year average of 0.54x, and the five-year average preceding Covid of 0.68x.</li>
</ul>


After Sun Hung Kai Properties (16 HK) released its interim results, shares declined 12.7% intra-day this past Monday, touching a 14-year low, before closing down 9.5%. 
The same day, the Kwok family increased their stake in the company, purchasing ~2.2mn shares for ~HK$175mn.  
SHKP is currently trading a trailing P/B of 0.36x versus its five-year average of 0.54x, and the five-year average preceding Covid of 0.68x.


Sun Hung Kai (16 HK): The Kwoks Step In To Stem The Tide

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.

Event-Driven

<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/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>'s Cainiao &amp; Cloud Intelligence Group, <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a>, <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a>, Yitai Coal, <a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</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 - Tryt Inc (9164 JP), Amman Mineral Internasional (1416286D IJ), Alibaba (ADR) (BABA US)'s Cainiao &amp; Cloud Intelligence Group, J&amp;T Global Express (1936374D CH) IPOs.
Event-Driven developments - JSR Corp (4185 JP), Dali Foods Group (3799 HK), Nws Holdings (659 HK), Poly Culture Group Corp H (3636 HK), Yitai Coal, DDH1 (DDH AU). 


Weekly Deals Digest (02 Jul) - JSR, Dali Foods, NWS, Poly Culture, Yitai, DDH1/Perenti, Tryt

<ul>
<li>The <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> / <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. </li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops</li>
<li>A residual <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. </li>
</ul>


The Naspers (NPN SJ) / Prosus (PRX NA) circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. 

Swire Pacific (19 HK) was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops
A residual NTT (9432 JP) individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. 


Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>In this note, we looked at the privatization offer from Chow Tai Fook, and its impact on NWD 17 HK</li>
<li>The proposed transaction will help NWD unlock its value and reduce gearing, which has been investor’s major concern</li>
<li>It is only the beginning of part of strategic review of NWD group.  We view more positive catalysts are coming</li>
</ul>


In this note, we looked at the privatization offer from Chow Tai Fook, and its impact on NWD 17 HK
The proposed transaction will help NWD unlock its value and reduce gearing, which has been investor’s major concern
It is only the beginning of part of strategic review of NWD group.  We view more positive catalysts are coming


Short Note: CTF, Shareholder of NWD 17 HK, Announced Proposed Privatization for NWS, Positive to NWD

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a> announced a pre-conditional voluntary general offer from the Cheng family at HK$9.15 or HK$9.47 per share (with a potential 2HFY2023 dividend of HK$0.32 per share).</li>
<li>The pre-condition related to regulatory approval from the Insurance Authority of Hong Kong and the Bermuda Monetary Authority is a formality due to the Cheng family's current sway over NWS.</li>
<li>The key condition is approval by independent <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> shareholders which is likely as the offer is attractive, reduces NWD’s gearing and results in a special dividend.  </li>
</ul>



Nws Holdings (659 HK) announced a pre-conditional voluntary general offer from the Cheng family at HK$9.15 or HK$9.47 per share (with a potential 2HFY2023 dividend of HK$0.32 per share).
The pre-condition related to regulatory approval from the Insurance Authority of Hong Kong and the Bermuda Monetary Authority is a formality due to the Cheng family's current sway over NWS.
The key condition is approval by independent New World Development (17 HK) shareholders which is likely as the offer is attractive, reduces NWD’s gearing and results in a special dividend.  


NWS Holding (659 HK): Pre-Conditional VGO from the Cheng Family

Hong Kong

New World Development Company Limited, through its subsidiaries, develops and invests in properties, provides contracting services, property management, and transportation services.  The Company also operates infrastructure business, telecommunication services, department stores, hotels and restaurants, and media and technology business.

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New World Development (17 HK)

Sun Hung Kai (16 HK): The Kwoks Step In To Stem The Tide

I can't think of a compelling reason to get exposure in SHKP here. I can think of a number of compelling reasons not to.

David Blennerhassett

Weekly Deals Digest (02 Jul) - JSR, Dali Foods, NWS, Poly Culture, Yitai, DDH1/Perenti, Tryt

Last week, notable developments occurred in Event-Driven (Dali Foods, NWS, Poly Culture, Yitai, JSR, DDH1/Perenti, Silk Laser) and ECM (Tryt, J&T...

Arun George

Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

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

Short Note: CTF, Shareholder of NWD 17 HK, Announced Proposed Privatization for NWS, Positive to NWD

CTF, NWD's shareholder proposed to privatize NWS. We view the transaction as positive as it streamlines corporate structure, and will reduce NWD...

Jacob Cheng

NWS Holding (659 HK): Pre-Conditional VGO from the Cheng Family

The pre-condition (regulatory approvals) and key condition (NWD shareholder approval) pose a low risk. At the current price of HK$8.89, the spread...

Arun George

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