Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Chow Tai Fook (CTFE) has made a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0627/2023062700091.pdf" target="_blank" rel="noopener">voluntary cash Offer</a> for <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener"><strong>New World Development (17 HK</strong>)</a>'s (NWD) 60.88%-held <strong><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></strong> at HK$9.15/share, a 22.2% premium to undisturbed. </li>
<li>CTFE and connected parties hold 45.24% of NWD, therefore the parent is effectively injecting ~US$2.75bn of cash into NWD for its NWS stake.</li>
<li>The Offer is subject to regulatory approvals in Hong Kong and Bermuda. These will not be an issue given CTFE is NWD's ultimate shareholder. </li>
</ul>


Chow Tai Fook (CTFE) has made a voluntary cash Offer for New World Development (17 HK)'s (NWD) 60.88%-held NWS Holdings (659 HK) at HK$9.15/share, a 22.2% premium to undisturbed. 
CTFE and connected parties hold 45.24% of NWD, therefore the parent is effectively injecting ~US$2.75bn of cash into NWD for its NWS stake.
The Offer is subject to regulatory approvals in Hong Kong and Bermuda. These will not be an issue given CTFE is NWD's ultimate shareholder. 


Chow Tai Fooks' Offer For NWS (659 HK). Buy NWD (17 HK)

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

<p><a href="https://www.smartkarma.com/entities/ane-logistics" target="_blank" data-smartkarma-citation="entities:34119:1" rel="noopener">ANE Logistics (1292621D CH)</a> operates a leading express freight network in China’s less-than-truckload (LTL) market. ANE operated the largest express freight network in China as measured by annual total freight volume in each of 2017, 2018, 2019 and 2020, according to iResearch.</p><p>ANE passed its HKEx listing committee hearing and will start pre-marketing to raise up to $500 million, according to press reports. ANE’s shareholders include Centurium, <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>, CDH, CPE, <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>, Ping An, <a href="https://www.smartkarma.com/entities/goldman-sachs-group-inc" target="_blank" data-smartkarma-citation="entities:785:1" rel="noopener">Goldman Sachs Group (GS US)</a> and <a href="https://www.smartkarma.com/entities/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial Group (A) (600887 CH)</a>.</p><div class="content-highlight"><p>ANE is a play on China’s LTL market which offers substantial opportunities for market consolidation as the top 10 LTL operators in China had a market share of 5.7% by shipper spend in 2020, according to iResearch. As the largest (by freight volume), fastest-growing and most profitable player, ANE is well-positioned to be a market consolidator. On balance, we think that ANE’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. </p></div>

ANE Logistics (1292621D CH) operates a leading express freight network in China’s less-than-truckload (LTL) market. ANE operated the largest express freight network in China as measured by annual total freight volume in each of 2017, 2018, 2019 and 2020, according to iResearch.ANE passed its HKEx listing committee hearing and will start pre-marketing to raise up to $500 million, according to press reports. ANE’s shareholders include Centurium, Carlyle Group Inc (CG US), CDH, CPE, Nws Holdings (659 HK), Ping An, Goldman Sachs Group (GS US) and Inner Mongolia Yili Industrial Group (A) (600887 CH).ANE is a play on China’s LTL market which offers substantial opportunities for market consolidation as the top 10 LTL operators in China had a market share of 5.7% by shipper spend in 2020, according to iResearch. As the largest (by freight volume), fastest-growing and most profitable player, ANE is well-positioned to be a market consolidator. On balance, we think that ANE’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. 

ANE Logistics IPO Initiation: Home Delivery

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our bullish outlook remains intact and is supported by the absence of breakdowns across major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) and ongoing positive market dynamics. Until this changes, we believe global equities are headed higher in the coming weeks and months.</p>

Our bullish outlook remains intact and is supported by the absence of breakdowns across major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) and ongoing positive market dynamics. Until this changes, we believe global equities are headed higher in the coming weeks and months.

Global Equity Strategy: Stick With Reflation & Reopening Theme

<div>
<p>This is the second of two insights which cover 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>
</div>
<div>
<p>This insight covers Hong Kong, Taiwan, and the Rest of Asia (ROA).</p>
<p>The first insight <a href="https://www.smartkarma.com/insights/holdcos-charts-amongst-the-carnage-part-1-japan-korea" target="_blank" data-smartkarma-citation="insights:37380" rel="noopener">Holdcos: Charts Amongst The Carnage. Part 1. Japan &amp; Korea</a> covered Japan and Korea.</p>
</div>
<div>
<p>Some baskets, be they liquid, illiquid, or specific sectors, are clear out-performers. But the performance consistency of those baskets differs from one country to the next. </p>
</div>
<div>
<p>More below the fold ...</p>
</div>


This is the second of two insights which cover 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 Hong Kong, Taiwan, and the Rest of Asia (ROA).
The first insight Holdcos: Charts Amongst The Carnage. Part 1. Japan &amp; Korea covered Japan and Korea.


Some baskets, be they liquid, illiquid, or specific sectors, are clear out-performers. But the performance consistency of those baskets differs from one country to the next. 


More below the fold ...


Holdcos: Charts Amongst The Carnage. Part 2. Hong Kong, Taiwan and ROA

Equity Bottom-Up

Ping An Healthcare and Technol / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/27008" target="_blank" data-smartkarma-citation="entities:27008:1">Ping An Healthcare And Techn (1833 HK)</a>/PAHTG's IPO turned out to be a damp squib and the shares are currently trading below its IPO price. Press reports disingenuously blamed the poor share price performance on investors (suddenly) worrying about its high valuation. However, the signs are that investors' worries are about to ratchet up a notch.</p><p>The competitive intensity is heating up with <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings Ltd (700 HK)</a>-backed WeDoctor completing a $500 million funding round and announcing a…</p>

Ping An Healthcare And Techn (1833 HK)/PAHTG's IPO turned out to be a damp squib and the shares are currently trading below its IPO price. Press reports disingenuously blamed the poor share price performance on investors (suddenly) worrying about its high valuation. However, the signs are that investors' worries are about to ratchet up a notch.The competitive intensity is heating up with Tencent Holdings Ltd (700 HK)-backed WeDoctor completing a $500 million funding round and announcing a…

Ping An Good Doctor: Competition Ratcheting up the Pressure

Hong Kong

NWS Holdings Limited operates businesses under three main divisions: Service, Infrastructure, and Ports. Its Service division comprises facilities, contracting, transport, financial, and environmental. The Infrastructure portfolio includes roads and bridges, energy, and water treatment and waste management. Its port division includes container handling, logistics, and warehousing.

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Nws Holdings (659 HK)

Chow Tai Fooks' Offer For NWS (659 HK). Buy NWD (17 HK)

Assuming the final divi of HK$0.31/share is added on top of the offer price; and payment around 7 months out, I'd be buying up to $8.95 or so (10%...

David Blennerhassett

ANE Logistics IPO Initiation: Home Delivery

ANE will start pre-marketing an HKEx IPO to raise up to $500 m. We think that ANE’s fundamentals are solid and the IPO is worth a look for...

Arun George

Global Equity Strategy: Stick With Reflation & Reopening Theme

Our bullish outlook remains intact supported by the absence of breakdowns across major global indexes. Until this changes, we believe global...

Vermilion Research

Holdcos: Charts Amongst The Carnage. Part 2. Hong Kong, Taiwan and ROA

This is the second of two insights which cover the performance of all 566 stubs in my stub monitor, across all countries, and liquidity baskets,...

David Blennerhassett

Ping An Good Doctor: Competition Ratcheting up the Pressure

Ping An Healthcare And Techn (1833 HK)/PAHTG's IPO turned out to be a damp squib and the shares are currently trading below its IPO price. Press...

Arun George

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