Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week in StubWorld ...
<ul>
<li>
<a href="https://www.smartkarma.com/entities/173" target="_blank" data-smartkarma-citation="entities:173:1">First Pacific Co (142 HK)</a> takes a beating as one of two brokers covering the company downgrades. </li>
<li>
<a href="https://www.smartkarma.com/entities/758" target="_blank" data-smartkarma-citation="entities:758:1">Great Eagle Holdings (41 HK)</a>'s implied stub is around the lowest level since <a href="https://www.smartkarma.com/entities/760" target="_blank" data-smartkarma-citation="entities:760:1">Langham Hospitality Inv (1270 HK)</a> was listed in 2013.</li>
</ul>
Preceding my comments on First Pac and Great Eagle 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 as a % - of at least 20%.

This week in StubWorld ...


First Pacific Co (142 HK) takes a beating as one of two brokers covering the company downgrades. 

Great Eagle Holdings (41 HK)'s implied stub is around the lowest level since Langham Hospitality Inv (1270 HK) was listed in 2013.

Preceding my comments on First Pac and Great Eagle 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 as a % - of at least 20%.

StubWorld: First Pac Craters on Downgrade; Great Eagle at Extreme Levels

This week in StubWorld ...<a href="https://www.smartkarma.com/entities/10433" target="_blank" data-smartkarma-citation="entities:10433:1">Swire Pacific Ltd (19 HK)</a>'s discount to NAV nudges a 52-week low, however, there are scant positives in the unlisted stub ops; while <a href="https://www.smartkarma.com/entities/173" target="_blank" data-smartkarma-citation="entities:173:1">First Pacific Co (142 HK)</a>'s full-year earnings returned a modest improvement in all of its unlisted investments. These stub relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our Holdco monitor.My comments on Swire and First Pac follow the weekly setup/unwind tables.

This week in StubWorld ...Swire Pacific Ltd (19 HK)'s discount to NAV nudges a 52-week low, however, there are scant positives in the unlisted stub ops; while First Pacific Co (142 HK)'s full-year earnings returned a modest improvement in all of its unlisted investments. These stub relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our Holdco monitor.My comments on Swire and First Pac follow the weekly setup/unwind tables.

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

REAL-Economics.com

Macroeconomics

-The oil majors' favourite refining hub in ASEAN is Singapore, while the crude-oil/gas comes mainly from Indonesia, Malaysia and Brunei. Infusion of Saudi capital will help to partially redress that, although Saudi Arabia is only the 7th largest oil-refining country, and ARAMCO has moderate amounts of technological expertise (mainly from its ownership of S-Oil in Korea). -Malaysia and (especially) Indonesia have been wary of "Arabised" or Wahhabi Islam, and see Saudi offers to widen Arabic…

-The oil majors' favourite refining hub in ASEAN is Singapore, while the crude-oil/gas comes mainly from Indonesia, Malaysia and Brunei. Infusion of Saudi capital will help to partially redress that, although Saudi Arabia is only the 7th largest oil-refining country, and ARAMCO has moderate amounts of technological expertise (mainly from its ownership of S-Oil in Korea). -Malaysia and (especially) Indonesia have been wary of "Arabised" or Wahhabi Islam, and see Saudi offers to widen Arabic…

King Salman Bearing Gifts: Implications for ASEAN, Oil-Refining and Religion

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

SGX lists four Upstream Coal Plays: Geo Energy Resources, Resources Prima Group, BlackGold Natural Resources and Golden Energy &amp; Resources.Geo Energy Resources has been the strongest performer among the four upstream plays in the 2016 year to date with a 37.9% gain. On 12 August,  Geo Energy Group reported that for the six months ending 30 June 2016, company revenue was US$33 million compared to US$10 million for the same period a year ago.

SGX lists four Upstream Coal Plays: Geo Energy Resources, Resources Prima Group, BlackGold Natural Resources and Golden Energy &amp; Resources.Geo Energy Resources has been the strongest performer among the four upstream plays in the 2016 year to date with a 37.9% gain. On 12 August,  Geo Energy Group reported that for the six months ending 30 June 2016, company revenue was US$33 million compared to US$10 million for the same period a year ago.

Geo Energy Resources Led Upstream Coal Plays in 2016 YTD

Philippines

PXP Energy Corp is an oil exploration company owning participation interests in several service contracts in the Philippines.

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Philex Petroleum (PXP PM)

StubWorld: First Pac Craters on Downgrade; Great Eagle at Extreme Levels

This week in StubWorld ... First Pacific Co (142 HK) takes a beating as one of two brokers covering the company downgrades. Great Eagle...

David Blennerhassett

StubWorld: Swire, First Pacific

This week in StubWorld ...Swire Pacific Ltd (19 HK)'s discount to NAV nudges a 52-week low, however, there are scant positives in the unlisted stub...

David Blennerhassett

King Salman Bearing Gifts: Implications for ASEAN, Oil-Refining and Religion

-The oil majors' favourite refining hub in ASEAN is Singapore, while the crude-oil/gas comes mainly from Indonesia, Malaysia and Brunei. Infusion...

Prasenjit K. Basu

Geo Energy Resources Led Upstream Coal Plays in 2016 YTD

SGX lists four Upstream Coal Plays: Geo Energy Resources, Resources Prima Group, BlackGold Natural Resources and Golden Energy & Resources.Geo...

Singapore Exchange Ltd (SGX)

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