Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In late 2018, there were reports that French beauty retailer <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> had <a href="https://www.ft.com/content/e67c6854-f276-11e8-9623-d7f9881e729f" target="_blank" rel="noopener">drawn interest</a> from Advent International. That rumour came to naught. </li>
<li>Similarly, late last month, L'Occitane <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0727/2023072700083.pdf" target="_blank" rel="noopener">clarified media reports</a> that it had not received any Offer or proposal. </li>
<li>After going into a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0809/2023080900103.pdf" target="_blank" rel="noopener">trading halt</a> this morning, reportedly (<a href="https://www.reuters.com/markets/deals/loccitane-owner-advanced-talks-take-it-private-sources-2023-08-09/" target="_blank" rel="noopener">Reuters</a>) Chairman Reinold Geiger has been discussing a possible offer of ~HK$35 for each L'Occitane share he doesn't already own.</li>
</ul>


In late 2018, there were reports that French beauty retailer L'Occitane (973 HK) had drawn interest from Advent International. That rumour came to naught. 
Similarly, late last month, L'Occitane clarified media reports that it had not received any Offer or proposal. 
After going into a trading halt this morning, reportedly (Reuters) Chairman Reinold Geiger has been discussing a possible offer of ~HK$35 for each L'Occitane share he doesn't already own.


L'Occitane (973 HK): Ripe for a Makeover?

CK Infrastructure Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a>, 75.67%-held by <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0711/2024071100267.pdf" target="_blank" rel="noopener">announced</a> it is considering a second listing on an overseas stock exchange, such as London.</li>
<li>A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.</li>
<li>The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.</li>
</ul>



CK Infrastructure Holdings (1038 HK), 75.67%-held by CK Hutchison Holdings (1 HK), announced it is considering a second listing on an overseas stock exchange, such as London.
A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.
The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Smoore International, China Communication Services and GDS have Bullish technical signals in a challenging market.</li>
<li>After a 3 year run from the COVID lows, Samsonite has confirmed a Bearish technical signal.</li>
<li>Hautai Securities hits an all time low and becomes a "Catch a Falling Knife" chart.</li>
</ul>


Smoore International, China Communication Services and GDS have Bullish technical signals in a challenging market.
After a 3 year run from the COVID lows, Samsonite has confirmed a Bearish technical signal.
Hautai Securities hits an all time low and becomes a "Catch a Falling Knife" chart.


Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

<ul>
<li>I tally 53 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals were  discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">MMA Offshore (MRM AU)</a>'s  Scheme with Singapore's Cyan Renewables; and <a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">Sciclone Pharmaceuticals (6600 HK)</a>'s Scheme.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson Inc (2651 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC (906 HK)</a>, <a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle (1839 HK)</a>, <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG (6789 JP)</a>, and <a href="https://www.smartkarma.com/entities/welbe-inc" target="_blank" data-smartkarma-citation="entities:31118:1" rel="noopener">Welbe (6556 JP)</a>.</li>
</ul>


I tally 53 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were  discussed this week on Smartkarma: MMA Offshore (MRM AU)'s  Scheme with Singapore's Cyan Renewables; and Sciclone Pharmaceuticals (6600 HK)'s Scheme.
Key updates took place on: Boral (BLD AU), Orecorp (ORR AU), Lawson Inc (2651 JP), CPMC (906 HK), CIMC Vehicle (1839 HK), Roland DG (6789 JP), and Welbe (6556 JP).


(Mostly) Asia-Pac M&A:MMA, Boral, Orecorp, Probiotec, CPMC, CIMC Vehicle, Roland DG, Welbe, SciClone

Travis Lundy

<ul>
<li>A shares were down small on the week. Larger caps down more. H-shares down more after a hard Friday.</li>
<li>Net SOUTHBOUND buying was +HK35.8bn after $21.4bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.</li>
<li>The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was the top net buy this week.</li>
</ul>


A shares were down small on the week. Larger caps down more. H-shares down more after a hard Friday.
Net SOUTHBOUND buying was +HK35.8bn after $21.4bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.
The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was the top net buy this week.


HK Connect SOUTHBOUND Flows (To 22 Mar 2024); Strong Net Buying on Tencent and ETFs

United States

Capri Holdings Limited retails apparel. The Company offers fashion luxury women's and men's accessories, footwear, apparel, watches, jewelry, eyewear, and fragrance products, as well as provides delivery services. Capri Holdings serves customers worldwide.

Under Armour, Inc. develops, markets, and distributes branded performance products for men, women, and youth. The Company designs and sells a broad offering of apparel and accessories made of synthetic microfibers.

Columbia Sportswear Company designs, manufactures, markets, and distributes active outdoor apparel.  The Company's products include outerwear, sportswear, rugged footwear, and related accessories.  Columbia's products are sold to specialty and department store retailers in the United States and other countries.

Steven Madden, Ltd. designs and markets fashion footwear for women.  The Company's shoes are sold through Steve Madden retail stores, department stores, apparel and footwear specialty stores, and online.  Steven Madden has licensees, including sportswear and jeans, outerwear, intimate apparel, eyewear, hosiery, and jewelry, and owns and operates a retail store under its David Aaron brand.

Carter's, Inc. markets baby and young children's apparel in the United States. The Company's brands are sold to national department stores, chain and specialty stores, discount retailers, and its own retail stores.

Hanesbrands, Inc. manufactures men's, women's, and children's clothing.  The Company produces underwear, T-shirts, socks, sweatshirts, sleepwear, and shoes.

PVH Corp. designs, sources, manufactures, and markets men's, women's, and children's apparel and footwear.  The Company markets its products at a wholesale level through department store chains and directly to consumers through retail stores. PVH Corp offers attire that includes dress shirts, sportswear, neckwear, and footwear.

Oxford Industries, Inc. is an international manufacturer and wholesale marketer of branded and private label apparel for men, women, and children.  The Company's private label customers include national chains, specialty catalogs, mass merchandisers, department stores, specialty stores, and Internet retailers.

G-III Apparel Group, Ltd. is a manufacturer and distributor of outerwear, dresses, sportswear, swimwear, beachwear and women's suits, as well as handbags and luggage. The Company manufactures and distributes under licensed brands, their own brands, and private label brands. G-III also has licensing agreements with several sports leagues and universities.

Wolverine World Wide, Inc. manufactures and markets branded footwear and performance leathers.  The Company's products include shoes, slippers, occupational and safety footwear, and performance outdoor footwear, among others.

GOLDWIN INC. manufactures and markets sportswear for skiing, snowboarding, soccer, tennis, swimming, and other outdoor activities.

HLA CORP., Ltd. manufactures and markets apparel, woolen fabrics, woolen yarns, and textile raw materials, as well as provides dyeing and processing services. Heilan Home distributes their product globally.

Swan Energy Ltd., through a subsidiary, explores for or procures natural gas and liquefied natural gas for Gujarat.  The Company also develops the gas grid in Gujarat and distributes natural gas.

Fujian Funeng Co., Ltd. manufactures a variety of textile including flannelette, cotton yarn, polyurethane synthetic leather, needling fabric, and water-jet bonding fabric.

KPR Mill Limited manufactures apparel products. The Company's products include carded and combed cotton and knitted fabrics.

Eclat Textile Co., Ltd. weaves, dyes, and sells fabrics, garments, yarns, and other textile materials.  The Company distributes its products in the local and overseas markets.

Makalot Industrial Co., Ltd. manufactures garments, including underwear, sleepwear, skirts, dresses, shirts, pants, shorts, etc.  The Company exports its products mostly to the United States.

Pou Chen Corporation manufactures and markets footwear products such as athletic shoes, leather shoes, plastics shoes and shoe soles. The Company markets its products in Taiwan and exports to the United States, South East Asia and Europe. Pou Chen's major business is shoe material trading.

Feng Tay Enterprise Co., Ltd. manufactures and markets athletic footwear products.  The Company's products include sneakers and roller blades. Its headquarters, primarily for product development and human resources functions, is located at Yunlin Science and Industrial Park in Taiwan, while its factories are spread throughout China, Vietnam, Indonesia and India.

Aditya Birla Fashion and Retail Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

Samsonite International SA designs, manufactures, and distributes luggage. The Company's products include suitcases, garment bags, casual bags, business cases, clothing, shoes, and accessories. Samsonite also licenses their trademarks for use on products such as travel accessories, leather goods, handbags, clothing, and furniture.

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

Samsonite (1910 HK)

L'Occitane (973 HK): Ripe for a Makeover?

L'Occitane (973 HK) confirms its controlling shareholder is contemplating a conditional voluntary general offer - apparently, not a Scheme....

David Blennerhassett

CK Infra (1038 HK): London Calling

CKI announced it is considering a second listing on an overseas exchange such as London. But a dual primary listing, or a secondary listing? The...

David Blennerhassett

Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

Share prices of Smoore International, China Communication Services and GDS had Bullish technical signals while Samsonite and Huatai Securities have...

David Mudd

(Mostly) Asia-Pac M&A:MMA, Boral, Orecorp, Probiotec, CPMC, CIMC Vehicle, Roland DG, Welbe, SciClone

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

HK Connect SOUTHBOUND Flows (To 22 Mar 2024); Strong Net Buying on Tencent and ETFs

HUGE inflows into HK stocks by HK SOUTHBOUND Connect led by Tencent and the Tracker Fund. High-div SOEs were the main target before. Still seeing...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)