Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

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<p>This week in StubWorld ...</p>
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<p>The spread to terms on <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a>'s Offer for <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> narrows as completion appears a formality.</p>
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<p>Preceding my comments on Intouch and other stubs 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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This week in StubWorld ...



The spread to terms on Gulf Energy Development Public Company (GULF TB)'s Offer for Intouch Holdings (INTUCH TB) narrows as completion appears a formality.



Preceding my comments on Intouch and other stubs 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%.


StubWorld: Intouch/Gulf, Yodogawa/Sheng Yu Steel, Pan Asia Chemical/Taichung Commercial

Taiwan

Mayer Steel Pipe Corporation manufactures and markets a variety of steel pipes and steel plates.  Through its subsidiaries, the Company also operates in the general investment business.

Wei Chih Steel Industrial Co., Ltd. manufactures and markets steel bars and rods as well as steel billets.  Also, the Company develops residential and commercial buildings which are constructed by independent construction contractors.

Jiin Yeeh Ding Enterprise Co., Ltd sells precious and single metals, and processes mixed waste hardware. The Company offers gold, silver, platinum, palladium and copper powder for electronic, automobile, chemical, petrochemical products.

Quintain Steel Co., Ltd. manufactures steel wire rods, galvanized iron wires, galvanized steel wires, and spheroidized wires.

Yieh Hsing Enterprise Co., Ltd. manufactures stainless steel wires, steel pipes, and carbon steel wires.

Liton Technology Corp. manufactures and markets aluminum foils, liquid eletrolyte and other related materials for aluminum eletrolytic capacitors.

Tang Eng Iron Works Co Ltd engages in stainless steel production and distribution.

Yeong Guan Energy Technology Group Co., Ltd. engages in the manufacture and sale of spheroidal graphite cast iron and gray iron casting products.

Yeong Guan Energy Technology Group (1589 TT)

Froch Enterprise Co. Ltd. manufactures and markets metal pipes, tubes, bars, plates, sheets, and coils.  The Company's products are made of stainless steel, steel, copper, and aluminum.

Kao Hsing Chang Iron & Steel Corp. manufactures steel products. The Company produces cold-rolled and hot-rolled steel coils, as well as a variety of steel pipes.

Sayona Mining Ltd is a diamond exploration and production company whose primary exploration tenements are located in the Republic of Botswana.

New Pacific Metals Corp. is a Canadian Mining Issuer, in the business of exploring and developing precious metal properties in Bolivia. The Company's flagship project is the silver sand project in the potosi department of Bolivia.

Syrah Resources Limited is a mineral exploration company. The Company's projects provide exposure to graphite, vanadium, mineral sands, copper, coal and uranium.

Monnet Ispat Limited manufactures a range of steel products, ferro alloys and sponge iron.  The Company also produces power for captive consumption.

Nippon Denko Co., Ltd. produces ferroalloy, silicon metals, and industrial chemicals.  The Company imports ferrochromium from a joint venture in South Africa.  Nippon Denko is a member of the Nippon Steel Group.

Neturen Co., Ltd. produces induction hardening equipment, steel products, and automobile parts.  The Company also operates real estate business.

Catalyst Metals Ltd. operates as a mineral exploration company. The Company explores for and mines molybdenum. Catalyst Metals serves customers in Australia.

Shandong Lipeng Co., Ltd. manufactures and provides integrated service in producing and sales of aluminum plate, aluminum plate coating printing, various anti-fake and anti-theft aluminum cap, plastic cap and aluminum plastic cap, and producing full or semi-automatic production line, NC punching, computer carving designing, cold-punching mould, and injected mould.

Pennar Industries Limited manufactures metal products for the infrastructure, construction, railways, automotive and general engineering sectors.

Dacian Gold Limited. is a mineral exploration and development company. The Company is focused on the Mount Morgans Project which is located in the Laverton District of Western Australia's North Eastern Goldfields.

Sheng Yu Steel Co., Ltd. manufactures and markets steel products. The Company offers cold rolled, galvanized, and prepainted steel coils, as well as zinc coated sheets. Sheng Yu Steel provides architectural panels, roofs, and fireproof sidings. Sheng Yu Steel markets its products in Taiwan.

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Sheng Yu Steel (2029 TT)

StubWorld: Intouch/Gulf, Yodogawa/Sheng Yu Steel, Pan Asia Chemical/Taichung Commercial

Trading at a 1.6%/4.0% gross/annualised spread. I'd wait for any weakness before entering (if playing the arb) at ~4% gross spread to terms, where...

David Blennerhassett

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