Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, beverage maker <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1126/2024112600161.pdf" target="_blank" rel="noopener">announced</a> a 1H25E (Mar Y/E) net profit of HK$171mn, a 4.8% gain yoy. An interim dividend of HK$0.04/share (HK$0.014/share in 1H24), was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1126/2024112600167.pdf" target="_blank" rel="noopener">declared</a>.</li>
<li>What was absent from the announcement/briefing was any comment on Philip Ng Chee-tat's and <a href="https://www.smartkarma.com/entities/yeo-hiap-seng-ltd" target="_blank" data-smartkarma-citation="entities:9051:1" rel="noopener">Yeo Hiap Seng (YHS SP)</a>'s recent buying in Vitasoy.</li>
<li>Ng, the younger brother of <a href="https://www.smartkarma.com/entities/sino-land-co" target="_blank" data-smartkarma-citation="entities:17323:1" rel="noopener">Sino Land (83 HK)</a>'s chairman Robert Ng Chee-siong, indirectly holds 12.26%, up from 5.22% on the 7th October. The share price is up 104% since.</li>
</ul>


Yesterday, beverage maker Vitasoy Intl Holdings (345 HK) announced a 1H25E (Mar Y/E) net profit of HK$171mn, a 4.8% gain yoy. An interim dividend of HK$0.04/share (HK$0.014/share in 1H24), was declared.
What was absent from the announcement/briefing was any comment on Philip Ng Chee-tat's and Yeo Hiap Seng (YHS SP)'s recent buying in Vitasoy.
Ng, the younger brother of Sino Land (83 HK)'s chairman Robert Ng Chee-siong, indirectly holds 12.26%, up from 5.22% on the 7th October. The share price is up 104% since.


Vitasoy (345 HK): Trading Rich As Ng & Yeo Hiap Seng Up Their Exposure

Hongkong & Shanghai Hotels / Event-Driven

<ul>
<li>The Kadoorie family, <a href="https://www.smartkarma.com/entities/hongkong-shanghai-hotels" target="_blank" data-smartkarma-citation="entities:5274:1" rel="noopener">Hongkong &amp; Shanghai Hotels (45 HK)</a>'s major shareholder, is paying HK$2.63bn to increase its holding to 72.43% from 59.98%.</li>
<li>The price under the SPA is $12.80/share, a 92.5% premium to the undisturbed price. Shares promptly gained 19.5% yesterday. No Offer was triggered. </li>
<li>What is conveniently left out of the announcement, and in media articles, is the original owner of these shares - <a href="https://www.smartkarma.com/entities/tai-united-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7166:1" rel="noopener">Tai United Holdings (718 HK)</a>.</li>
</ul>


The Kadoorie family, Hongkong &amp; Shanghai Hotels (45 HK)'s major shareholder, is paying HK$2.63bn to increase its holding to 72.43% from 59.98%.
The price under the SPA is $12.80/share, a 92.5% premium to the undisturbed price. Shares promptly gained 19.5% yesterday. No Offer was triggered. 
What is conveniently left out of the announcement, and in media articles, is the original owner of these shares - Tai United Holdings (718 HK).


HK&S Hotels (45 HK): Kadoories Mop Up Someone Else's Mess

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

China Overseas Land & Investment / Equity Bottom-Up

Carrie Lam has announced that the government will withdraw the extradition bill, a move that is expected to cheer the stock market. In this report, we have identified a couple of beaten-down value names that could participate in the short term rally especially those in the real estate and tourism-related sector. Some of the names mentioned also pay decent yield ranging from 2-7%.

Carrie Lam has announced that the government will withdraw the extradition bill, a move that is expected to cheer the stock market. In this report, we have identified a couple of beaten-down value names that could participate in the short term rally especially those in the real estate and tourism-related sector. Some of the names mentioned also pay decent yield ranging from 2-7%. 

<a href="https://www.smartkarma.com/entities/5274" target="_blank" data-smartkarma-citation="entities:5274:1">Hongkong &amp; Shanghai Hotels (45 HK)</a> ("HSH") is up 40% since late June after <a href="https://www.smartkarma.com/entities/7166" target="_blank" data-smartkarma-citation="entities:7166:1">Tai United (718 HK)</a> rapidly compiled a 10.21% stake. <a href="https://www.smartkarma.com/entities/14544" target="_blank" data-smartkarma-citation="entities:14544:1">Sino Hotels Holdings Ltd (1221 HK)</a> has also <a href="http://sdinotice.hkex.com.hk/filing/di/NSForm1.aspx?fn=86587&amp;sa2=cs&amp;sid=20350101&amp;corpn=Hongkong+and+Shanghai+Hotels%2c+Ltd.%2c+The&amp;sd=22%2f09%2f2016&amp;ed=05%2f07%2f2017&amp;sa1=cl&amp;scsd=13%2f07%2f2016&amp;sced=13%2f07%2f2017&amp;sc=45&amp;src=MAIN&amp;lang=EN&amp;" target="_blank">disclosed</a> it has &gt;5% in HSH. Since November 2015, Tai United's shareholding and investment portfolio has radically transformed. With a market cap of just US$130mn in February last year, Tai's holding in HSH is now worth around US$330mn, or 37% of its market cap. A background check on Tai United and other musings below the fold.

Hongkong &amp; Shanghai Hotels (45 HK) ("HSH") is up 40% since late June after Tai United (718 HK) rapidly compiled a 10.21% stake. Sino Hotels Holdings Ltd (1221 HK) has also disclosed it has &gt;5% in HSH. Since November 2015, Tai United's shareholding and investment portfolio has radically transformed. With a market cap of just US$130mn in February last year, Tai's holding in HSH is now worth around US$330mn, or 37% of its market cap. A background check on Tai United and other musings below the fold.

Hongkong & Shanghai Hotels - Check-Out Time

Hong Kong

Sino Hotels Holdings Limited, through its subsidiaries, operates hotels and clubs.  The Company also invests in securities and provides hotel management services.

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Sino Hotels Holdings (1221 HK)

Vitasoy (345 HK): Trading Rich As Ng & Yeo Hiap Seng Up Their Exposure

The share price looks to have overshot after Ng over-extended his hand. Unless you believe Ng/YHS are gearing up for a takeover of Vitasoy by the...

David Blennerhassett

HK&S Hotels (45 HK): Kadoories Mop Up Someone Else's Mess

The Kadoorie family is paying HK$2.63bn to increase its holding to 72.43% from 59.98%. What is conveniently left out of the announcement, is the...

David Blennerhassett

Hong Kong Value Names: Short Term Rally

Carrie Lam has announced that the government will withdraw the extradition bill, a move that is expected to cheer the stock market. In this report,...

Henry Soediarko

Hongkong & Shanghai Hotels - Check-Out Time

Hongkong & Shanghai Hotels (45 HK) ("HSH") is up 40% since late June after Tai United (718 HK) rapidly compiled a 10.21% stake. Sino Hotels...

David Blennerhassett

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