In this briefing:
1. StubWorld: Aramco’s Stake Reaffirms Hyundai Heavy’s NAV; Rusal Gains After Sanctions Lifted
This week in StubWorld …
- Saudi Arabian Oil Co’s 19.9% stake in Hyundai Oilfield spotlights Hyundai Heavy Industries Holdings (267250 KS)‘s deep discount to NAV.
- United Co Rusal (486 HK)‘s discount to NAV narrows after sanctions are lifted, but remains well off its pre-sanctions level.
Preceding my comments on HHI and Rusal 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%.
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