In today’s briefing:
- Last Week in Event SPACE: Toshiba, Woodside, Genting Berhad, SPH REIT, Virtus Health, Xiamen Port
- Havells India (HAVL IN) | Instant Gratification?
- Longleaf Partners Asia Pacific UCITS Fund Q1 2022 Commentary
- Longleaf Partners Global UCITS Fund Q1 2022 Commentary
Last Week in Event SPACE: Toshiba, Woodside, Genting Berhad, SPH REIT, Virtus Health, Xiamen Port
- Eight proposals seem a lot for Toshiba Corp (6502 JP). However, if you are a PE fund on the radar of private equity LP investors, you have to get involved.
- The size of the trade is apparently 38 million shares. If you have been in the Woodside Petroleum (WPL AU) / Santos Ltd (STO AU) trade, take the deal, tactically.
- Perhaps a big pharma could make a splashy bid for Genting Bhd (GENT MK)‘sTauRx, but we’re not there yet.
Havells India (HAVL IN) | Instant Gratification?
- We believe Havells India (HAVL IN) has chosen the route of instant gratification by not increasing prices and gaining market share for Lloyd this AC Season.
- After-Sales Service and aspirational value for the Lloyd brand is poor, there is no brand loyalty in the segments Lloyd operates in and is price sensitive.
- Increased prices and course correction by Voltas Ltd (VOLT IN) could result in HAVL giving up some of its recent market share gains building a stronger Bear case for HAVL.
Longleaf Partners Asia Pacific UCITS Fund Q1 2022 Commentary
- Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
- Longleaf Partners Asia Pacific UCITS Fund returned -7.48% in the first quarter, trailing the MSCI AC Asia Pacific Index.
- There is an immense opportunity to be in the right companies as they close that massive discount to a more reasonable discount versus global peers.
Longleaf Partners Global UCITS Fund Q1 2022 Commentary
- Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
- Longleaf Partners Global UCITS Fund declined 5.02% in the first quarter, roughly in line with the MSCI World’s 5.15% decline.
- The Fund saw a continuation of China/Hong Kong exposure weighing on absolute and relative returns.
- We are close to fully invested with approximately 8% cash, and our on-decklist is growing longer amid market volatility.
- We believe our companies in Asia and Europe are well positioned to navigatethe challenges facing each region today.
Before it’s here, it’s on Smartkarma
