APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Research Reinvented

Event-Driven

China Conch Venture Holdings / Event-Driven

<p>China Conch Venture's discount to NAV has widened close to -2x Standard Deviations (SD), below its 180D mean. This is a significant dislocation and there are compelling reasons for mean reversion.</p><div><p>In this insight, we analyze the holdco primarily on these five factors:</p><div class="sk-insight-content__block"><ol><li><strong>What's on Offer</strong> - Discount to NAV close to -2x SD</li><li><strong>Reasons for Mean Reversion</strong> - Fundamental tailwinds</li><li><strong>Statistics and Set-Up</strong> - We favour China Conch Venture</li><li><strong>Catalysts</strong> - Possible spinoff of environmental unit</li><li><strong>Potential Risks</strong> - Cement price collapse due to reform failure</li></ol></div></div>

China Conch Venture's discount to NAV has widened close to -2x Standard Deviations (SD), below its 180D mean. This is a significant dislocation and there are compelling reasons for mean reversion.In this insight, we analyze the holdco primarily on these five factors:What's on Offer - Discount to NAV close to -2x SDReasons for Mean Reversion - Fundamental tailwindsStatistics and Set-Up - We favour China Conch VentureCatalysts - Possible spinoff of environmental unitPotential Risks - Cement price collapse due to reform failure

China Conch Venture - Discount to NAV at Compelling Levels; Close To -2x SD