Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

2022 High Conviction: CK Hutchison (1 HK) Trading At Its Widest Ever Level

StubWorld: CK Hutchison Recovering. More To Come

StubWorld: Las Vegas Bet To Elevate Genting?

StubWorld: What To Make Of Jardine Matheson's Buybacks?

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1104/2020110400676.pdf" target="_blank" rel="noopener">announced</a> it is at an advanced stage of negotiations with <a href="https://www.smartkarma.com/entities/cellnex-telecom-sau" target="_blank" data-smartkarma-citation="entities:21258:1" rel="noopener">Cellnex Telecom Sau (CLNX SM)</a> for the disposals of its telecommunications infrastructure assets in Europe.
Subject to the finalisation of definitive documentation, total proceeds on completion of the transactions are ~€10.0bn, including minority partners’ share. The headline transaction price mirrors that rumoured a week ago in the media, and accounts for ~24% of CKH's NAV.
The announcement follows the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1026/2020102600071.pdf" target="_blank" rel="noopener">news</a> last week that CKH will reduce its exposure to <a href="https://www.smartkarma.com/entities/husky-energy" target="_blank" data-smartkarma-citation="entities:22923:1" rel="noopener">Husky Energy (HSE CN)</a> in a deal with <a href="https://www.smartkarma.com/entities/cenovus-energy-inc" target="_blank" data-smartkarma-citation="entities:24253:1" rel="noopener">Cenovus Energy Inc (CVE CN)</a>.
CKH is trading cheap at a 46% discount to NAV after this morning's ~8.9% share price gain. The implied stub, net of all listed holdings, remains near the -2STD level, based on share prices since the reorganisation of Cheung Kong in <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2015/0603/ltn20150603277.pdf" target="_blank" rel="noopener">June 2015</a>.
For those waiting for a catalyst to enhance/unlock shareholder value, this is it.

CK Hutchison Holdings (1 HK) has announced it is at an advanced stage of negotiations with Cellnex Telecom Sau (CLNX SM) for the disposals of its telecommunications infrastructure assets in Europe.
Subject to the finalisation of definitive documentation, total proceeds on completion of the transactions are ~€10.0bn, including minority partners’ share. The headline transaction price mirrors that rumoured a week ago in the media, and accounts for ~24% of CKH's NAV.
The announcement follows the news last week that CKH will reduce its exposure to Husky Energy (HSE CN) in a deal with Cenovus Energy Inc (CVE CN).
CKH is trading cheap at a 46% discount to NAV after this morning's ~8.9% share price gain. The implied stub, net of all listed holdings, remains near the -2STD level, based on share prices since the reorganisation of Cheung Kong in June 2015.
For those waiting for a catalyst to enhance/unlock shareholder value, this is it. 

CK Hutchison Holdings

CK Hutch: Here's Your Re-Rating Catalyst