First Pacific (142 HK):  Goodman and Metro Pacific Set to Reignite the Stub

Global Special Situations

Charles Nave

Event-Driven

The First Pacific ex-PLDT/Indofood stub has rallied from -HK$2.93 to current levels of -HK$2.06.This comes primarily on the back of poor nine-month earnings figures at the subsidiaries. &nbsp;Both PLDT and Indofood took a large FX hit, however, fundamentally, Indofood also struggled with their exposure to segments such as palm oil.Would look to be unwinding the stub at current levels.

The First Pacific ex-PLDT/Indofood stub has rallied from -HK$2.93 to current levels of -HK$2.06.This comes primarily on the back of poor nine-month earnings figures at the subsidiaries. &nbsp;Both PLDT and Indofood took a large FX hit, however, fundamentally, Indofood also struggled with their exposure to segments such as palm oil.Would look to be unwinding the stub at current levels.

Philippine Long Distance Telephone (Adr) (PHI US)

First Pacific (142 HK):  Stub Surges 30% - Unwind

First Pacific Co

First Pacific (142 HK): Stub Surges 30% - Unwind