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

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/united-industrial-corp-ltd" target="_blank" data-smartkarma-citation="entities:12891:1" rel="noopener">United Industrial Corp (UIC SP)</a> is a S$3bn leading real estate company, with an investment portfolio spanning commercial &amp; residential development properties, hotels and IT services. Properties include Singapore Land Tower (Singapore Land Ltd was taken over by UIC back in 1990), Clifford Centre, SGX Centre, the Gateway and Mandarin Oriental.
At 0.4x P/B, UIC is cheap. But float is negligible (~13%), as is liquidity.
But it is (or perhaps, was), the two warring major shareholders into UIC (Wee Cho Yaw and John Gokongwei) that generated the most interest around UIC, and whether the perceived differences between the two could be reconciled with a view towards privatising UIC.
I think the disagreements were/are more apparent than real: the Singapore Land privatization could not have proceeded without an agreement from both families. 
Gokongwei passed away last <a href="https://www.forbes.com/profile/john-gokongwei-jr/#58af36413b5a" target="_blank" rel="noopener">November</a>, renewing speculation of a restructuring into UIC. Nine months have now elapsed, and UIC is trading at a multi-year low P/B; and <a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a>, a Wee-controlled vehicle, which has a stake in <a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142:1" rel="noopener">UOL Group (UOL SP)</a>, UIC's largest shareholders, is at a trough NAV discount level. 
UIC looks cheap here. Haw Par also looks inexpensive. The implied stub, incorporating a steady healthcare segment, plus net cash, has never been lower.
As always, more below the fold.

United Industrial Corp (UIC SP) is a S$3bn leading real estate company, with an investment portfolio spanning commercial &amp; residential development properties, hotels and IT services. Properties include Singapore Land Tower (Singapore Land Ltd was taken over by UIC back in 1990), Clifford Centre, SGX Centre, the Gateway and Mandarin Oriental.
At 0.4x P/B, UIC is cheap. But float is negligible (~13%), as is liquidity.
But it is (or perhaps, was), the two warring major shareholders into UIC (Wee Cho Yaw and John Gokongwei) that generated the most interest around UIC, and whether the perceived differences between the two could be reconciled with a view towards privatising UIC.
I think the disagreements were/are more apparent than real: the Singapore Land privatization could not have proceeded without an agreement from both families. 
Gokongwei passed away last November, renewing speculation of a restructuring into UIC. Nine months have now elapsed, and UIC is trading at a multi-year low P/B; and Haw Par Corp (HPAR SP), a Wee-controlled vehicle, which has a stake in UOL Group (UOL SP), UIC's largest shareholders, is at a trough NAV discount level. 
UIC looks cheap here. Haw Par also looks inexpensive. The implied stub, incorporating a steady healthcare segment, plus net cash, has never been lower.
As always, more below the fold. 

Haw Par: Trading Cheap; Beneficiary From A UOL/UIC Restructuring