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

Jardine Matheson: Buybacks Ahead Of Schedule

The Week that Was in ASEAN@Smartkarma - Digital Enhancements, Cheap Banks, and Buybacks

Smartkarma Flash Webinar | Jardine Matheson Acquires Jardine Strategic

StubWorld: Matheson Buybacks As Ratio Mean Reverts; JCNC Looking Cheap

StubWorld: Would Jardines Move Back To HK?

Quiddity Advisors

Event-Driven

Uncharacteristically, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> has <a href="https://links.sgx.com/FileOpen/JMH.ashx?App=Announcement&amp;FileID=636187" target="_blank" rel="noopener">announced</a> it intends to invest up to US$500mn in a share buyback program extending until 30 June 2021. Any shares purchased will be canceled.
JMH has bought back 13.1mn shares at a cost of US$629mn since it resumed buybacks in September last year. As discussed here in the past, that leaves JMH with ~US$1.5-US$1.6bn in the kitty to continue buybacks after <a href="https://www.mmc.com/offer-for-jlt.html" target="_blank" rel="noopener">selling</a> <a href="https://www.smartkarma.com/entities/jardine-lloyd-thompson-group-p" target="_blank" data-smartkarma-citation="entities:22017:1" rel="noopener">Jardine Lloyd Thompson Group P (JLT LN)</a> in 2018 for US$2.2bn. 
I say "uncharacteristically" as JMH is not regulatorily obligated to inform the market of any forward buyback program after moving its primary listing to London's standard board in 2014. Why this announcement is being made now is not immediately apparent. Apart from the obligatory SGX share repurchase announcement, JMH has provided zero guidance on the size of the intended buyback to date. The transparency now, however, is welcome.
Using the last traded price, US$500mn translates to 11.1mn shares or 1.53% of shares out, 3.7% of minorities, excluding <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a>'s stake, and 6.6% if excluding JSH's and the Keswick's family stake. Once shares bought are canceled, this should theoretically lift the Keswick's direct stake in JM to ~18.3%.
As always, more below the fold.

Uncharacteristically, Jardine Matheson Holdings (JM SP) has announced it intends to invest up to US$500mn in a share buyback program extending until 30 June 2021. Any shares purchased will be canceled.
JMH has bought back 13.1mn shares at a cost of US$629mn since it resumed buybacks in September last year. As discussed here in the past, that leaves JMH with ~US$1.5-US$1.6bn in the kitty to continue buybacks after selling Jardine Lloyd Thompson Group P (JLT LN) in 2018 for US$2.2bn. 
I say "uncharacteristically" as JMH is not regulatorily obligated to inform the market of any forward buyback program after moving its primary listing to London's standard board in 2014. Why this announcement is being made now is not immediately apparent. Apart from the obligatory SGX share repurchase announcement, JMH has provided zero guidance on the size of the intended buyback to date. The transparency now, however, is welcome.
Using the last traded price, US$500mn translates to 11.1mn shares or 1.53% of shares out, 3.7% of minorities, excluding Jardine Strategic Holdings (JS SP)'s stake, and 6.6% if excluding JSH's and the Keswick's family stake. Once shares bought are canceled, this should theoretically lift the Keswick's direct stake in JM to ~18.3%.
As always, more below the fold.

Jardine Lloyd Thompson Group PLC (JLT LN)

Jardine Matheson's Buybacks: A Bargain Upon Itself