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's (JM SP) Turn To Buy Back Shares

Matheson Doubles Buybacks As Strategic Dissentient Shareholders Make Their Case

Quiddity Advisors

Event-Driven

In my prior insight <a href="https://skr.ma/h4f6C" target="_blank" rel="noopener">Jardine Matheson: Lessons in Dissent</a> on the 29 April, I thought <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> was unattractive at a 13% discount to NAV, plus near-term news may focus on <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 dissension rights, and Matheson's potential exposure thereon.
Matheson is down ~15% since that note (while the Straits Times Index is down ~4%). 
Since that insight, Matheson released its <a href="https://www.jardines.com/assets/files/NewsAndEvents/corporate-press-releases/jardine-matheson/int21.pdf" target="_blank" rel="noopener">interim results</a>, which not only provided clarity on the net debt at the parent level, which was largely guesswork amid the Matheson/<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> circularity; but also unlisted stub ops - especially Jardine Motors - performed exceptionally in the 1H21.
At a ~23% discount to NAV on adjusted historical NAVs, value is emerging. Yet Matheson is not an obvious buy here.
More below the fold.

In my prior insight Jardine Matheson: Lessons in Dissent on the 29 April, I thought Jardine Matheson Holdings (JM SP) was unattractive at a 13% discount to NAV, plus near-term news may focus on Jardine Strategic Holdings (JS SP)'s dissension rights, and Matheson's potential exposure thereon.
Matheson is down ~15% since that note (while the Straits Times Index is down ~4%). 
Since that insight, Matheson released its interim results, which not only provided clarity on the net debt at the parent level, which was largely guesswork amid the Matheson/Jardine Strategic Holdings (JS SP) circularity; but also unlisted stub ops - especially Jardine Motors - performed exceptionally in the 1H21.
At a ~23% discount to NAV on adjusted historical NAVs, value is emerging. Yet Matheson is not an obvious buy here.
More below the fold. 

Mandarin Oriental International (MAND SP)

Jardine Matheson: Value Gradually Emerging Four Months On