Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Kunlun Energy (135 HK): Key Takeaways from Post-Result Call

Kunlun Energy (135 HK): A Fantastic 1Q21 at Kunlun Gas

Kunlun Energy (135 HK) Approaching The Special Div - Still The Wrong Price

Kunlun Energy (135 HK): It's Different Than You Think

Kunlun Energy (135 HK): How Will the New Kunlun Look Like?

Will Investors Find Shangri-La in Kunlun?

Quiddity Advisors

Equity Bottom-Up

<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0323/2021032301657.pdf" target="_blank" rel="noopener">FY2020 Results</a>for <a href="https://www.smartkarma.com/entities/kunlun-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:10054:1" rel="noopener">Kunlun Energy (135 HK)</a> came out this evening and clearly, the snow is melting. Spring is definitely here.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/196/592/original/kunlun+spring.gif?1616517142" class="editor-image img-responsive" data-smartkarma-image-id="196592"></figure></section>The KEY Takeaways are:<ol>
<li>Profits were up 9.2% vs 2019, beating consensus Net Income by 6.7%. </li>
<li>Amazingly, this was with Profit from Continuing Operations up 47.8% on the year and the Sale Assets -20.6% on the year. </li>
<li>EPS was RMB 0.7002 which is HKD 0.834 which is about 8.4% better than consensus. </li>
<li>The proposed final dividends are for RMB 21.01cts/share for the FY2020 dividend and RMB213.66cts/share for the Special Dividend, totalling RMB 2.3467 or HK$2.7973 at last rate, to shareholders of record on 3 June 2021, to be confirmed at the AGM, and paid by end July 2021. This is at the low end of my expected range (but there is still a distribution for the calendar Q1 from the Sale Assets to Kunlun to take into account).</li>
</ol>This is still not your grandfather's Kunlun.If you are just tuning in, start with <a href="https://www.smartkarma.com/insights/will-investors-find-shangri-la-in-kunlun" target="_blank" data-smartkarma-citation="insights:48113" rel="noopener">Will Investors Find Shangri-La in Kunlun?</a> and follow with <a href="https://www.smartkarma.com/insights/kunlun-energy-135-hk-it-s-different-than-you-think" target="_blank" data-smartkarma-citation="insights:49171" rel="noopener">Kunlun Energy (135 HK): It's Different Than You Think</a>.

FY2020 Resultsfor Kunlun Energy (135 HK) came out this evening and clearly, the snow is melting. Spring is definitely here.The KEY Takeaways are:
Profits were up 9.2% vs 2019, beating consensus Net Income by 6.7%. 
Amazingly, this was with Profit from Continuing Operations up 47.8% on the year and the Sale Assets -20.6% on the year. 
EPS was RMB 0.7002 which is HKD 0.834 which is about 8.4% better than consensus. 
The proposed final dividends are for RMB 21.01cts/share for the FY2020 dividend and RMB213.66cts/share for the Special Dividend, totalling RMB 2.3467 or HK$2.7973 at last rate, to shareholders of record on 3 June 2021, to be confirmed at the AGM, and paid by end July 2021. This is at the low end of my expected range (but there is still a distribution for the calendar Q1 from the Sale Assets to Kunlun to take into account).
This is still not your grandfather's Kunlun.If you are just tuning in, start with Will Investors Find Shangri-La in Kunlun? and follow with Kunlun Energy (135 HK): It's Different Than You Think.

Kunlun Energy (135 HK) - Results & Big Divs Get You Closer to Shangri-La