Last Week in Event SPACE: Bank Permata, Li & Fung, Ricoh, Allied Props, DP World, Caltex, Sing Air

Last Week in Event SPACE ...

• Bank Permata (BNLI IJ)'s terms have been lowered. Investors currently long Bank Permata should understand what is said and not said and how it would affect their trade.
• Li & Fung Ltd (494 HK) is challenged by ongoing shifts in the global supply chain; which are compounded by the COVID-19 virus and macroeconomic uncertainties. Cashing out of Li & Fung here is looking increasingly attractive.
• Given where the stock is now, ¥100bn of returns to Ricoh Co Ltd (7752 JP) shareholders from the last Mid-Term Plan looks juicy. It is 18.8% of market cap. And if one looks at how that might be implemented, the impact looks even more interesting.
• Pitched at a $2/share all-in price, the Offer for Allied Properties Hk (56 HK) looks priced to complete.
• At 19% below its undisturbed price, after Alimentation Couche-Tard (ATD/A CN) walked (for now it would seem), Caltex Australia (CTX AU) still looks fully priced.

• The Offer for Lai Fung Holdings (1125 HK) is another restructuring takeunder. esun holdings (571 HK) shareholders should vote down the sale of its 50.99% interest in LFH. The offer price is egregiously bad.
• It is not every day when a rate of return trade in USD offers you 15%. Take it. Buy even more DP World (DPW DU) when it dips.
• The rights for Singapore Airlines (SIA SP) is a big event, and understanding the index treatment is needed. There may be some opportunity in arbitraging the Rights Shares entitlements, IF you can get borrow, but for the most part, it appears as if the best trade would be a capacity-limited short squeeze trade.
• Plus, other events, CCASS movements and Mood Spins.