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

StubWorld: Gambling On Macau's Gaming Concession Renewal

StubWorld: Consultation Batters Macau Gaming Counters

StubWorld: Melco Trading Rich As Lawrence Adds To His Position

StubWorld: Macau/Sing Focus As LVS To Ditch LV; CK Hutch In Tower Talks

KWG Living (合景悠活) IPO - Not Cheap but Strong Lineup of Investors Helps

Quiddity Advisors

Event-Driven

One step forward ...
The travel bubble - or perhaps travel corridor has a nicer ring to it - between Hong Kong and China remains very much a work in progress. 
There were earlier reports that cross-border travel between the two SARs would resume on July 11, under certain conditions.
Yet Hong Kong's tourism sector lawmaker Yiu Si-wing said cross-border travel between Hong Kong and Macau is unlikely to resume next week as the two administrations have yet to put forward any concrete plans regarding the travel arrangement.
As it stands,  the Macau government raised the threshold for resumption of travel, with Hong Kong required to reach 14 days without either local coronavirus infections or community ones linked to imported cases. Previously, the requirement was for no untraceable cases for 28 days.
The Macau Tourism <a href="https://www.macaotourism.gov.mo/en/" target="_blank" rel="noopener">website</a> mentions if departing from Hong Kong, you need a clear Covid test within the last 24 hours, and you will still need to go to designated places for a 14-day medical observation. Visitors from China face similar restrictions - although the Covid test must be within a 7-day window.
This brings us to the Macau gaming sector.
Despite meaningfully reduced visitation (~16% of 2019 levels in the 1Q21), positive EBITDA in Macau is occurring. 1Q21 mass gaming has recovered to approximately 38% of 1Q19 levels.
In this insight, I look at how <a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China Ltd (1928 HK)</a> has weathered the pandemic and how it is placed for a recovery.

One step forward ...
The travel bubble - or perhaps travel corridor has a nicer ring to it - between Hong Kong and China remains very much a work in progress. 
There were earlier reports that cross-border travel between the two SARs would resume on July 11, under certain conditions.
Yet Hong Kong's tourism sector lawmaker Yiu Si-wing said cross-border travel between Hong Kong and Macau is unlikely to resume next week as the two administrations have yet to put forward any concrete plans regarding the travel arrangement.
As it stands,  the Macau government raised the threshold for resumption of travel, with Hong Kong required to reach 14 days without either local coronavirus infections or community ones linked to imported cases. Previously, the requirement was for no untraceable cases for 28 days.
The Macau Tourism website mentions if departing from Hong Kong, you need a clear Covid test within the last 24 hours, and you will still need to go to designated places for a 14-day medical observation. Visitors from China face similar restrictions - although the Covid test must be within a 7-day window.
This brings us to the Macau gaming sector.
Despite meaningfully reduced visitation (~16% of 2019 levels in the 1Q21), positive EBITDA in Macau is occurring. 1Q21 mass gaming has recovered to approximately 38% of 1Q19 levels.
In this insight, I look at how Sands China Ltd (1928 HK) has weathered the pandemic and how it is placed for a recovery.

Sands China (1928 HK): Gambling On The Future