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

Sino Ocean Services (6677 HK): Bang In Line

Quiddity Advisors

Event-Driven

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<p><a href="https://www.smartkarma.com/entities/sino-ocean-land-holdings" target="_blank" data-smartkarma-citation="entities:8898:1" rel="noopener">Sino Ocean Land (3377 HK)</a>'s 90.1%-held property management services arm <a href="https://www.smartkarma.com/entities/sino-ocean-service" target="_blank" data-smartkarma-citation="entities:31037:1" rel="noopener">Sino-Ocean Service (6677 HK)</a> ("<strong>SOS</strong>") issued its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1207/2020120700092.pdf" target="_blank" rel="noopener">global offering doc</a> yesterday. </p>
<p>SOS expects to raise HK$1.8bn (US$0.23bn) if using HK$6.10/share, the mid-point of the indicative Offer Price range. Following the Offer, and before over-allotment, Sino Ocean's stake will decline to 67.57%.</p>
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<p>Sino Ocean is trading cheap to peers (as it has historically), and its implied stub P/B is the least expensive compared to other parents of property management spin-offs. </p>
<p>But the niggling issue is Sino Ocean's debt burden.</p>
<p>More below the fold.</p>
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Sino Ocean Land (3377 HK)'s 90.1%-held property management services arm Sino-Ocean Service (6677 HK) ("SOS") issued its global offering doc yesterday. 
SOS expects to raise HK$1.8bn (US$0.23bn) if using HK$6.10/share, the mid-point of the indicative Offer Price range. Following the Offer, and before over-allotment, Sino Ocean's stake will decline to 67.57%.


Sino Ocean is trading cheap to peers (as it has historically), and its implied stub P/B is the least expensive compared to other parents of property management spin-offs. 
But the niggling issue is Sino Ocean's debt burden.
More below the fold.


Sino Ocean (3377 HK): (Still) Trading Cheap Ahead Of Property Management Co Spin-Off

Sino-Ocean Group

Sino Ocean (3377 HK): (Still) Trading Cheap Ahead Of Property Management Co Spin-Off