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

Sembcorp Industries - A Simple Story Which Looks Complicated

Sembcorp Marine Rights Decided And "Virtual IPO" Set (Still Avoid)

Sembcorp Restructuring Details & Timing Announced - The Arithmetic Is Compelling

Quiddity Advisors

Equity Bottom-Up

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<div class="content-highlight">After <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> goes ex-rights, <a href="https://www.smartkarma.com/entities/sembcorp-industries-ltd" target="_blank" data-smartkarma-citation="entities:1087:1" rel="noopener">Sembcorp Industries (SCI SP)</a> is a clear lay-up.<br><br>Its first half-yearly loss in over a decade (mainly due to <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a>) and the possibility of deletion from the Hang Seng Index, now is not the time to buy <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a>.</div>
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<div>
<p>Preceding my comments on Sembcorp &amp; Swire are setup/unwind tables for Asia-Pacific Holdcos.</p>
</div>
<div>
<p>As always, more below the fold.</p>
<hr>
<h3>Recent Insights on the SCI/SMM Recap-Demerger Situation</h3>
<div>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 57px;">
<p><strong>Date</strong></p>
</td>
<td style="width: 41px;">
<p><strong>Ticker</strong></p>
</td>
<td style="width: 461px;">
<p><strong>Insight Title</strong></p>
</td>
<td style="width: 102px;">
<p><strong>Author</strong></p>
</td>
</tr>
<tr>
<td style="width: 57px;">9-Jun-20</td>
<td style="width: 41px;">SCI</td>
<td style="width: 461px;"><em><a href="https://www.smartkarma.com/insights/sembcorp-marine-and-sci-a-gloriously-messy-recap-and-de-merger-big-win-for-sci" target="_blank" data-smartkarma-citation="insights:40153" rel="noopener">SembCorp Marine and SCI - A Gloriously Messy Recap and De-Merger - Big Win for SCI</a> </em></td>
<td style="width: 102px;">
<a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> </td>
</tr>
<tr>
<td style="width: 57px;">9-Jun-20</td>
<td style="width: 41px;">SMM</td>
<td style="width: 461px;"><em><a href="https://www.smartkarma.com/insights/sembcorp-marine-rights-offer-cast-away" target="_blank" data-smartkarma-citation="insights:40164" rel="noopener">Sembcorp Marine Rights Offer - Cast Away</a> </em></td>
<td style="width: 102px;">Travis Lundy</td>
</tr>
<tr>
<td style="width: 57px;">9-Jun-20</td>
<td style="width: 41px;">SCI</td>
<td style="width: 461px;"><em><a href="https://skr.ma/vjYrY" target="_blank" rel="noopener">StubWorld: The Liquidation Of Sembcorp's Holdco</a></em></td>
<td style="width: 102px;">Blennerhassett</td>
</tr>
<tr>
<td style="width: 57px;">30-Jun-20</td>
<td style="width: 41px;">SCI</td>
<td style="width: 461px;"><em><a href="https://www.smartkarma.com/insights/thinking-about-sembcorp-industries-future-be-bigly-bullish" target="_blank" data-smartkarma-citation="insights:40809" rel="noopener">Thinking About Sembcorp Industries' Future - Be Bigly Bullish</a> </em></td>
<td style="width: 102px;">Travis Lundy</td>
</tr>
<tr>
<td style="width: 57px;">24-Jul-20</td>
<td style="width: 41px;">SCI</td>
<td style="width: 461px;"><em><a href="https://www.smartkarma.com/insights/sembcorp-restructuring-details-timing-announced-the-arithmetic-is-compelling" target="_blank" data-smartkarma-citation="insights:41504" rel="noopener">Sembcorp Restructuring Details &amp; Timing Announced - The Arithmetic Is Compelling</a> </em></td>
<td style="width: 102px;">Travis Lundy</td>
</tr>
<tr>
<td style="width: 57px;">11-Aug-20</td>
<td style="width: 41px;">SMM</td>
<td style="width: 461px;">
<p><em><a href="https://www.smartkarma.com/insights/sembcorp-marine-rights-decided-and-virtual-ipo-set-still-avoid" target="_blank" rel="noopener">Sembcorp Marine Rights Decided And “Virtual IPO” Set (Still Avoid)</a></em></p>
</td>
<td style="width: 102px;">
<p>Travis Lundy</p>
</td>
</tr>
<tr>
<td style="width: 57px;">13-Aug-20</td>
<td style="width: 41px;">SCI</td>
<td style="width: 461px;">
<p><em><a href="https://skr.ma/VRDr8" target="_blank" rel="noopener">Sembcorp Industries - A Simple Story Which Looks Complicated</a></em></p>
</td>
<td style="width: 102px;">
<p>Travis Lundy</p>
</td>
</tr>
</tbody>
</table>
</div>
</div>


After Sembcorp Marine (SMM SP) goes ex-rights, Sembcorp Industries (SCI SP) is a clear lay-up.  Its first half-yearly loss in over a decade (mainly due to Cathay Pacific Airways (293 HK)) and the possibility of deletion from the Hang Seng Index, now is not the time to buy Swire Pacific (A) (19 HK).


Preceding my comments on Sembcorp &amp; Swire are setup/unwind tables for Asia-Pacific Holdcos.


As always, more below the fold.

Recent Insights on the SCI/SMM Recap-Demerger Situation





Date


Ticker


Insight Title


Author



9-Jun-20
SCI
SembCorp Marine and SCI - A Gloriously Messy Recap and De-Merger - Big Win for SCI 

Travis Lundy 


9-Jun-20
SMM
Sembcorp Marine Rights Offer - Cast Away 
Travis Lundy


9-Jun-20
SCI
StubWorld: The Liquidation Of Sembcorp's Holdco
Blennerhassett


30-Jun-20
SCI
Thinking About Sembcorp Industries' Future - Be Bigly Bullish 
Travis Lundy


24-Jul-20
SCI
Sembcorp Restructuring Details &amp; Timing Announced - The Arithmetic Is Compelling 
Travis Lundy


11-Aug-20
SMM

Sembcorp Marine Rights Decided And “Virtual IPO” Set (Still Avoid)


Travis Lundy



13-Aug-20
SCI

Sembcorp Industries - A Simple Story Which Looks Complicated


Travis Lundy







StubWorld: Buy Sembcorp Industries. Don't Buy Swire