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 - Set-Up & Unwind Extremes: China Conch, China Unicom

StubWorld - Set-Up & Unwind Extremes: Renault/Nissan

Reality Check XII: How Much Upside Can CP All Squeeze from a New Banking Venture?

Quiddity Advisors

Event-Driven

This week: despite a multi-year low against <a href="https://www.smartkarma.com/entities/13889" target="_blank" data-smartkarma-citation="entities:13889:1">CP All PCL (CPALL TB)</a>, it is challenging to dragoon a set-up for <a href="https://www.smartkarma.com/entities/16131" target="_blank" data-smartkarma-citation="entities:16131:1">Charoen Pokphand Foods Pub (CPF TB)</a> when its stub ops demonstrate declining margins and are absent near-term catalysts.  Neither stock appears particularly cheap against peers. Especially CPALL.These stub relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.My comments on CPF follow the weekly setup/unwind tables.

This week: despite a multi-year low against CP All PCL (CPALL TB), it is challenging to dragoon a set-up for Charoen Pokphand Foods Pub (CPF TB) when its stub ops demonstrate declining margins and are absent near-term catalysts.  Neither stock appears particularly cheap against peers. Especially CPALL.These stub relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.My comments on CPF follow the weekly setup/unwind tables.

StubWorld - Set-Up & Unwind Extremes: CPF/CPALL

CP ALL PCL

StubWorld - Set-Up & Unwind Extremes: CPF/CPALL