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

Swire Pacific: Oslo Spin-Off For Windfarm Installation Ops

StubWorld: Swire Shedding Property Amidst Leasing Funk

Swire (19 HK) Trading Cheap. Heading Cheaper On Cathay Woes

StubWorld: Respite For Swire's Bs Amidst Cathay's Hard Landing

StubWorld: Naspers At A Look-Through Discount Of 52%

Quiddity Advisors

Event-Driven

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<p>This week in StubWorld ...</p>
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<p>Commercial real estate (in the world's most expensive city) - check. Hotel exposure - check. Marine services - check. Airline exposure - extra big check.</p>
<p><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> is trading cheap on a look-thru P/B of 0.2x - but a realistic restructuring plan is needed before entering.</p>
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<p>Preceding my comments on Swire are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...



Commercial real estate (in the world's most expensive city) - check. Hotel exposure - check. Marine services - check. Airline exposure - extra big check.
Swire Pacific (A) (19 HK) is trading cheap on a look-thru P/B of 0.2x - but a realistic restructuring plan is needed before entering.



Preceding my comments on Swire are the weekly setup/unwind tables for Asia-Pacific Holdcos.





These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.




StubWorld: Swire's All-Time Low Stub, But ..