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: Troubling Signs For NWD (17 HK)

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>
0.08x P/B. That's where <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> is currently trading. Less than half the P/B of the next comparable real estate peer.</li>
<li>
So, what's going on? Announcing an expected <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0830/2024083003082.pdf" target="_blank" rel="noopener">HK$19-20bn loss for FY24 </a>last week didn't help matters. Shares are down 14% this week and 85% since Covid.</li>
<li>Landlords need to drastically cut rents to jumpstart the retail sector. That translates to further impairment losses for property developers. </li>
</ul>



0.08x P/B. That's where New World Development (17 HK) is currently trading. Less than half the P/B of the next comparable real estate peer.

So, what's going on? Announcing an expected HK$19-20bn loss for FY24 last week didn't help matters. Shares are down 14% this week and 85% since Covid.
Landlords need to drastically cut rents to jumpstart the retail sector. That translates to further impairment losses for property developers. 


Far East Consortium International (35 HK)

New World Development

We Need To Talk About New World (17 HK)