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APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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<p><a href="https://www.smartkarma.com/entities/51" target="_blank" data-smartkarma-citation="entities:51:1">Wharf Holdings Ltd (4 HK)</a> went ex-entitlement on the 16th of November and adjusted by HK$46.10 per share for <a href="https://www.smartkarma.com/entities/26031" target="_blank" data-smartkarma-citation="entities:26031:1">Wharf Real Estate Investment (1997 HK)</a> (REIC). We think that the market is underestimating the value of REIC and, as a result, pricing the NAV of <a href="https://www.smartkarma.com/entities/52" target="_blank" data-smartkarma-citation="entities:52:1">Wheelock &amp; Co Ltd (20 HK)</a> at a discount that is too wide.</p><p>For readers who need to understand a little more about the spin-off or the holdco itself, we recommend reading <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> 's previous insights:</p><ul><li>
<a href="https://www.smartkarma.com/insights/wheelock-evaluating-wharf-s-proposed-ip-in-specie" target="_blank" data-smartkarma-citation="insights:9314">Wheelock – Evaluating Wharf’s</a>…</li></ul>

Wharf Holdings Ltd (4 HK) went ex-entitlement on the 16th of November and adjusted by HK$46.10 per share for Wharf Real Estate Investment (1997 HK) (REIC). We think that the market is underestimating the value of REIC and, as a result, pricing the NAV of Wheelock &amp; Co Ltd (20 HK) at a discount that is too wide.For readers who need to understand a little more about the spin-off or the holdco itself, we recommend reading David Blennerhassett 's previous insights:
Wheelock – Evaluating Wharf’s…

Wharf's Spin-Off Presents an Opportunity in Wheelock