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

Wheelock: A "Final" Offer That May Not Be Final

StubWorld: Wheelock Stub Gains on Ructions in Retail

Quiddity Advisors

Event-Driven

<p><a href="https://www.smartkarma.com/entities/wheelock-co-ltd" target="_blank" data-smartkarma-citation="entities:52:1" rel="noopener">Wheelock (20 HK)</a> released its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0311/2020031100287.pdf" target="_blank" rel="noopener">FY19 results</a> at lunchtime today. 70.7%-held <a href="https://www.smartkarma.com/entities/wharf-holdings-ltd" target="_blank" data-smartkarma-citation="entities:51:1" rel="noopener">Wharf Holdings (4 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0310/2020031000188.pdf" target="_blank" rel="noopener">released</a> its results yesterday and 66.5%-held <a href="https://www.smartkarma.com/entities/wharf-real-estate-investment" target="_blank" data-smartkarma-citation="entities:26031:1" rel="noopener">Wharf Real Estate Investment (1997 HK)</a> on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0305/2020030500249.pdf" target="_blank" rel="noopener">5 March</a>.</p>
<p>The key takeaways, specific to Wheelock, are:</p>
<ul>
<li>Net debt at the parent level declined to HK$26.4bn, down from HK$36.7bn in 1H19.</li>
<li>Due to a decline in investment property, net development property and AFS at the parent level, the value of the stub has fallen to HK$20.3bn from HK$23.6bn as at 1H19</li>
<li>The landbank increased to 6.6mn sqft as at 31 December, up from 6.3mn sqft in 2018, after five Kai Tak sites were acquired. Including the recent acquisition of LOHAS Park Phase 12  in February, landbank increased to 7.5mn sqft.</li>
<li>Net order book was HK$32.5bn, up from HK$26.7bn in 2018.</li>
<li>A second interim dividend at HK$1.050/shares was declared, the same as last year, making a total dividend for the year 2019 of HK$1.575/share. </li>
</ul>

Wheelock (20 HK) released its FY19 results at lunchtime today. 70.7%-held Wharf Holdings (4 HK) released its results yesterday and 66.5%-held Wharf Real Estate Investment (1997 HK) on the 5 March.
The key takeaways, specific to Wheelock, are:

Net debt at the parent level declined to HK$26.4bn, down from HK$36.7bn in 1H19.
Due to a decline in investment property, net development property and AFS at the parent level, the value of the stub has fallen to HK$20.3bn from HK$23.6bn as at 1H19
The landbank increased to 6.6mn sqft as at 31 December, up from 6.3mn sqft in 2018, after five Kai Tak sites were acquired. Including the recent acquisition of LOHAS Park Phase 12  in February, landbank increased to 7.5mn sqft.
Net order book was HK$32.5bn, up from HK$26.7bn in 2018.
A second interim dividend at HK$1.050/shares was declared, the same as last year, making a total dividend for the year 2019 of HK$1.575/share. 


Wheelock

Wheelock: A Rundown Of FY19 Results