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

Yuexiu Services (越秀服务) IPO - Interesting but Not Outstanding

Central China Management (中原建业) IPO - Concentrated Exposure

New Hope Service (新希望服务) IPO - Nothing Particularly Enticing

Quiddity Advisors

Equity Bottom-Up

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<p><a href="https://www.smartkarma.com/entities/yuexiu-services-group-limited" target="_blank" data-smartkarma-citation="entities:33482:1" rel="noopener">Yuexiu Services Group (6626 HK)</a> ("YSG") is the latest property management service company to list in Hong Kong. The Offer Price range is HK$4.88-HK$6.52/share. The Offer Price will be announced on the 25 June.</p>
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<p>YSG is the spin-off of <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a>, which will own 68.9% in YSG after the IPO, down from 91.9% currently, before over-allotment.</p>
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<p>YSG will raise HK$2.1bn (US$0.27bn), before over-allotment, at the mid-price of the IPO range.  </p>
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<p>On an FY20 PER metric, YSG is pitched at a small premium to a basket of peers, and generally exceeds similar-sized property management companies.</p>
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<p>More below the fold. </p>
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Yuexiu Services Group (6626 HK) ("YSG") is the latest property management service company to list in Hong Kong. The Offer Price range is HK$4.88-HK$6.52/share. The Offer Price will be announced on the 25 June.


YSG is the spin-off of Yuexiu Property (123 HK), which will own 68.9% in YSG after the IPO, down from 91.9% currently, before over-allotment.


YSG will raise HK$2.1bn (US$0.27bn), before over-allotment, at the mid-price of the IPO range.  


On an FY20 PER metric, YSG is pitched at a small premium to a basket of peers, and generally exceeds similar-sized property management companies.


More below the fold. 


Yuexiu Services (6626 HK): This Looks Fully Priced