StubWorld: First Pacific (142 HK) Looking Stretched

• Via 49.9%-held MPIC, First Pacific Co (142 HK) is spinning off Maynilad, a provider of water and wastewater services in the Greater Manila Area, on the Philippine Stock Exchange

• Maynilad will tentatively have a market cap of US$2.7bn. Other key investors include DMCI Holdings (DMC PM) and Marubeni Corp (8002 JP). Listing is expected in July.

• I see First Pac's discount to NAV at ~30%, around its narrowest level in a decade.