Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Thinking About Japanese Banks - Go Big, Go Small, Go Insurance

JAPAN ACTIVISM: Silchester and Bank of Kyoto (8369) Redux

Chiba Bank - Less Yield Curve Control Issue With Near Zero JGBs

Bank of Kyoto (8369) - A Complicated Risk Model Clarified

Bank of Kyoto (8369 JP) Holdco Maybe Rich-Ish - Watch for TOPIX Rebal SELL Flow

JAPAN ACTIVISM:  Silchester's Bank of Kyoto AGM Results - Activism Still Failing

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> is a classic "deep value" trade. It has a low PBR, and... <em>"Dude, it's equity portfolio alone is worth more than the whole bank."</em>
</li>
<li>It has a larger market cap than most super-low PBR Japanese regional banks, is more liquid, and the narrative is quite easy to tell. </li>
<li>Japanese Banks are the hottest new thing but unless you think This Particular Leopard is going to change its spots, it is still best thought of as a range trade. </li>
</ul>



Bank of Kyoto (8369 JP) is a classic "deep value" trade. It has a low PBR, and... "Dude, it's equity portfolio alone is worth more than the whole bank."

It has a larger market cap than most super-low PBR Japanese regional banks, is more liquid, and the narrative is quite easy to tell. 
Japanese Banks are the hottest new thing but unless you think This Particular Leopard is going to change its spots, it is still best thought of as a range trade. 


Bank of Kyoto (8369) - Not a Normal Regional Bank