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

Daito Trust (1878) Doing a ToSTNeT Buyback Which Is NOT a ToSTNeT Buyback...  Unless It Is.

Quiddity Advisors

Event-Driven

<ul>
<li>Daito Trust last week announced H1 earnings, its 50% dividend payout ratio, and a ¥50bn stock buyback which results in a shareholder payout ratio of ~120% over the next year.</li>
<li>This should help to keep ROE high, and as it is a clear distribution of surplus, it should help keep the multiple up.</li>
<li>It is worth looking at shareholder structure to see how this buyback will be taken.</li>
</ul>


Daito Trust last week announced H1 earnings, its 50% dividend payout ratio, and a ¥50bn stock buyback which results in a shareholder payout ratio of ~120% over the next year.
This should help to keep ROE high, and as it is a clear distribution of surplus, it should help keep the multiple up.
It is worth looking at shareholder structure to see how this buyback will be taken.


Daito Trust Construction (1878) - Big Buyback, Dense Register, 120% Payout This Year