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

Rakuten Bank (5838) - 4 Months On, Volume Decay and RB's Place Among Banks

MUFG (8306) - Biggest JPN Bank, Lowest LDR at 48%: Most Bonds | ROE Surge to 12% May Be Sustainable

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

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

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

Quiddity Advisors

Event-Driven

<ul>
<li>Last year, Silchester International Investors wrote a series of letters to Bank of Kyoto management and then asked to put items on the AGM agenda. It lost. </li>
<li>A Bloomberg article last week suggests Silchester will ask for a ¥62 special div and a ¥5bn buyback this year. The Silchester letter is "due" by 30 April. </li>
<li>The Bank has already delivered most of the ask this year (¥3bn in upped div, and ¥5bn in buybacks). Silchester will lose. Expect no <em>Conversion on the Road to Kasumigaseki.</em>
</li>
</ul>


Last year, Silchester International Investors wrote a series of letters to Bank of Kyoto management and then asked to put items on the AGM agenda. It lost. 
A Bloomberg article last week suggests Silchester will ask for a ¥62 special div and a ¥5bn buyback this year. The Silchester letter is "due" by 30 April. 
The Bank has already delivered most of the ask this year (¥3bn in upped div, and ¥5bn in buybacks). Silchester will lose. Expect no Conversion on the Road to Kasumigaseki.



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