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

[Quiddity Index] The TOPIX Change in Oct 2026 - Part I (Methodology Madness)

[Japan Activism/Value] - Mitsui Matsushima (1518) Raises; Low PER, High ROE/Growth (Still), Now Div!

[Quiddity Index] The TOPIX Change in Oct 2026 - Part II (Regional Bank LFR Baskets)

[Japan Activism] Murakami Owns ~42% and Company Announces 31.3% Buyback

[Japan Activism] Mitsui Matsushima (1518) Ups Buyback Tender to 35.8%, Murakami-San Group To Sell

[Japan Activism] Mitsui Matsushima (1518 JP) Buyback Tender - Surprising Results and Implications

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>A year ago, activist "Murakami Group" had a 42% stake in <a href="https://www.smartkarma.com/entities/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a>. MM announced results, and guidance, and a 31% buyback. The stock popped.  </li>
<li>A couple of months later, the buyback was announced as a tender offer. Murakami Group tendered. Nobody else did. Murakami tendered the minimum promised and bought more.</li>
<li>In November MM raised guidance. Now they've beat. The fundamentals are a bit difficult to understand. A glance doesn't do it. First look it's cheap. Second it's cheaper. Third, better.</li>
</ul>


A year ago, activist "Murakami Group" had a 42% stake in Mitsui Matsushima (1518 JP). MM announced results, and guidance, and a 31% buyback. The stock popped.  
A couple of months later, the buyback was announced as a tender offer. Murakami Group tendered. Nobody else did. Murakami tendered the minimum promised and bought more.
In November MM raised guidance. Now they've beat. The fundamentals are a bit difficult to understand. A glance doesn't do it. First look it's cheap. Second it's cheaper. Third, better.


[Japan Activism/Value] - Mitsui Matsushima (1518) Beats; Single Digit PER, Double Digit ROE & Growth