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

[Japan Partial Tender] Toyota's US$23bn Tender Buyback from TICO Is Potentially a Big Put Option

[Japan Offering] Five Banks Offer 3% of Ibiden (4062) After 400% 12mo Run into Friday's Index Buy

[Japan M&A/Activism] Toyota Fudosan -TICO (6201) Deal VII - Risks, Risk Mgmt, and Cui Bono?

[Quiddity Index] Post TICO (6201 JP) Tender Offer - The Index Flows, SMALLER than Theoretical

[Japan M&A] TICO Closes Monday - The TOB Is Still WAY Wrong - TAPCO ¥20,600 Bid Gets Est. BVPS ¥25k+

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> announced <a href="https://www.denso.com/global/en/news/newsroom/2026/20260428-g01/" target="_blank" rel="noopener">results</a> on 28 April 2026 at mid-day. The stock did not react particularly well. Results seemed in-line, but guidance was lower across the board.</li>
<li>Aisin also announced. The two announced tender offer buybacks totalling ¥314bn/¥46bn respectively after Toyota's tender results of ¥3.65trln. Tsusho is likely to announce their ¥670bn buyback today.</li>
<li>Denso's Buyback fis ~10% below market. Selling there is selling 9.5x 2027e PER. Toyota is left at 9x 27e EPS. Aisin's tender at 8.4x 2027e. Tsusho likely at 13x 2027e. </li>
</ul>



Denso Corp (6902 JP) announced results on 28 April 2026 at mid-day. The stock did not react particularly well. Results seemed in-line, but guidance was lower across the board.
Aisin also announced. The two announced tender offer buybacks totalling ¥314bn/¥46bn respectively after Toyota's tender results of ¥3.65trln. Tsusho is likely to announce their ¥670bn buyback today.
Denso's Buyback fis ~10% below market. Selling there is selling 9.5x 2027e PER. Toyota is left at 9x 27e EPS. Aisin's tender at 8.4x 2027e. Tsusho likely at 13x 2027e. 


[Japan Buyback] Denso (6902) And Aisin (7259) Start Large Tender Buybacks; Tsusho Likely, Ibiden a ❓