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

Sankyo Co: Big Buyback + Five Years Left Until Opening of Mega MGM Osaka Integrated Casino Resort

[Japan Buybacks] ¥7.3trln of Buybacks Announced In the Last Month - Data on Each, Plus History

[Japan Buybacks] ShinEtsu Chem (4063) - How the FCSR Works

Accretive Sankyo Self-Tender - Boring But A Good Kind of Boring, With Something For Everyone

Sankyo (6417) - Second Go-Round for a BIG Buyback

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>On 12 May 2025, <a href="https://www.smartkarma.com/entities/sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:12385:1" rel="noopener">Sankyo Co Ltd (6417 JP)</a> announced earnings (Revenue -3.7%yoy, OP +1.5%, Net Profit +0.4%) with guidance for March 2026 showing Revs, OP, and NP all falling.</li>
<li>OP and NP would fall 14.4% and 18.5% respectively. The dividend is expected to fall ¥10 to ¥90/share which would be a 41.6% payout ratio.</li>
<li>The company also announced a BIG BUYBACK - Up to ¥60bn buying up to 30.0mm shares (13.66%), starting today and going through 31 March 2026.</li>
</ul>


On 12 May 2025, Sankyo Co Ltd (6417 JP) announced earnings (Revenue -3.7%yoy, OP +1.5%, Net Profit +0.4%) with guidance for March 2026 showing Revs, OP, and NP all falling.
OP and NP would fall 14.4% and 18.5% respectively. The dividend is expected to fall ¥10 to ¥90/share which would be a 41.6% payout ratio.
The company also announced a BIG BUYBACK - Up to ¥60bn buying up to 30.0mm shares (13.66%), starting today and going through 31 March 2026.


[Japan Buyback] Sankyo (6417) - Starts Buying Bigly. Again. Re-Levered It Has A Super-High ROE