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

Shin-Etsu Chemical (4063) - Small/Large Below-Market Tender Offer Buyback, Followed by Overhang

Shin-Etsu Chemical (4063) - OK Earnings, OK Forecast, But Ground-Breaking Buyback

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

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

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

Quiddity Advisors

Event-Driven

<ul>
<li>Late April, <a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a> announced a huge ¥500bn 200mm shares (10.2%) buyback. That was never ever going to happen. That needed a ¥2500 share price, not ¥4300+.</li>
<li>But it was big, and started in late May. Today, they announced how. It is a "Japan ASR", the Nomura version, this time with an interesting twist.</li>
<li>In response to a couple of reader questions today, I provide a brief overview of how these things work. </li>
</ul>


Late April, Shin Etsu Chemical (4063 JP) announced a huge ¥500bn 200mm shares (10.2%) buyback. That was never ever going to happen. That needed a ¥2500 share price, not ¥4300+.
But it was big, and started in late May. Today, they announced how. It is a "Japan ASR", the Nomura version, this time with an interesting twist.
In response to a couple of reader questions today, I provide a brief overview of how these things work. 


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