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] Nikkei 225 Sep26 Rebal Early Preview - 2 Auto ADDs, 1 Extra Likely, 1 Cap

[Quiddity Index] Nikkei 225 Sep26 Rebal Preview II - 2 Auto ADDs, 1 Extra Likely, 1 Cap

[Japan M&A/Activism] ToyotaRE-TICO (6201) Deal VI - Now 7% Thru at 1.0x BVPS... What Will Toyota Do?

[Japan ECM] Kokusai Elec (6525) - Applied Materials $330mm Selldown

[Japan ECM] Kokusai Elec (6525) - KKR's Lock Up Expiry in 3 Weeks - $700mm Clean-Up Coming?

[Japan ECM] Kokusai Elec (6525) Offering - Expect It Very Well Bid, and the Back End Squeezy

Quiddity Advisors

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>In early October, <a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> sold down a US$330mm stake in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>. Today post-close they return for another 12mm shares.  </li>
<li>The last two offerings went well. This one feels a bit more like the first, not the second and third, but it's a different world now. </li>
<li>There are some index upweights in the next couple of months. There are likely some big ones 8-9mos down the line.</li>
</ul>


In early October, Applied Materials (AMAT US) sold down a US$330mm stake in Kokusai Electric (6525 JP). Today post-close they return for another 12mm shares.  
The last two offerings went well. This one feels a bit more like the first, not the second and third, but it's a different world now. 
There are some index upweights in the next couple of months. There are likely some big ones 8-9mos down the line.


[Japan ECM] Kokusai Elec (6525) - ANOTHER Applied Materials Selldown