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) - OK Earnings, OK Forecast, But Ground-Breaking Buyback

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

Shin-Etsu Chemical (4063 JP) Salutary Earnings, Conservative Forecasts, and Another Buyback

Quiddity Advisors

Equity Capital Markets

Shin Etsu Chemical / Equity Capital Markets

<ul>
<li>Today after the close, <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 selldown of 27.23mm shares (including greenshoe) by eight crossholders. </li>
<li>The offering is US$900mm or so if the stock falls a bit. That is 4.2x ADV and 3% of Max Real World Float. There is minimal index impact. </li>
<li>But there is a follow-on buyback. Earnings has been less salutary than the guidance was but the buyback continues apace, and this offering is 70% covered by end-April. </li>
</ul>


Today after the close, Shin Etsu Chemical (4063 JP) announced a selldown of 27.23mm shares (including greenshoe) by eight crossholders. 
The offering is US$900mm or so if the stock falls a bit. That is 4.2x ADV and 3% of Max Real World Float. There is minimal index impact. 
But there is a follow-on buyback. Earnings has been less salutary than the guidance was but the buyback continues apace, and this offering is 70% covered by end-April. 


[Japan ECM] Shin-Etsu Chem (4063) Secondary Selldown by Financial Crossholders