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 Activist Briefs | Air Water, Mizuno, Katakura

Primer: Air Water Inc (4088 JP) - May 2026

[Quiddity Index] Air Water (4088) Accounting SNAFUs Mean Big Index Deletion Imminent

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/air-water-inc" target="_blank" data-smartkarma-citation="entities:18073:1" rel="noopener">Air Water Inc (4088 JP)</a> was a problem stock because of accounting issues. Management got the boot. The TSE said "Security on Special Alert" three weeks ago.</li>
<li>That meant it got the boot from various domestic indices and there were 30mm shares for sale. It turns out Murakami Group has bought half of that.</li>
<li>Shares are +35% since the day after I wrote. Small picture, that brings PSR near its 8yr high. Big picture, EV/Revenue is half that of closest Japan comp Nippon Sanso.</li>
</ul>



Air Water Inc (4088 JP) was a problem stock because of accounting issues. Management got the boot. The TSE said "Security on Special Alert" three weeks ago.
That meant it got the boot from various domestic indices and there were 30mm shares for sale. It turns out Murakami Group has bought half of that.
Shares are +35% since the day after I wrote. Small picture, that brings PSR near its 8yr high. Big picture, EV/Revenue is half that of closest Japan comp Nippon Sanso.


[Japan Event] Air Water (4088) - Small Picture Vs Big Picture