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

Primer: Nippon Dry Chemical (1909 JP) - May 2026

Quiddity Advisors

Event-Driven

<ul>
<li>ALSOK and Carlyle produced competing bids, overbid each other, then joined, then overbid themselves, to launch a TOB to buy fire safety company <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>. </li>
<li>It's a ten bagger since pre-covid and 10x forward EBITDA. It's a decent outcome. But it's trading through terms a week+ after announcement despite ALSOK+corps owning 50+%.</li>
<li>While it is not impossible an activist digs their teeth in, this is long enough in the tooth that a strategic jumping in seems unlikely. </li>
</ul>


ALSOK and Carlyle produced competing bids, overbid each other, then joined, then overbid themselves, to launch a TOB to buy fire safety company Nippon Dry Chemical (1909 JP). 
It's a ten bagger since pre-covid and 10x forward EBITDA. It's a decent outcome. But it's trading through terms a week+ after announcement despite ALSOK+corps owning 50+%.
While it is not impossible an activist digs their teeth in, this is long enough in the tooth that a strategic jumping in seems unlikely. 


[Japan Event] Carlyle and ALSOK Compete Then Join To Take Over NDC (1909) - ¥3,730