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 Event] DeNA (2432 JP) - BIG Buyback, Asset Sale, Murakami Selling, but Squeeze Building?

[Japan Event] DeNA (2432 JP) - BIG Buyback Does Not Spur Performance, YET

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Apr26) - Small Updates, Several Surveys/Consultations

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Activist Murakami Group bought a bunch of <a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA (2432 JP)</a> last fall when it was cheap. Then they sold. Then they bought more. Now they have gone back below 5%. </li>
<li>DeNA sold a <a href="https://www.smartkarma.com/entities/nintendo-co-ltd" target="_blank" data-smartkarma-citation="entities:5415:1" rel="noopener">Nintendo (7974 JP)</a> stake after that stock price fell, and in Feb26 announced a HUGE 1-year buyback. They'll probably finish this month, buying back 17% in 3+mos.</li>
<li>In the meantime, they have sold another asset. They're still cash-rich. And very cheap at an Adjusted Adjusted Adjusted EV/EBITDA of 2.2x. But they're really, really out of favour.</li>
</ul>


Activist Murakami Group bought a bunch of DeNA (2432 JP) last fall when it was cheap. Then they sold. Then they bought more. Now they have gone back below 5%. 
DeNA sold a Nintendo (7974 JP) stake after that stock price fell, and in Feb26 announced a HUGE 1-year buyback. They'll probably finish this month, buying back 17% in 3+mos.
In the meantime, they have sold another asset. They're still cash-rich. And very cheap at an Adjusted Adjusted Adjusted EV/EBITDA of 2.2x. But they're really, really out of favour.


[Japan Event] DeNA (2432 JP) - Big Buyback Accretion Means Really Cheap (Unlevered) Bundle of Assets