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 Accretion Means Really Cheap (Unlevered) Bundle of Assets

[Japan Event] DeNA (2432 JP) - BIG Buyback After Asset Sale, Commits to Better Capital Allocation

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

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

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Mar26) - Disappointing Case Studies, Weak Study Group

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA (2432 JP)</a> announced a large buyback at end-Feb 2026. They also announced a sale of Nintendo shares and the day before, Murakami Group announced a drop in shareholdings.</li>
<li>Shares were sold, the big buyback started. They were 8.4% of volume in March, 15.5% in April. Theoretically, the buyback goes to Feb2027. I expect it completes by end-July 2026.</li>
<li>Mid-May 2026 DeNA announced it would sell shares in <a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> at IPO. At expected IPO price less 5%, that's ¥36bn. Murakami is still selling.</li>
</ul>



DeNA (2432 JP) announced a large buyback at end-Feb 2026. They also announced a sale of Nintendo shares and the day before, Murakami Group announced a drop in shareholdings.
Shares were sold, the big buyback started. They were 8.4% of volume in March, 15.5% in April. Theoretically, the buyback goes to Feb2027. I expect it completes by end-July 2026.
Mid-May 2026 DeNA announced it would sell shares in GO (581A JP) at IPO. At expected IPO price less 5%, that's ¥36bn. Murakami is still selling.


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