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

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

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

[Japan Activism] DeNA Attracts Murakami Group - Potentially Squeezable With Reason

[Japan Pump 'n Dump] Murakami Group Starts Selling The Day After Reporting 5%

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

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> was a serial under-performer vs other game companies for 10 years to end-2024. It spiked in early 2025, then fell back in summer after reporting earnings.</li>
<li>In autumn 2025, activists Murakami Group built a large stake, then waffled, then bought more and sold more. But in end-February, DeNA announced a Nintendo stake sale and YUUUGE buyback. </li>
<li>The stock spiked for a day then hasn't gone anywhere. It's worth looking at DeNA vs Peers and DeNA historical buybacks.</li>
</ul>



DeNA (2432 JP) was a serial under-performer vs other game companies for 10 years to end-2024. It spiked in early 2025, then fell back in summer after reporting earnings.
In autumn 2025, activists Murakami Group built a large stake, then waffled, then bought more and sold more. But in end-February, DeNA announced a Nintendo stake sale and YUUUGE buyback. 
The stock spiked for a day then hasn't gone anywhere. It's worth looking at DeNA vs Peers and DeNA historical buybacks.


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