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

Mizuho Financial Group (8411 JP) Tactical View: Buy The Dip Now?

[Japan Event] Rakuten Bank (5838) - New Fintech Holding Would Be Positive IF Done Right

[Japan Event] Rakuten Bank (5838) - "Exciting" Mizuho News Doesn't Do Much But Expect More News Soon

[Japan Event] Rakuten (4755) Fintech Group Led By Rakuten Bank (5838) Gets Bigger and Keeps 20% ROE

Quiddity Advisors

Event-Driven

<ul>
<li>Today post-close, <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> and <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> announced the Fintech Restructuring. "Fintech" is a stretch. It's an e-bank and an e-broker with a credit card company.</li>
<li>There are likely a lot of synergies, but this may be a bad deal for Rakuten Bank shareholders. They are paying much more for the synergies than the others are.</li>
<li>Rakuten Bank contributes 55.4% of the last four quarters of NEWCO OP, but get only 43% of the shares in NEWCO. Securities+Card OP is 30% "stronger" than Bank OP.</li>
</ul>


Today post-close, Rakuten Bank (5838 JP) and Rakuten (4755 JP) announced the Fintech Restructuring. "Fintech" is a stretch. It's an e-bank and an e-broker with a credit card company.
There are likely a lot of synergies, but this may be a bad deal for Rakuten Bank shareholders. They are paying much more for the synergies than the others are.
Rakuten Bank contributes 55.4% of the last four quarters of NEWCO OP, but get only 43% of the shares in NEWCO. Securities+Card OP is 30% "stronger" than Bank OP.


[Japan Event] Rakuten Fintech Group Restructuring - Dirty Deeds Done Unto Rakuten Bank (5838)