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 Offering] Five Banks Offer 3% of Ibiden (4062) After 400% 12mo Run into Friday's Index Buy

[Japan M&A] TAPCO-TICO (6201) Deal VIII - Toyota Group Bumps, Elliott Agrees, STILL the Wrong Price.

[Japan M&A] TICO Closes Monday - The TOB Is Still WAY Wrong - TAPCO ¥20,600 Bid Gets Est. BVPS ¥25k+

[Japan M&A/Activism] Toyota RE Deal for TICO (6201) Extended. VERY Few Minorities Have Tendered.

[Quiddity Index] Nikkei 225 Sep26 Rebal Preview II - 2 Auto ADDs, 1 Extra Likely, 1 Cap

[Japan M&A/Activism] ToyotaRE-TICO (6201) Deal VI - Now 7% Thru at 1.0x BVPS... What Will Toyota Do?

Quiddity Advisors

Event-Driven

<ul>
<li>In VI, I provided granular analysis of the "minorities" tendering, and a brief analysis of What Toyota (Fudosan/Motors/etc) Might Do. This is Part VII.</li>
<li>This insight looks at the Risks - Event, Delta Hedge, Whip Risk, etc. It also looks at the Cui Bono question. That is at the heart of this transaction.</li>
<li>Incoming Toyota CEO KON-san said they tried to be fair to all. I disagree.  Undervaluation is ~¥3trln vs ToyotaGroup MktCap of ¥68trln. So Cui Bono? I have (ugly) thoughts. 👀</li>
</ul>


In VI, I provided granular analysis of the "minorities" tendering, and a brief analysis of What Toyota (Fudosan/Motors/etc) Might Do. This is Part VII.
This insight looks at the Risks - Event, Delta Hedge, Whip Risk, etc. It also looks at the Cui Bono question. That is at the heart of this transaction.
Incoming Toyota CEO KON-san said they tried to be fair to all. I disagree.  Undervaluation is ~¥3trln vs ToyotaGroup MktCap of ¥68trln. So Cui Bono? I have (ugly) thoughts. 👀


[Japan M&A/Activism] Toyota Fudosan -TICO (6201) Deal VII - Risks, Risk Mgmt, and Cui Bono?

Toyota Industries

[Japan M&A/Activism] Toyota Fudosan -TICO (6201) Deal VII - Risks, Risk Mgmt, and Cui Bono?