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 M&A] Regional Bank Consolidation Efforts May Pick Up

Gunma Bank (8334) And DHFG (7327) In Integration Talks - 'Guess The Ratio' Is 'Efficiency Vs Value'

Quiddity Advisors

Event-Driven

<ul>
<li>One year after <a href="https://www.smartkarma.com/entities/gunma-bank-ltd" target="_blank" data-smartkarma-citation="entities:15777:1" rel="noopener">Gunma Bank (8334 JP)</a> and <a href="https://www.smartkarma.com/entities/daishi-hokuetsu-financial-group" target="_blank" data-smartkarma-citation="entities:27533:1" rel="noopener">Daishi Hokuetsu Financial Group (7327 JP)</a> were reported to be in integration talks (discussed <a href="https://www.smartkarma.com/insights/gunma-bank-8334-and-dhfg-7327-in-integration-talks-guess-the-ratio-is-efficiency-vs-value" target="_blank" rel="noopener">here</a>), we have integration plans and a merger ratio.</li>
<li>This had been reported Friday 14 March in the Nikkei. The ratio was 0.8271. Monday it traded 0.8726. The BVPS ratio is 1.303. EPS ratio? 1.076. 3mo/6mo price ratios? 0.933/0.928. </li>
<li>So of course, they settled on 0.8888. It was, indeed, "efficiency vs value" and efficiency won. Gunma will form Gunma Niigata Financial Group (GNFG) on April 1 2027. </li>
</ul>


One year after Gunma Bank (8334 JP) and Daishi Hokuetsu Financial Group (7327 JP) were reported to be in integration talks (discussed here), we have integration plans and a merger ratio.
This had been reported Friday 14 March in the Nikkei. The ratio was 0.8271. Monday it traded 0.8726. The BVPS ratio is 1.303. EPS ratio? 1.076. 3mo/6mo price ratios? 0.933/0.928. 
So of course, they settled on 0.8888. It was, indeed, "efficiency vs value" and efficiency won. Gunma will form Gunma Niigata Financial Group (GNFG) on April 1 2027. 


Daishi Hokuetsu Financial Group (7327 JP)

[Japan M&A] Gunma Bank Gunma Bank (8334) And DHFG (7327) Finalise Ratio for End-Mar27 Integration