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

Quiddity Advisors

Event-Driven

<ul>
<li>Today post-close, <a href="https://www.smartkarma.com/entities/nissin-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:18917:1" rel="noopener">Nissin Shoji (7490 JP)</a> - gasoline retailer and energy company affiliated with <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a> - announced the Tsutsui family would conduct an MBO at ¥2,210. </li>
<li>That's a 60% premium, which looks nice, but book value is 185% higher than today's close. Most of the Adjusted EV is receivables and inventory. </li>
<li>The remaining assets are about ¥10-14bn worth of market value of real estate. All told, this is probably worth ¥3,500+ to the right person.</li>
</ul>


Today post-close, Nissin Shoji (7490 JP) - gasoline retailer and energy company affiliated with ENEOS Holdings (5020 JP) - announced the Tsutsui family would conduct an MBO at ¥2,210. 
That's a 60% premium, which looks nice, but book value is 185% higher than today's close. Most of the Adjusted EV is receivables and inventory. 
The remaining assets are about ¥10-14bn worth of market value of real estate. All told, this is probably worth ¥3,500+ to the right person.


[Japan M&A] Nisshin Shoji "MBO" Is An Exercise in Offensively Bad Board Negligence