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 Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

[Quiddity Index] Nikkei 225 Boots NTT Data (9613) Early, Rohm (6963) IN 3 July; $3.8bn a Side

NTT (9432) To Overpay To Take Over NTT Data (9613) Subsidiary?

NTT Buying NTT Data Shares - ¥40bn to Go

China A-Share Consumer Staples: An Analysis of the Opportunities Ahead

Nikkei 225 Sep25 Rebal: One ADD, One DELETE Still Probable, Kokusai a Question but $3bn+ a Side

Quiddity Advisors

Event-Driven

<ul>
<li>Pre-Open, we got a Nikkei article which suggested four different prices possible. We got something in the middle. I think NTT is probably overpaying here.</li>
<li>There is a fair bit of transparency in the documents and valuation. That is encouraging. There are no synergies counted in the fair calculations. That is discouraging.</li>
<li>This will not trade like a "normal" Japan risk arb situation. There will be nuances. </li>
</ul>


Pre-Open, we got a Nikkei article which suggested four different prices possible. We got something in the middle. I think NTT is probably overpaying here.
There is a fair bit of transparency in the documents and valuation. That is encouraging. There are no synergies counted in the fair calculations. That is discouraging.
This will not trade like a "normal" Japan risk arb situation. There will be nuances. 


NTT (Nippon Telegraph & Telephone) (9432 JP)

[Japan M&A] NTT (9432) Overpays To Buy Out NTT Data (9613) Minorities

NTT Data Corp

[Japan M&A] NTT (9432) Overpays To Buy Out NTT Data (9613) Minorities