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

US Banks - Weekly LLR Data Suggests Strong Credit Metrics, 3rd Week in Row of over +4% Loans

[Japan M&A] Pacific Industrial (7250) The MBO Is Extended After Effissimo Buys Above Terms

[Japan M&A/Activism] - Activism Wins as MBO Bidder Pays 42.4% More for Pacific Industrial (7250 JP)

[Japan M&A] Nikkei Reports Pacific Industrial (7250) To Go Private Via MBO at ¥110bn

Quiddity Advisors

Event-Driven

<ul>
<li>The MBO for <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a> starts with the father+son Chairman and CEO, - combined stake 2.92% - putting nothing in to buy this, with help from banks.</li>
<li>The Takeover Price is priced at 0.7x book, and a Net Debt to EBITDA of 2x (when adjusted for securities+pension assets+DTLs) and 5-6x average 2026-2030 FCF.</li>
<li>This is being done too cheap: Toyota is the main customer, one third of revenues comes from Japan, and the company is set for a transition to EVs.</li>
</ul>


The MBO for Pacific Industrial (7250 JP) starts with the father+son Chairman and CEO, - combined stake 2.92% - putting nothing in to buy this, with help from banks.
The Takeover Price is priced at 0.7x book, and a Net Debt to EBITDA of 2x (when adjusted for securities+pension assets+DTLs) and 5-6x average 2026-2030 FCF.
This is being done too cheap: Toyota is the main customer, one third of revenues comes from Japan, and the company is set for a transition to EVs.


[Japan M&A] Pacific Industrial (7250) MBO Officially Being Done Dirt Cheap