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] Hisamitsu (4530 JP) Continues To Trade Through the Price But Not A Great Bet IMO

Hisamitsu Pharma (4530 JP): New Products Take Mantle as Salonpas, Mohrus Slows, Guidance Reiterated

Hisamitsu Pharmaceutical (4530 JP): Guidance Reiterated Amid Seemingly Temporary Hiccup in Q1FY26

Hisamitsu Pharmaceutical (4530 JP): Salonpas Holds Fort; New Products Ramp-Up; Stable FY26 Expected

Quiddity Advisors

Event-Driven

Hisamitsu Pharmaceutical Co / Event-Driven

<ul>
<li>A Bloomberg article mid-morning suggests the 53yr old CEO - a member of the founding family of <a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> will launch a ~¥450bn MBO with bank financing.</li>
<li>Revenues are growing. Earnings less so. It's not well-covered. It's an old company with LOTS of cross-holdings and cash. The family doesn't own much but crossholders do.</li>
<li>Valuation vs Future Earnings are a question. There are some private holdings which may be worth more than their book value but this may be tough to block. </li>
</ul>


A Bloomberg article mid-morning suggests the 53yr old CEO - a member of the founding family of Hisamitsu Pharmaceutical Co (4530 JP) will launch a ~¥450bn MBO with bank financing.
Revenues are growing. Earnings less so. It's not well-covered. It's an old company with LOTS of cross-holdings and cash. The family doesn't own much but crossholders do.
Valuation vs Future Earnings are a question. There are some private holdings which may be worth more than their book value but this may be tough to block. 


[Japan M&A] Reports of Hisamitsu "Family" MBO at ~¥450bn (Suggests ¥6400) Preview