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 - Last Week of April Saw $22bn Loan Rise, With Cash Down $168bn

Semiconductor Tariffs. No Thanks, But If You Insist...

US Banks - Granular Weekly Data Suggest C&I Is Robust, Underlying Economy, Credit Metrics

Quiddity Advisors

Event-Driven

<ul>
<li>This deal should not come as a surprise. Bloomberg has an <a href="https://www.bloomberg.com/news/articles/2025-05-07/japan-s-tycoon-families-seek-buyouts-to-evade-investor-pressure" target="_blank" rel="noopener">article</a> out saying tycoons are taking companies private to avoid shareholder activism. It's not just that.</li>
<li>The stated reasons (competitive environment requiring faster decision-making and significant restructuring) are all kinda hot garbage. This is being done at adjusted EV/EBITDA of 4x and 10x FCF.</li>
<li>And there are no synergies counted, and half of the Adjusted EV is net receivables+inventory equal to about 2mos of revenues. This is being done too cheaply. But.... TIJ baby...</li>
</ul>


This deal should not come as a surprise. Bloomberg has an article out saying tycoons are taking companies private to avoid shareholder activism. It's not just that.
The stated reasons (competitive environment requiring faster decision-making and significant restructuring) are all kinda hot garbage. This is being done at adjusted EV/EBITDA of 4x and 10x FCF.
And there are no synergies counted, and half of the Adjusted EV is net receivables+inventory equal to about 2mos of revenues. This is being done too cheaply. But.... TIJ baby...


[Japan M&A] Son of Chairman/55%Owner Taking Imagica (6879) Private at 10x FCF, 4+x EBITDA. CHEAP.