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

Shimizu Corp Partial Offer for Nippon Road (1884 JP) May Get Interesting

Tokyo Kikai Seisakusho (6335) - Shareholders Approve Poison Pill

Quiddity Advisors

Event-Driven

<ul>
<li>In February 2022, <a href="https://www.smartkarma.com/entities/shimizu-corp" target="_blank" data-smartkarma-citation="entities:8530:1" rel="noopener">Shimizu Corp (1803 JP)</a> bought an additional 25% to get to 50.1% of <a href="https://www.smartkarma.com/entities/nippon-road-co-ltd" target="_blank" data-smartkarma-citation="entities:12581:1" rel="noopener">Nippon Road (1884 JP)</a>. It wasn't a great price.</li>
<li>It was, however, a good trade to buy the dip after, as recommended. I expected Shimizu to come back in one to three years. It took three. </li>
<li>Like last time, the price is light. The multiple is low. There are no synergies in the price analysis, in specific violation of the METI Fair M&amp;A/CorpTakeover Guidelines.  Bah humbug.</li>
</ul>


In February 2022, Shimizu Corp (1803 JP) bought an additional 25% to get to 50.1% of Nippon Road (1884 JP). It wasn't a great price.
It was, however, a good trade to buy the dip after, as recommended. I expected Shimizu to come back in one to three years. It took three. 
Like last time, the price is light. The multiple is low. There are no synergies in the price analysis, in specific violation of the METI Fair M&amp;A/CorpTakeover Guidelines.  Bah humbug.


[Japan M&A] - Three+ Years Later, Shimizu Comes In To Buy Out Minorities in Nippon Road (1884)