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

HSBC - 1H25 Tables & Data, Clear Risks, Even if Not Stated in Headlines

HK Banks - Dah Sing's Credit Costs in Macau and China Rose 4x YoY in 1H25

[Japan M&A/Activism] Ashimori Industry (3526 JP) Minimum Lower, May Be a Tough Call

Toyota Group Cross-Holding Structure Primer - Holdings, Unwind Progress, Buyback Policies, Etc

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

[JAPAN ACTIVISM] - Murakami Group Goes Activisting on Exedy (7278) - Room To Run

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> subsidiary <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> is buying out its own equity affiliate <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a> at a near-all-time high price of ¥4,140/share.</li>
<li>It's not a <em>great</em> price, but it is just over 1x book after writedowns this past quarter. It basically requires cross-holders and half a retail to tender. </li>
<li>But this autoparts business is a strong grower, and has no EV risk. And its non-autoparts business is more interesting. The "fair" multiples are low. But it'll get done.</li>
</ul>



Toyota Motor (7203 JP) subsidiary Toyoda Gosei (7282 JP) is buying out its own equity affiliate Ashimori Industry (3526 JP) at a near-all-time high price of ¥4,140/share.
It's not a great price, but it is just over 1x book after writedowns this past quarter. It basically requires cross-holders and half a retail to tender. 
But this autoparts business is a strong grower, and has no EV risk. And its non-autoparts business is more interesting. The "fair" multiples are low. But it'll get done.


[Japan M&A] Toyoda Gosei Buys Out Affiliate Ashimori Industry at 1.000x Mar25 Book