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

Yamada-Edion: The ¥2.5 Trillion Merger that Was Always Coming but Where Are the Benefits?

[Japan M&A] Yamada Denki (9831) And EDION (2730) Merger? Yamada Cheap But Weak Recent History

Edion (2370 JP)/Yamada (9831 JP) Potential Merger to Establish Japan’s Largest Electronics Retailer

Quiddity Advisors

Event-Driven

<ul>
<li>In early June, a Nikkei article suggested that <a href="https://www.smartkarma.com/entities/yamada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Holdings (9831 JP)</a> and <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" data-smartkarma-citation="entities:14358:1" rel="noopener">Edion Corp (2730 JP)</a> would enter talks to merge. The knee-jerk reaction? Send smaller EDION higher. </li>
<li>That was the wrong trade. Yamada was cheaper on earnings/PSR/PBR with plans to sell assets/restructure. The Yamada/EDION ratio bounced, but is flat over the past month.</li>
<li>Now we have a new fly in the ointment, and that should be good for Yamada shareholders. It's a Potentially Big Twist</li>
</ul>


In early June, a Nikkei article suggested that Yamada Holdings (9831 JP) and Edion Corp (2730 JP) would enter talks to merge. The knee-jerk reaction? Send smaller EDION higher. 
That was the wrong trade. Yamada was cheaper on earnings/PSR/PBR with plans to sell assets/restructure. The Yamada/EDION ratio bounced, but is flat over the past month.
Now we have a new fly in the ointment, and that should be good for Yamada shareholders. It's a Potentially Big Twist


[Japan M&A] Yamada HD (9831) And EDION (2730) Merger Talks See A Potentially Big Twist