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

Quiddity Advisors

Equity Capital Markets

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/ckd-corp" target="_blank" data-smartkarma-citation="entities:15225:1" rel="noopener">Ckd Corp (6407 JP)</a> announced a secondary offering where multiple banks and an insurer will sell shares. Other banks and corporates and various mutual ownership associations will still hold.</li>
<li>The offering is "small" at 6x ADV and 6% but the stock is well held by actives already. Only 13% of Max Real World Float on offer here but... overhang.</li>
<li>The company is in the right AI/semicon/machinery space (stock up big last 18mos) but it isn't <em>dirt</em> cheap and expected growth is slower than you'd like for the multiple.</li>
</ul>


Yesterday, Ckd Corp (6407 JP) announced a secondary offering where multiple banks and an insurer will sell shares. Other banks and corporates and various mutual ownership associations will still hold.
The offering is "small" at 6x ADV and 6% but the stock is well held by actives already. Only 13% of Max Real World Float on offer here but... overhang.
The company is in the right AI/semicon/machinery space (stock up big last 18mos) but it isn't dirt cheap and expected growth is slower than you'd like for the multiple.


[Japan Offering] CKD (6407 JP) Sees Banks and an Insurer Sell; Buyback but Index Selling Offsets