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

[Japan Offering] Kawasaki Heavy Offering Details Out

[Japan Offering] Kawasaki Heavy (7012) Deal Probably Prices Today

KHI (7012 JP): Production Upgrades & Drone Deal with Airbus

Quiddity Advisors

Equity Capital Markets

Kawasaki Heavy Industries / Equity Capital Markets

<ul>
<li>Today Reuters carried an article suggesting <a href="https://www.smartkarma.com/entities/kawasaki-heavy-industries" target="_blank" data-smartkarma-citation="entities:8790:1" rel="noopener">Kawasaki Heavy Industries (7012 JP)</a> would soon announce a ¥200bn capital raise - combo equity and convertible bond offering - in an ABO. </li>
<li>¥200bn would be a 23% increase in equity but about 6-7% dilution in realtime (equity+CB delta). ¥100bn of each would be 3x ADV, 4.8% of Shs Out, 10.7% of MRWF.</li>
<li>The shares fell 8% today, putting them 13% off the recent high as a ratio against MitHeavy+IHI. The shares aren't cheap, but this looks to be "easy."</li>
</ul>


Today Reuters carried an article suggesting Kawasaki Heavy Industries (7012 JP) would soon announce a ¥200bn capital raise - combo equity and convertible bond offering - in an ABO. 
¥200bn would be a 23% increase in equity but about 6-7% dilution in realtime (equity+CB delta). ¥100bn of each would be 3x ADV, 4.8% of Shs Out, 10.7% of MRWF.
The shares fell 8% today, putting them 13% off the recent high as a ratio against MitHeavy+IHI. The shares aren't cheap, but this looks to be "easy."


[Japan Offering] Kawasaki Heavy (7012 JP) Looking at an Offering