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

Event-Driven

<ul>
<li>Two years ago, generic pharmaceuticals co <a href="https://www.smartkarma.com/entities/sawai-group-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:35512:1" rel="noopener">Sawai Group Holdings (4887 JP)</a> traded at 10x PER, 6% ROE, and far below book. 10mos ago the price got back to 1x PBR.</li>
<li>By then, their US sub had partly been put into "Current Assets AFS" as it was for sale. By Dec23, it was completely there. In Jan, a "business review" <a href="https://pdf.irpocket.com/C4887/ZoWa/Jdfs/MhK5.pdf" target="_blank" rel="noopener">announcement</a>.</li>
<li>The US business sale led to <a href="https://pdf.irpocket.com/C4887/RLCz/a3oE/RxQz.pdf" target="_blank" rel="noopener">a loss, but growth this year</a>, and a <a href="https://pdf.irpocket.com/C4887/BbNL/QAgJ/DjCb.pdf" target="_blank" rel="noopener">new MTMP</a> in early June. Monday, we got a HUGE buyback announcement. Today, an 8+% pop.</li>
</ul>


Two years ago, generic pharmaceuticals co Sawai Group Holdings (4887 JP) traded at 10x PER, 6% ROE, and far below book. 10mos ago the price got back to 1x PBR.
By then, their US sub had partly been put into "Current Assets AFS" as it was for sale. By Dec23, it was completely there. In Jan, a "business review" announcement.
The US business sale led to a loss, but growth this year, and a new MTMP in early June. Monday, we got a HUGE buyback announcement. Today, an 8+% pop.


Sawai Group (4887) - BIGLY Buyback To "Drastically" Change Capital Structure