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

Sumitomo Electric Industries (5802 JP) - LT Momentum Confirms Material Upside Potential in 2023

Nissin Electric (6641 JP): JPY1,700 Tender Offer from Sumitomo Electric

Sumi Elec (5802) Tender for Techno Associe Starts

Sumi Elec (5802) Tender on Techno Associe (8249) Done Too Cheap

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-electric-industries" target="_blank" data-smartkarma-citation="entities:10496:1" rel="noopener">Sumitomo Electric Industries (5802 JP)</a> is taking over to subs through tender offers. Both are light. Both this one for <a href="https://www.smartkarma.com/entities/techno-associe-co-ltd" target="_blank" data-smartkarma-citation="entities:3893:1" rel="noopener">Techno Associe (8249 JP)</a> and <strong><a href="https://www.smartkarma.com/insights/sumitomo-electric-buys-out-sub-nissin-electric-6641-at-1-700-share-ath-but-still-too-low" target="_blank" rel="noopener">the one for Nissin Electric</a></strong>.</li>
<li>Both deals are light -slightly offensive, but in different ways. The Board decisions are more offensive than the actual prices, but it's Sumi Elec buying, so those are offensive too.</li>
<li>There's a history here. Sumi Elec went to 51% at an offensively low price (EV/EBITDA below zero) in 2019. But this is probably a done deal anyway.</li>
</ul>



Sumitomo Electric Industries (5802 JP) is taking over to subs through tender offers. Both are light. Both this one for Techno Associe (8249 JP) and the one for Nissin Electric.
Both deals are light -slightly offensive, but in different ways. The Board decisions are more offensive than the actual prices, but it's Sumi Elec buying, so those are offensive too.
There's a history here. Sumi Elec went to 51% at an offensively low price (EV/EBITDA below zero) in 2019. But this is probably a done deal anyway.


Sumitomo Elec Buys Out Sub Techno Associé) At ¥1,695/Share - Insulting Explanation. Deserves More.