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

Indian IT Services: Valuation and Earnings Levels Suggest We Are Nearing the Point-Of-Peak-Optimism

Indian IT Consulting Stocks Resuming Uptrends; Buy Tata Consultancy Svcs, Infosys, & Wipro

Indian IT Services: What Justified PE Ratios Tell Us About Sustainable Growth Expectations

How Indian Buyback Offers Work - The Wipro Example

Quiddity Advisors

Event-Driven

On the 4th of October, <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> made an <a href="https://www.tcs.com/content/dam/tcs/pdf/discover-tcs/investor-relations/corporate-actions/2020-21/proposal-buyback-equity-shares-company-october-2020.pdf" target="_blank" rel="noopener">announcement</a> to the Exchange to the effect that its Board would on the 7th of October consider a buyback. 
On the 7th, the Board duly considered the buyback and afterwards announced that it had approved a proposal to buy back up to 53,333,333 shares (five crore thirty three lakh thirty three thousand three hundred and thirty three shares only) for an aggregative amount of INR 16,000 crore or INR 160 billion (US$2.18bn), which is 1.42% of shares out. 
It looks small, but there have been two previous buybacks which were worth looking at when they came around. They were 1.99% and 2.85% and were done at similar premia. The structure of these buybacks was different than the structure of the <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> buybacks discussed in <a href="https://www.smartkarma.com/insights/how-indian-buyback-offers-work-the-wipro-example" target="_blank" data-smartkarma-citation="insights:44215" rel="noopener">How Indian Buyback Offers Work - The Wipro Example</a>. 
That first insight is worth a read to know how they work. 
This one is potentially a much more interesting event.

On the 4th of October, Tata Consultancy Svcs (TCS IN) made an announcement to the Exchange to the effect that its Board would on the 7th of October consider a buyback. 
On the 7th, the Board duly considered the buyback and afterwards announced that it had approved a proposal to buy back up to 53,333,333 shares (five crore thirty three lakh thirty three thousand three hundred and thirty three shares only) for an aggregative amount of INR 16,000 crore or INR 160 billion (US$2.18bn), which is 1.42% of shares out. 
It looks small, but there have been two previous buybacks which were worth looking at when they came around. They were 1.99% and 2.85% and were done at similar premia. The structure of these buybacks was different than the structure of the Wipro Ltd (WPRO IN) buybacks discussed in How Indian Buyback Offers Work - The Wipro Example. 
That first insight is worth a read to know how they work. 
This one is potentially a much more interesting event. 

Tata Consultancy Share Buyback Offer - The Numbers Are Interesting