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

Toshiba – After Crunching the Numbers We Believe Guidance Could Be Punchy

Toshiba TOPIX Inclusion - Weak Excess Volume So Far

Historical TOPIX Inclusions:  What Flavor Performs Best?

TOPIX Inclusions:  New Regulations! Who Is READY? 2.0

TOPIX Inclusion (4251 JP): KEIWA Incorporated

TOPIX Inclusion (4931 JP): Shinnihonseiyaku

Quiddity Advisors

Event-Driven

<p><a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a> was for many years the small sad portion of the Alps/Alpine/AlpsLogistics corporate capital structure. There were times when one could play the parent vs the sub, or vs the subs, but it was never very worthwhile. </p><p>When Alps took over Alpine, it looked perhaps like it would be a situation where the rest of the capital ownership would be rationalized. Unfortunately not. </p><p>The fact that <a href="https://www.smartkarma.com/entities/alps-alpine-co-ltd" target="_blank" data-smartkarma-citation="entities:12001:1" rel="noopener">Alps (6770 JP)</a> and <a href="https://www.smartkarma.com/entities/alpine-electronics-inc" target="_blank" data-smartkarma-citation="entities:2704:1" rel="noopener">Alpine Electronics (6816 JP)</a> together engaged in awful governance for shareholders - with Alpine effectively gaslighting its own shareholders about the necessity of holding cash as a non-financial asset, and Alps going along with it despite its obligations to minority shareholders of its subsidiary but then later deciding that post-merger it was going to spend Alpine's cash for them - showing everyone Alpine did not need it - hopes for a good governance solution to the undervaluation of Alps Logistics were certainly diminished.</p><h2>The NEW News</h2><p>Today, the TSE announced that Alps Logistics would move to the TSE's First Section. It meets all the new TSE1 Listing Criteria which went into effect November 1st, but probably applied under the old rules. In any case, this is big news. Under the Quiddity TOPIX Inclusion Framework, Alps Logistics is SUPER GREEN.</p><section><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/182/465/original/image?1610624126" class="editor-image img-responsive" data-smartkarma-image-id="182465"></figure><p></p></section><p>That's good. </p><p>However, someone appears to have figured this news out three days ago. Since Tuesday AM, the stock is up 32%. </p><p>And as always after that kind of introduction, there is more below the fold.</p>

Alps Logistics (9055 JP) was for many years the small sad portion of the Alps/Alpine/AlpsLogistics corporate capital structure. There were times when one could play the parent vs the sub, or vs the subs, but it was never very worthwhile. When Alps took over Alpine, it looked perhaps like it would be a situation where the rest of the capital ownership would be rationalized. Unfortunately not. The fact that Alps (6770 JP) and Alpine Electronics (6816 JP) together engaged in awful governance for shareholders - with Alpine effectively gaslighting its own shareholders about the necessity of holding cash as a non-financial asset, and Alps going along with it despite its obligations to minority shareholders of its subsidiary but then later deciding that post-merger it was going to spend Alpine's cash for them - showing everyone Alpine did not need it - hopes for a good governance solution to the undervaluation of Alps Logistics were certainly diminished.The NEW NewsToday, the TSE announced that Alps Logistics would move to the TSE's First Section. It meets all the new TSE1 Listing Criteria which went into effect November 1st, but probably applied under the old rules. In any case, this is big news. Under the Quiddity TOPIX Inclusion Framework, Alps Logistics is SUPER GREEN.That's good. However, someone appears to have figured this news out three days ago. Since Tuesday AM, the stock is up 32%. And as always after that kind of introduction, there is more below the fold.

Alps Logistics

TOPIX Inclusion: Alps Logistics (9055)