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

Taisei (1801 JP) - In-Line Earnings, BIG Buyback, Already In The Price?

[Japan Activism?] Toyota Group Equity Affiliate and Murakami Target Aichi Steel Does Large ToSTNeT-3

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

Toyota Group Cross-Holding Structure Primer - Holdings, Unwind Progress, Buyback Policies, Etc

Denso's Big Multi-Year Toyota Industries (6201) Selldown

Toyota Industries (6201) - TMC's Sale of TI Shares Is Innocuous, TI's Valuation Remains Uncompelling

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

[JAPAN ACTIVISM] - Murakami Group Goes Activisting on Exedy (7278) - Room To Run

Quiddity Advisors

Event-Driven

<ul>
<li>13mos ago we saw a sea change. Toyota Group started the process of cross-holding unwinds. They've moved quickly. LOTS of unwinding and so far nearly ¥2trln in buybacks announced.</li>
<li>Aisin, Toyota, and Toyota Industries (TIC) sold Denso first. Then Denso sales of TIC and Renesas, then Aisin, then Exedy, now TIC is selling the rest of its Denso.</li>
<li>Denso announced lower guidance and an overwhelming buyback - as much as liquidity would allow - to offset TIC and non-life sellers. Reading between the lines, there are interesting details.</li>
</ul>


13mos ago we saw a sea change. Toyota Group started the process of cross-holding unwinds. They've moved quickly. LOTS of unwinding and so far nearly ¥2trln in buybacks announced.
Aisin, Toyota, and Toyota Industries (TIC) sold Denso first. Then Denso sales of TIC and Renesas, then Aisin, then Exedy, now TIC is selling the rest of its Denso.
Denso announced lower guidance and an overwhelming buyback - as much as liquidity would allow - to offset TIC and non-life sellers. Reading between the lines, there are interesting details.


Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More

Denso Corp

Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More