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

HK Banks - Credit Growth Improves, but Property Worsening. LDR Continues to Move Lower.

TSI Buys Freak’s Store Owner Daytona International

TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

TSI Holdings (3608) - New Year, New Buyback, Still Good, Still Cheap

TSI Holdings (3608) - Yet Another Big Buyback; Still Good, Still Cheap, Now W/ Engagement Investors

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Quiddity Advisors

Event-Driven

<ul>
<li>A bit over three years ago I <strong><a href="https://www.smartkarma.com/insights/tsi-holdings-3608-that-old-gem-lots-of-visible-cash-and-lots-more-invisible-cash" target="_blank" rel="noopener">re-wrote</a></strong> on <a href="https://www.smartkarma.com/entities/tsi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:19259:1" rel="noopener">Tsi Holdings (3608 JP)</a>. Then? EV/Revenue and EV/EBITDA of 0.03x and 0.5x respectively. I pounded the table. </li>
<li>My recommended trade: <em>"Buy the stock (preferably from cross-holders interested in selling). Buy with both hands. Buy a lot. Buy more later. Pressure the company to go private."</em>
</li>
<li>Since then, total return has been +295%. Today they announced another buyback. Tomorrow morning it gets done. Details details details!</li>
</ul>


A bit over three years ago I re-wrote on Tsi Holdings (3608 JP). Then? EV/Revenue and EV/EBITDA of 0.03x and 0.5x respectively. I pounded the table. 
My recommended trade: "Buy the stock (preferably from cross-holders interested in selling). Buy with both hands. Buy a lot. Buy more later. Pressure the company to go private."

Since then, total return has been +295%. Today they announced another buyback. Tomorrow morning it gets done. Details details details!


TSI Holdings (3608) - YET ANOTHER Big Buyback, Still Good, Still Cheap, But B/S Restructuring Slow