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

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/yamaha-corp" target="_blank" data-smartkarma-citation="entities:17841:1" rel="noopener">Yamaha Corp (7951 JP)</a> announced Q3 earnings (<a href="https://www.yamaha.com/en/ir/library/flash-report/pdf/frepo-2025-q3.pdf" target="_blank" rel="noopener">results</a>, <a href="https://www.yamaha.com/en/ir/library/presentations/pdf/2025/pres-250205e.pdf" target="_blank" rel="noopener">presentation</a>, <a href="https://www.yamaha.com/en/ir/library/presentations/pdf/2025/outline3q.pdf" target="_blank" rel="noopener">metrics</a>), a <a href="https://www.yamaha.com/en/news_release/files/news/25020502/pdf/2502050201.pdf" target="_blank" rel="noopener">change in full-year guidance</a> (revs unch'd, OP -10.8%, NP -25%), and <a href="https://www.yamaha.com/en/news_release/files/news/25020504/pdf/2502050401.pdf" target="_blank" rel="noopener">a large buyback</a>. </li>
<li>9M Revenue up yoy but China sales slower OP up yoy (audio business, SG&amp;A cuts), but FY revised lower due to restructuring (impairment, retirement expenses). Looks worse than it is.</li>
<li>The buyback is interesting, and large. And investors should be aware of the modalities. </li>
</ul>


Yesterday, Yamaha Corp (7951 JP) announced Q3 earnings (results, presentation, metrics), a change in full-year guidance (revs unch'd, OP -10.8%, NP -25%), and a large buyback. 
9M Revenue up yoy but China sales slower OP up yoy (audio business, SG&amp;A cuts), but FY revised lower due to restructuring (impairment, retirement expenses). Looks worse than it is.
The buyback is interesting, and large. And investors should be aware of the modalities. 


Yamaha Corp (7951) BIG Buyback May Be Followed By More Later