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

Effissimo, Sanken, and Allegro - Thinking About the Future

Sanken (6707)| Attractive for Activists and Growth Investors

CRE: "Beauty is in the Eye of the Beer Holder"

291 HK: Jon's Beer is Now Really, Really Cheap

Jon's Beer is Even Cheaper!  Arb Calcs III - The Revision

Event-Driven

China Resources Beer Holdings / Event-Driven

(4 Aug 2015) I realized when I got a few comments back on my tables published earlier <a href="http://www.smartkarma.com/insights/cre-beauty-is-in-the-eye-of-the-beer-holder" target="_blank">here</a> that EV/EBITDA is a sensitive calculation. The calculations embedded were offered as part of Jon's piece (and later the first few of mine I believe) but it is worthwhile asking. What are the inputs?EV is usually defined to be   EV = MarketCap + Net Debt + Pref Shares + Minority Interest.People are willing to say it is OK for PER to be 'high' because, well, it is a beer company and they have minority interests and such. The REAL way to look at a beer company is EV/EBITDA. Why?And pre-supposing the answer is "Because", one could ask "How?"And the answer is, well, a couple of ways... [ed: there goes Accounting 101]In this piece I look at two ways of calculating EV based off the numbers in the Circular of July 8 (which is appended to the piece <a href="http://www.smartkarma.com/insights/cre-beauty-is-in-the-eye-of-the-beer-holder" target="_blank">here</a>, or available on the HKEx website or your favorite data service).The question is does it matter? My answer is - if you are suitably prepared, no. But to some people it probably should.More below the fold.

(4 Aug 2015) I realized when I got a few comments back on my tables published earlier here that EV/EBITDA is a sensitive calculation. The calculations embedded were offered as part of Jon's piece (and later the first few of mine I believe) but it is worthwhile asking. What are the inputs?EV is usually defined to be   EV = MarketCap + Net Debt + Pref Shares + Minority Interest.People are willing to say it is OK for PER to be 'high' because, well, it is a beer company and they have minority interests and such. The REAL way to look at a beer company is EV/EBITDA. Why?And pre-supposing the answer is "Because", one could ask "How?"And the answer is, well, a couple of ways... [ed: there goes Accounting 101]In this piece I look at two ways of calculating EV based off the numbers in the Circular of July 8 (which is appended to the piece here, or available on the HKEx website or your favorite data service).The question is does it matter? My answer is - if you are suitably prepared, no. But to some people it probably should.More below the fold.

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