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

Japan Activism:  Japan Catalyst Fund Calls Out Taisho Pharma Committee on MBO Price

Taisho Pharma (4581) - Slouching Activism May Not Get This Bumped

Benesse (9783) - Through Terms But Maybe Not Enough To Threaten Bump as TOB Launch Approaches

Murakami-San's Masterful Maneuvering to Stymy SBI's Shysterish Shinsei Squeezeout

SBI Shinsei Bank (8303) Calls Its EGM and Appraisal Rights Seekers Prepare for Battle

Shinsei's TOB Period Almost Done - What Next?

Quiddity Advisors

Event-Driven

<ul>
<li>Just before the close Friday, the Nikkei reported <a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a> would be the subject of an MBO in order to restructure the flagging private shinken-zemi business. And grow.</li>
<li>It turns out it is EQT and the Fukutake family at ¥2600/share - a 2-year high. Wow. It is also a ridiculously cheap price given the assets and money flows.</li>
<li>I expect this may get some people upset as the valuation methodology is dodgy and the artful (hehehe) Balance Sheet has some easter eggs, and spotted pumpkins... or something. </li>
</ul>


Just before the close Friday, the Nikkei reported Benesse Holdings (9783 JP) would be the subject of an MBO in order to restructure the flagging private shinken-zemi business. And grow.
It turns out it is EQT and the Fukutake family at ¥2600/share - a 2-year high. Wow. It is also a ridiculously cheap price given the assets and money flows.
I expect this may get some people upset as the valuation methodology is dodgy and the artful (hehehe) Balance Sheet has some easter eggs, and spotted pumpkins... or something. 


ベネッセ（9783）MBO - 2600円/株は40％以上上昇しているが、それでもまだ間違った価格だ