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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cmic-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15558:1" rel="noopener">CMIC Holdings (2309 JP)</a> decided to "change its business model" this past spring, transferring control of a consolidated JV and other subs to DNP. </li>
<li>The result changed the accounting, and the business model, capitalising future cashflow and net income in a "hidden" asset which may or may not be in the Financial Advisor's valuation.</li>
<li>My read is this is being done too cheaply, and the price should be 30-60% higher. But, it would be tough to block this.</li>
</ul>



CMIC Holdings (2309 JP) decided to "change its business model" this past spring, transferring control of a consolidated JV and other subs to DNP. 
The result changed the accounting, and the business model, capitalising future cashflow and net income in a "hidden" asset which may or may not be in the Financial Advisor's valuation.
My read is this is being done too cheaply, and the price should be 30-60% higher. But, it would be tough to block this.


シミック（2309 JP） - 資産隠蔽を狙った巨大ビジネスモデル計画、そしてMBO。うーん…