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

Daito Trust (1878) Doing a ToSTNeT Buyback Which Is NOT a ToSTNeT Buyback...  Unless It Is.

Joyful Honda Conducts Japan's First* Official ASR - And It Remains Cheap on an MBO Framework

Joyful Honda: HUGE Buyback TOB - Not Meant For You, and Still Rich

LIXIL VIVA - A Story of R&R in Japan (An IPO)

Quiddity Advisors

Event-Driven

<ul>
<li>Last year, I wrote about <a href="https://www.smartkarma.com/entities/joyful-honda-co-ltd" target="_blank" data-smartkarma-citation="entities:13616:1" rel="noopener">Joyful Honda (3191 JP)</a>'s implementation of a ¥2.5bn ToSTNeT-3 into Accelerated Share Repurchase. It was the first such transaction I knew of in Japan.</li>
<li>This year, they have just announced another for nearly twice the size. It is worth looking at the details and comparing the stock vs Peers.</li>
<li>It is also worth understanding exactly what the incentives are for whom and how that impacts the path. And who might respond to it.</li>
</ul>


Last year, I wrote about Joyful Honda (3191 JP)'s implementation of a ¥2.5bn ToSTNeT-3 into Accelerated Share Repurchase. It was the first such transaction I knew of in Japan.
This year, they have just announced another for nearly twice the size. It is worth looking at the details and comparing the stock vs Peers.
It is also worth understanding exactly what the incentives are for whom and how that impacts the path. And who might respond to it.


ジョイフル本田（3191） - ASRが2倍の規模で回復