Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

<ul>
<li>This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>Please play with nifty interactive tables+charts. We welcome feedback. This 4-day week saw RMB 17.5bn+ of net selling. Back to the trenches!</li>
</ul>


This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
Please play with nifty interactive tables+charts. We welcome feedback. This 4-day week saw RMB 17.5bn+ of net selling. Back to the trenches!


Quiddity Mainland Connect NORTHBOUND Flows (To 28Sep23) : Wuxi Apptec, Longi Green BUYS, BYD a SELL

China Vanke Co., Ltd. is a property development company.  The Company develops residential properties in Shenzhen, Shanghai, Beijing, Tianjin, Shenyang, Nanjing, and other big cities in China.

<ul>
<li>This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 4-day week saw HKD 14.0bn+ of net buying. That makes 11 weeks of net inflows.</li>
</ul>


This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 4-day week saw HKD 14.0bn+ of net buying. That makes 11 weeks of net inflows.


Quiddity HK Connect SOUTHBOUND Flows (Week to 28Sep23) : Meituan, Tencent, Kuaishou and Banks

SBI Shinsei Bank, Ltd. provides banking services including deposits, loans, and foreign exchange transaction, as well as investment trust service and issuance of long-term bonds.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> takeout of <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> was opportunistic - done at a price SBI Shinsei's Board considered not reasonable. Until it changed its mind.</li>
<li>I had thought appraisal rights a great trade. I also thought it a good trade to own the back end, but that involved one holder putting ¥55bn on the table. </li>
<li>Activist Murakami-san's S Grant Corporation has done that. It will own one share of 8 post-consolidation on Monday. They are now equal shareholders with the govt entities.  Wow.</li>
</ul>


The SBI Holdings (8473 JP) takeout of SBI Shinsei Bank (8303 JP) was opportunistic - done at a price SBI Shinsei's Board considered not reasonable. Until it changed its mind.
I had thought appraisal rights a great trade. I also thought it a good trade to own the back end, but that involved one holder putting ¥55bn on the table. 
Activist Murakami-san's S Grant Corporation has done that. It will own one share of 8 post-consolidation on Monday. They are now equal shareholders with the govt entities.  Wow.


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

Kasumigaseki Capital Co.,Ltd. provides solar plant construction and development services. The Company offers electricity transmission, power system management, network maintenance, and other services. Kasumigaseki Capital serves customers in Japan.

<ul>
<li>Real estate consultant/developer/speculator <a href="https://www.smartkarma.com/entities/kasumigaseki-capital-co-ltd" target="_blank" data-smartkarma-citation="entities:40162:1" rel="noopener">Kasumigaseki Capital (3498 JP)</a> announced Friday that it would move from TSE Growth to TSE Prime on 6 October. </li>
<li>The stock was on the list of top potential candidates in <a href="https://www.smartkarma.com/insights/topix-inclusions-who-is-ready-sep-2023" target="_blank" data-smartkarma-citation="insights:112689" rel="noopener">TOPIX Inclusions: Who Is Ready (Sep 2023)</a> (and has been for nearly a year). It's a good list.</li>
<li>This event leads to a TOPIX inclusion on 29 November. Analysis below.</li>
</ul>


Real estate consultant/developer/speculator Kasumigaseki Capital (3498 JP) announced Friday that it would move from TSE Growth to TSE Prime on 6 October. 
The stock was on the list of top potential candidates in TOPIX Inclusions: Who Is Ready (Sep 2023) (and has been for nearly a year). It's a good list.
This event leads to a TOPIX inclusion on 29 November. Analysis below.


Kasumigaseki Capital (3498) Moving To TOPIX End-November

Keiyo Co., Ltd. operates a home center chain based in Chiba.  The Company sells DIY (do it yourself) goods, gardening goods, pet goods, household utensils, and leisure goods.

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:13042:1" rel="noopener">DCM Holdings (3050 JP)</a> announced it would launch a friendly takeover by Tender Offer for <a href="https://www.smartkarma.com/entities/keiyo-co-ltd" target="_blank" data-smartkarma-citation="entities:14415:1" rel="noopener">Keiyo Co Ltd (8168 JP)</a> </li>
<li>This is totally not a surprise. They signed a Business and Capital Alliance in 2017. DCM bought more at a premium last autumn. This takeover was obvious in the long-term.</li>
<li>There are enough friendly holders to get this done. Activism would be hard unless it was really cheap, which it does not seem to be, but process wasn't great. 
</li>
</ul>


Today after the close, DCM Holdings (3050 JP) announced it would launch a friendly takeover by Tender Offer for Keiyo Co Ltd (8168 JP) 
This is totally not a surprise. They signed a Business and Capital Alliance in 2017. DCM bought more at a premium last autumn. This takeover was obvious in the long-term.
There are enough friendly holders to get this done. Activism would be hard unless it was really cheap, which it does not seem to be, but process wasn't great. 



DCM Takeover for Keiyo (8168) - Pretty Easy Deal

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.

Travis Lundy
Pan-Asia Catalysts/Events
• Quiddity Advisors

Quiddity Mainland Connect NORTHBOUND Flows (To 28Sep23) : Wuxi Apptec, Longi Green BUYS, BYD a SELL

The Quiddity Mainland Connect Monitor, offering data on liquid names and interactive tables and charts. This week saw significant net selling of...

Travis Lundy

Quiddity HK Connect SOUTHBOUND Flows (Week to 28Sep23) : Meituan, Tencent, Kuaishou and Banks

The Quiddity HK Connect SOUTHBOUND Monitor, offering data on liquid names and interactive tables+charts. This week saw HKD 14.0bn+ of net buying,...

Travis Lundy

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

SBI's takeover of SBI Shinsei Bank was opportunistic - too cheap, but the govt holding format held weakness. One could fight via appraisal rights...

Travis Lundy

Kasumigaseki Capital (3498) Moving To TOPIX End-November

Real estate development consultant/asset mgr Kasumigaseki Capital (3498) was in the "TOPIX Who Is Ready" list most of the last year. Now they are...

Travis Lundy

DCM Takeover for Keiyo (8168) - Pretty Easy Deal

National home center chain DCM (3050) had a Business and Capital Alliance with Chiba-based home center chain Keiyo. Now DCM is taking it over....

Travis Lundy

Quiddity Mainland Connect NORTHBOUND Flows (To 28Sep23) : Wuxi Apptec, Longi Green BUYS, BYD a SELL

The Quiddity Mainland Connect Monitor, offering data on liquid names and interactive tables and charts. This week saw significant net selling of...

Travis Lundy

Quiddity HK Connect SOUTHBOUND Flows (Week to 28Sep23) : Meituan, Tencent, Kuaishou and Banks

The Quiddity HK Connect SOUTHBOUND Monitor, offering data on liquid names and interactive tables+charts. This week saw HKD 14.0bn+ of net buying,...

Travis Lundy

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

​SBI's takeover of SBI Shinsei Bank was opportunistic - too cheap, but the govt holding format held weakness. One could fight via appraisal rights...

Travis Lundy

Kasumigaseki Capital (3498) Moving To TOPIX End-November

Real estate development consultant/asset mgr Kasumigaseki Capital (3498) was in the "TOPIX Who Is Ready" list most of the last year. Now they are...

Travis Lundy

DCM Takeover for Keiyo (8168) - Pretty Easy Deal

National home center chain DCM (3050) had a Business and Capital Alliance with Chiba-based home center chain Keiyo. Now DCM is taking it over....

Travis Lundy

SBI's takeover of SBI Shinsei Bank was opportunistic - too cheap, but the govt holding format held weakness. One could fight via appraisal rights...