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

Valorant Is Good For Japanese Esports and Bad for Krafton

Capcom – The Prospects for Street Fighter 6

Capcom – Can They Keep Suppressing Profit?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Quiddity Advisors

Forensic Accounting

<ul>
<li>On Friday 13 May, two days after earnings, <a href="https://www.smartkarma.com/entities/capcom-co-ltd" target="_blank" data-smartkarma-citation="entities:1459:1" rel="noopener">Capcom Co Ltd (9697 JP)</a> announced a share buyback via Tender Offer from its CEO. </li>
<li>The Announcement talks about how buying the shares back<em> "contributes to the improvement of capital efficiency such as earnings per share (EPS) and return on equity (ROE) of the Company."</em>
</li>
<li>Then another company announcement erases 99% of that accretion, and money out the door. ROE goes up because cash goes out, and pro-forma EPS rises from ¥161.59 to ¥161.61. Whoopee!</li>
</ul>


On Friday 13 May, two days after earnings, Capcom Co Ltd (9697 JP) announced a share buyback via Tender Offer from its CEO. 
The Announcement talks about how buying the shares back "contributes to the improvement of capital efficiency such as earnings per share (EPS) and return on equity (ROE) of the Company."

Then another company announcement erases 99% of that accretion, and money out the door. ROE goes up because cash goes out, and pro-forma EPS rises from ¥161.59 to ¥161.61. Whoopee!


Capcom Co Ltd

A Word on The Capcom (9697) Buyback