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>Every now and then, you get a tender offer proposal which is truly offensive. This is one. </li>
<li>Yes, existing ICE-related autoparts makers are under the cosh as they face down obsolesence induced by competition from EVs. Fuel tank makers like Yachiyo are at risk. </li>
<li>But this bid started at &lt;0.3x book, and ended at &lt;0.5x book, despite significant net financial assets and lots of unrecognised DTAs. </li>
</ul>


Every now and then, you get a tender offer proposal which is truly offensive. This is one. 
Yes, existing ICE-related autoparts makers are under the cosh as they face down obsolesence induced by competition from EVs. Fuel tank makers like Yachiyo are at risk. 
But this bid started at &lt;0.3x book, and ended at &lt;0.5x book, despite significant net financial assets and lots of unrecognised DTAs. 


And Now For Something Truly Offensive - Honda Pays <0.5x Book for Yachiyo

Yachiyo Industry

And Now For Something Truly Offensive - Honda Pays <0.5x Book for Yachiyo