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

Bank of Kyoto (8369) - A Complicated Risk Model Clarified

JAPAN ACTIVISM:  Silchester Goes After Bank of Kyoto

JAPAN ACTIVISM:  Silchester Goes After Shiga Bank

Hokuhoku Financial (8377 JP) Buyback Worth Looking At

Bank of Kyoto (8369) - A Deeply Discounted Holdco Which Will Likely Not Monetize

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

Quiddity Advisors

Event-Driven

<ul>
<li>In late May 2021 I wrote <a href="https://www.smartkarma.com/insights/bank-of-kyoto-8369-a-deeply-discounted-holdco-which-will-likely-not-monetize" target="_blank" data-smartkarma-citation="insights:52111" rel="noopener">Bank of Kyoto (8369) - A Deeply Discounted Holdco Which Will Likely Not Monetize</a>. I discussed valuation and appropriate portfolio and business discounting methodologies.</li>
<li>I followed up in <a href="https://www.smartkarma.com/insights/bank-of-kyoto-8369-cheaper-now" target="_blank" rel="noopener">July</a> suggesting it might be a buy at the bottom of the recent discount range, but that the model required External Pressure to get BIG gains.</li>
<li>Yesterday, 21 months after the current Mid-Term Management Plan upped target payout ratio from 25% to 30%, <a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> raised target payout ratio to 50%.</li>
</ul>


In late May 2021 I wrote Bank of Kyoto (8369) - A Deeply Discounted Holdco Which Will Likely Not Monetize. I discussed valuation and appropriate portfolio and business discounting methodologies.
I followed up in July suggesting it might be a buy at the bottom of the recent discount range, but that the model required External Pressure to get BIG gains.
Yesterday, 21 months after the current Mid-Term Management Plan upped target payout ratio from 25% to 30%, Bank of Kyoto (8369 JP) raised target payout ratio to 50%.


Bank of Kyoto (8369 JP) Raises Payout Ratio - But It's a Complicated Risk Model