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

Japan Activism:  Japan Catalyst Fund Calls Out Taisho Pharma Committee on MBO Price

Taisho Pharma (4581) - Slouching Activism May Not Get This Bumped

Benesse (9783) - Through Terms But Maybe Not Enough To Threaten Bump as TOB Launch Approaches

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

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>Just before the close Friday, the Nikkei reported <a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a> would be the subject of an MBO in order to restructure the flagging private shinken-zemi business. And grow.</li>
<li>It turns out it is EQT and the Fukutake family at ¥2600/share - a 2-year high. Wow. It is also a ridiculously cheap price given the assets and money flows.</li>
<li>I expect this may get some people upset as the valuation methodology is dodgy and the artful (hehehe) Balance Sheet has some easter eggs, and spotted pumpkins... or something. </li>
</ul>


Just before the close Friday, the Nikkei reported Benesse Holdings (9783 JP) would be the subject of an MBO in order to restructure the flagging private shinken-zemi business. And grow.
It turns out it is EQT and the Fukutake family at ¥2600/share - a 2-year high. Wow. It is also a ridiculously cheap price given the assets and money flows.
I expect this may get some people upset as the valuation methodology is dodgy and the artful (hehehe) Balance Sheet has some easter eggs, and spotted pumpkins... or something. 


Benesse (9783) MBO - ¥2600/Share Is Up 40+% But It Is Still the Wrong Price