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

Benesse (9783) - Tender Offer To Launch; No Change in Terms (¥2,600/Share)

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

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>When the announcement for an MBO for <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> was made in November, they suggested it would take 3 months for approvals to launch. SAMR <a href="https://www.samr.gov.cn/fldes/ajgs/wtjjz/art/2024/art_72fb6a2d138a4480a80a64e26a5564b4.html" target="_blank" rel="noopener">announced</a> approval Wednesday.</li>
<li>Japan approval should be (or have been) easy. One might expect this deal to launch prior to "early February". The stock is trading through terms.... but...</li>
<li>A reminder that this stock is TOO CHEAP. Bad management means low expectations means a decent premium still ends up at too low a price vs management's own forecasts.</li>
</ul>


When the announcement for an MBO for Benesse Holdings (9783 JP) was made in November, they suggested it would take 3 months for approvals to launch. SAMR announced approval Wednesday.
Japan approval should be (or have been) easy. One might expect this deal to launch prior to "early February". The stock is trading through terms.... but...
A reminder that this stock is TOO CHEAP. Bad management means low expectations means a decent premium still ends up at too low a price vs management's own forecasts.


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