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

Equity Bottom-Up

On Thursday 19 March, small cap <a href="https://www.smartkarma.com/entities/doshisha-co-ltd" target="_blank" data-smartkarma-citation="entities:2097:1" rel="noopener">Doshisha Co Ltd (7483 JP)</a> made an <a href="https://www.doshisha.co.jp/dcs/wp-content/uploads/2020/03/20-03-19.pdf" target="_blank" rel="noopener">announcement</a> of a buyback of up to 2 million shares for up to ¥2.6 billion. The buyback will be conducted on-market from 23 March through 31 December. That is 5.5% of shares out.  It is a big buyback for an odd little company.Doshisha is engaged in the business of planning and developing, then procuring the manufacturing of, a wide variety of consumer discretionary (and some non-discretionary) items. They make a variety of small household electric and electronic gadgets, lifestyle sundries, watches, jewelry, branded and unbranded fashion and accessories, etc. If you have ever wandered around Tokyo and seen a pop-up shop with items like these with no brand you've ever heard of, or seen a shop with bags on sale for 50% off and nothing over about ¥20,000 a pop, it is eminently likely you have come across their products. They make a LOT of them. With markets as they are, one could look at this and say "that's nice, but look at markets." That is - as long as you are still investing - the wrong thing to say.This is a really interesting situation.

On Thursday 19 March, small cap Doshisha Co Ltd (7483 JP) made an announcement of a buyback of up to 2 million shares for up to ¥2.6 billion. The buyback will be conducted on-market from 23 March through 31 December. That is 5.5% of shares out.  It is a big buyback for an odd little company.Doshisha is engaged in the business of planning and developing, then procuring the manufacturing of, a wide variety of consumer discretionary (and some non-discretionary) items. They make a variety of small household electric and electronic gadgets, lifestyle sundries, watches, jewelry, branded and unbranded fashion and accessories, etc. If you have ever wandered around Tokyo and seen a pop-up shop with items like these with no brand you've ever heard of, or seen a shop with bags on sale for 50% off and nothing over about ¥20,000 a pop, it is eminently likely you have come across their products. They make a LOT of them. With markets as they are, one could look at this and say "that's nice, but look at markets." That is - as long as you are still investing - the wrong thing to say.This is a really interesting situation.

Big Doshisha Buyback Bundled With the BOJ