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

Canon Buyback - 18th in a Row at the Same Size, But This Time With a Running Head Start

Assessing the Canon Buyback and Follow-On Performance

Canon Strikes Again. One Buyback Done, Another Begins. Shareholder Structure STILL Matters

Canon (7751) - Second Buyback This Year - Last Happened in 2014

Looking at Canon Buyback Dynamics History - Patterns Vs Peers Gives Execution Hints

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> has announced two buyback programs this year of ¥50bn each. <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a> announced one in May for ¥30bn. </li>
<li>The result is 2.9% bought back vs 4.4%. The accretion nod goes to Ricoh. But so does the overhang nod going forward.  Effissimo+Crossholders is 40% for Ricoh. Mid20s for Canon.</li>
<li>Buyback impact-related trade timing has worked for Canon. Ricoh's buyback ends imminently. There may be a trade to do here.</li>
</ul>



Canon Inc (7751 JP) has announced two buyback programs this year of ¥50bn each. Ricoh Company Ltd (7752 JP) announced one in May for ¥30bn. 
The result is 2.9% bought back vs 4.4%. The accretion nod goes to Ricoh. But so does the overhang nod going forward.  Effissimo+Crossholders is 40% for Ricoh. Mid20s for Canon.
Buyback impact-related trade timing has worked for Canon. Ricoh's buyback ends imminently. There may be a trade to do here.


Canon Buyback Done, Ricoh's Done Shortly, Back To Your Regularly Scheduled Program