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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Quiddity Advisors

Event-Driven

Capitaland Commercial Trust / Event-Driven

A bit more than 18 months after the first Singapore REIT merger (Viva Industrial and ESR REIT) which was seen as a catalyst for S-REIT consolidation among the smaller REITs, we have the first proposed Singapore REIT mega-merger which explicitly targets scale deemed necessary to allow them to go compete across the region. This morning, the giant retail REIT <a href="https://www.smartkarma.com/entities/capitaland-mall-trust" target="_blank" data-smartkarma-citation="entities:105:1" rel="noopener">Capitaland Mall Trust (CT SP)</a> and office REIT <a href="https://www.smartkarma.com/entities/capitaland-commercial-trust" target="_blank" data-smartkarma-citation="entities:1077:1" rel="noopener">Capitaland Commercial Trust (CCT SP)</a> announced a merger where Capitaland Mall will absorb CCT in a merger for scrip and cash which will create by far the largest S-REIT, and a REIT which will be among the top three in Asia by pro-forma market cap. <a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55:1" rel="noopener">Capitaland Ltd (CAPL SP)</a> owns 28.48% of Capitaland Mall Trust and 29.37% of Capitaland Commercial Trust and through the merger would end up owning 29.1% of the combined entity. It will abstain in all merger-related votes.It's DPU accretive to everyone (because CMT takes on debt) so it probably gets past unitholders easily enough, and it's kind of a big deal.

A bit more than 18 months after the first Singapore REIT merger (Viva Industrial and ESR REIT) which was seen as a catalyst for S-REIT consolidation among the smaller REITs, we have the first proposed Singapore REIT mega-merger which explicitly targets scale deemed necessary to allow them to go compete across the region. This morning, the giant retail REIT Capitaland Mall Trust (CT SP) and office REIT Capitaland Commercial Trust (CCT SP) announced a merger where Capitaland Mall will absorb CCT in a merger for scrip and cash which will create by far the largest S-REIT, and a REIT which will be among the top three in Asia by pro-forma market cap. Capitaland Ltd (CAPL SP) owns 28.48% of Capitaland Mall Trust and 29.37% of Capitaland Commercial Trust and through the merger would end up owning 29.1% of the combined entity. It will abstain in all merger-related votes.It's DPU accretive to everyone (because CMT takes on debt) so it probably gets past unitholders easily enough, and it's kind of a big deal. 

Capitaland Integrated Commercial Trust (CICT SP)

Capitaland Mall and Commercial REIT Merger - It's BIG