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

Absolutely GINORMOUS Citizen Watch (7762 JP) Buyback

Japan's Governance Changes I - The PBR 1.0 Target

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

<ul>
<li>In mid-February 2023, <a href="https://www.smartkarma.com/entities/citizen-watch-co-ltd" target="_blank" data-smartkarma-citation="entities:8571:1" rel="noopener">Citizen Watch (7762 JP)</a> announced another buyback. It had averaged nearly two small buybacks a year for the past four years for a total of ¥10bn.</li>
<li>This new one was ¥40bn, which assuming a 20% share price jump was 12% of ADV for a year. Bigly! We got the 20% jump, then not much more.</li>
<li>But Citizen has been buying fiercely. In the first 25 days of trading they averaged 25.8% of volume and bought back 11.5% of shares out. There's a story here. </li>
</ul>


In mid-February 2023, Citizen Watch (7762 JP) announced another buyback. It had averaged nearly two small buybacks a year for the past four years for a total of ¥10bn.
This new one was ¥40bn, which assuming a 20% share price jump was 12% of ADV for a year. Bigly! We got the 20% jump, then not much more.
But Citizen has been buying fiercely. In the first 25 days of trading they averaged 25.8% of volume and bought back 11.5% of shares out. There's a story here. 


Citizen Watch (7762) : Super-Aggressive Buyback Likely Ending Soon - Beware of Risks Both Ways