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

Japan Post Insurance - A Surprising Selloff But Still A Buy

Japan Post Holdings BUYBACK - Recycling Sale Proceeds As Expected; No BIG Catalyst Yet

Japan Post Holdings - This Is the Big Move

Japan Post Insurance Update - Three Reasons To Buy. Any Overhang Slightly Higher

Huge Japan Post Insurance Buyback Mooted - Decks Cleared. Time To Buy

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Equity Bottom-Up

Dai Ichi Life Insurance / Equity Bottom-Up

Seemingly perpetually undervalued major Japanese life insurer <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> after the close today <a href="https://www.dai-ichi-life-hd.com/en/newsroom/newsrelease/2020/pdf/index_029.pdf" target="_blank" rel="noopener">announced</a> a new Mid Term Management Plan for the years 2021-2023, called "Re-Connect 2023."The last medium-term plan had goals of delivering ¥250bn of Adjusted Profit in FY2020 (a goal it beat in FY2019 but will miss this year), ¥230bn of new business value in FY2020 - a number it hasn't come close to in the mid-term plan and will miss this year, a medium-long-term goal of average Embedded Value growth of 8.0%, a goal it has missed entirely with FY18 and FY19 coming in at -0.6% and -2.8%, and a solvency ratio of 170-200%. Last year was 195% and this year should be quite well above 200%. Of more immediate importance, the Company also <a href="https://www.dai-ichi-life-hd.com/en/newsroom/newsrelease/2020/pdf/index_028.pdf" target="_blank" rel="noopener">announced</a> an VERY BIG BUYBACK of "up to 170,000,000 shares" (15.25% of shares out) spending "up to ¥200 billion."The headline is big. The actuality is smaller, but it is DEFINITELY worth a slightly deeper dive below.It may even have an effect on <a href="https://www.smartkarma.com/entities/japan-post-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:840:1" rel="noopener">Japan Post Insurance (7181 JP)</a> because of the <a href="https://www.smartkarma.com/insights/huge-japan-post-insurance-buyback-mooted-decks-cleared-time-to-buy" target="_blank" data-smartkarma-citation="insights:46429" rel="noopener">Huge Japan Post Insurance Buyback Mooted - Decks Cleared. Time To Buy</a> situation from last December (further discussed in <a href="https://www.smartkarma.com/insights/japan-post-insurance-update-three-reasons-to-buy-any-overhang-slightly-higher" target="_blank" data-smartkarma-citation="insights:46862" rel="noopener">Japan Post Insurance Update - Three Reasons To Buy. Any Overhang Slightly Higher</a>).

Seemingly perpetually undervalued major Japanese life insurer Dai Ichi Life Insurance (8750 JP) after the close today announced a new Mid Term Management Plan for the years 2021-2023, called "Re-Connect 2023."The last medium-term plan had goals of delivering ¥250bn of Adjusted Profit in FY2020 (a goal it beat in FY2019 but will miss this year), ¥230bn of new business value in FY2020 - a number it hasn't come close to in the mid-term plan and will miss this year, a medium-long-term goal of average Embedded Value growth of 8.0%, a goal it has missed entirely with FY18 and FY19 coming in at -0.6% and -2.8%, and a solvency ratio of 170-200%. Last year was 195% and this year should be quite well above 200%. Of more immediate importance, the Company also announced an VERY BIG BUYBACK of "up to 170,000,000 shares" (15.25% of shares out) spending "up to ¥200 billion."The headline is big. The actuality is smaller, but it is DEFINITELY worth a slightly deeper dive below.It may even have an effect on Japan Post Insurance (7181 JP) because of the Huge Japan Post Insurance Buyback Mooted - Decks Cleared. Time To Buy situation from last December (further discussed in Japan Post Insurance Update - Three Reasons To Buy. Any Overhang Slightly Higher).  

Dai-Ichi Life (8750)'s New Mid-Term Plan and Very Big Buyback