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

Alfresa Holdings (2784 JP): Better-Than-Expected H1FY24 Performance; FY24 Guidance Raised

Alfresa Holdings (2784 JP): Stellar Bottomline Growth in Q1FY25 Will Not Be Replicated in Near-Term

JAPAN GOVERNANCE CHANGES II - Who Could Surprise on Buybacks? Quant Rankings

Alfresa Holdings (2784 JP): FY23 Result Is Expected to Exceed Previous Forecast

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

<ul>
<li>Born of a merger between two not-very-well-known businesses 20 years ago, <a href="https://www.smartkarma.com/entities/alfresa-holdings-corp" target="_blank" data-smartkarma-citation="entities:10610:1" rel="noopener">Alfresa Holdings (2784 JP)</a> is still not very well known. It is in a boring, low-margin business. </li>
<li>The highest EBIT margin in the past two decades was.... 1.8%. ROE was in the 8-10% range for 2016-2020 but has since fallen below, as PBR has fallen below 1.0x.</li>
<li>Today, we got an <em>amended</em> Mid-Term Management Plan, a new dividend policy, and buyback of 10% of shares out based on last price. It's worth looking in the details.</li>
</ul>


Born of a merger between two not-very-well-known businesses 20 years ago, Alfresa Holdings (2784 JP) is still not very well known. It is in a boring, low-margin business. 
The highest EBIT margin in the past two decades was.... 1.8%. ROE was in the 8-10% range for 2016-2020 but has since fallen below, as PBR has fallen below 1.0x.
Today, we got an amended Mid-Term Management Plan, a new dividend policy, and buyback of 10% of shares out based on last price. It's worth looking in the details.


JAPAN BUYBACKS - Alfresa (2784) Cheap Stock, Uncheapening, Goes Big