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

JSR (4185 JP) Takeover - Why So Wide? FUD and Flows

Shinko Electric (6967) - Waiting for a Package

TSI Holdings (3608) - Yet Another Big Buyback; Still Good, Still Cheap, Now W/ Engagement Investors

JIC To Launch ¥1 Trillion Takeover on JSR (4185)

JSR (4185 JP): Inpria Acquisition Lays Out 10-Year Photoresist Roadmap

Quiddity Advisors

Event-Driven

<ul>
<li>Japan Investment Corp (JIC) has launched a Tender Offer on top photoresist maker <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, at ¥4,350/share.  </li>
<li>That is a decent price, but it is not overwhelming. Furthermore, process for determining (and understanding) "fair" remains inadequate. </li>
<li>Significant foreign ownership, a high price, Japanese equity excitement, etc, all make this a situation where we likely see a pop (the last bit), a fade, then a re-drift better.</li>
</ul>


Japan Investment Corp (JIC) has launched a Tender Offer on top photoresist maker JSR Corp (4185 JP), at ¥4,350/share.  
That is a decent price, but it is not overwhelming. Furthermore, process for determining (and understanding) "fair" remains inadequate. 
Significant foreign ownership, a high price, Japanese equity excitement, etc, all make this a situation where we likely see a pop (the last bit), a fade, then a re-drift better.


JIC Launches a NOT-¥1trln Tender Offer for JSR (4185). Welcome? Yes. Overwhelming? Meh.