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

HS Holdings (8699 JP) Buyback - Adds More to BVPS

HS Holdings (8699) - New Year, New Issues So Lots of Value But Buyer Beware!

HS Holdings (8699 JP): Khan Bank IPO Delayed but Path Clear

HS Holdings (8699 JP) - Huge Q1, Even Better Q2 Ahead, The 2nd To Last Asset Sale... And a Pawnshop?

HS/Sawada:  Khan Bank IPO Decided, and Earnings in A Week To Show Sharp Gain in BVPS/Liquidity

Quiddity Advisors

Event-Driven

<ul>
<li>Today, it was announced that <a href="https://www.smartkarma.com/entities/hs-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">HS Holdings (8699 JP)</a> subsidiary Khan Bank LLC - Mongolia's largest bank - would IPO this month. </li>
<li>This is a big deal. The IPO is for 10% of the bank (US$521mm equivalent). Priced at 4x Dec 2022 earnings for a bank which has ~ 25% ROE.</li>
<li>There is a reason to expect substantial realisation of this value within 2023 due to a section of Feb 2021 Amended Mongolian Banking Law. Plus there is boatloads of cash.</li>
</ul>


Today, it was announced that HS Holdings (8699 JP) subsidiary Khan Bank LLC - Mongolia's largest bank - would IPO this month. 
This is a big deal. The IPO is for 10% of the bank (US$521mm equivalent). Priced at 4x Dec 2022 earnings for a bank which has ~ 25% ROE.
There is a reason to expect substantial realisation of this value within 2023 due to a section of Feb 2021 Amended Mongolian Banking Law. Plus there is boatloads of cash.


Khan Bank IPO Is Here - At IPO Price, the Stake Is Worth More than HS Holdings' Share Price