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

Quiddity Advisors

Equity Capital Markets

<ul>
<li>Today after the close, noted Japanese battery maker <a href="https://www.smartkarma.com/entities/gs-yuasa-corp" target="_blank" data-smartkarma-citation="entities:8298:1" rel="noopener">Gs Yuasa Corp (6674 JP)</a> announced a public equity offering accompanied by a 3rd party placement to <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>. </li>
<li>Total $300mm+ raise is nearly 20.0mm shares against ~80mm shares out now. That's 20% EPS dilution at a still-decent discount to book value.</li>
<li>This creates a weird situation of a low ROE stock becoming lower ROE, at a lower PBR, with "more growth ahead" in a hyper-competitive space.</li>
</ul>


Today after the close, noted Japanese battery maker Gs Yuasa Corp (6674 JP) announced a public equity offering accompanied by a 3rd party placement to Honda Motor (7267 JP). 
Total $300mm+ raise is nearly 20.0mm shares against ~80mm shares out now. That's 20% EPS dilution at a still-decent discount to book value.
This creates a weird situation of a low ROE stock becoming lower ROE, at a lower PBR, with "more growth ahead" in a hyper-competitive space.


Large GS Yuasa (6674) Placement - 20% Dilution, Needs Lots of Love