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

The MatsuKiyoCocokara (3088) February Flow Show

Matsukiyo-Cocokara Situation Gets Its Activist Noise Started

MatsuKiyoCocokara Merger and Implied Forward Forecasts

Quiddity Advisors

Event-Driven

Nearly 21 months after starting talks to merge when a rival had made a bid for <a href="https://www.smartkarma.com/entities/cocokara-fine-inc" target="_blank" data-smartkarma-citation="entities:15447:1" rel="noopener">Cocokara Fine (3098 JP)</a>, Cocokara and Matsumoto Kiyoshi Holdings (3088 JP) <a href="https://www.smartkarma.com/entities/matsumotokiyoshi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2259:1" rel="noopener"></a>announced a merger in February 2021 which undervalued Cocokara, to the chagrin of my earlier ratio guesstimates and activist investors disappointed with how cheaply Matsumoto Kiyoshi acquired control. I discussed the merger in <a href="https://www.smartkarma.com/insights/matsukiyococokara-co-the-merger" target="_blank" data-smartkarma-citation="insights:48652" rel="noopener">MatsukiyoCocokara &amp; Co - The Merger</a> and then <a href="https://www.smartkarma.com/insights/matsukiyococokara-merger-and-implied-forward-forecasts" target="_blank" data-smartkarma-citation="insights:48679" rel="noopener">MatsuKiyoCocokara Merger and Implied Forward Forecasts</a> then the activist noise in <a href="https://www.smartkarma.com/insights/matsukiyo-cocokara-situation-gets-its-activist-noise-started" target="_blank" data-smartkarma-citation="insights:49024" rel="noopener">Matsukiyo-Cocokara Situation Gets Its Activist Noise Started</a>. The activist noise - as expected in this case - came to nothing, but the shares gained, lost ground, and have since regained some ground as the merger date came closer. The two companies merged and became <a href="https://www.smartkarma.com/entities/matsumotokiyoshi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2259:1" rel="noopener">Matsumotokiyoshi Holdings Co., Ltd. (3088 JP)</a>.I was, at the time, quite bullish on the prospects for the combined entity. And there were interesting events to come, associated with the deal. The stock has done well-ish.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/853/original/Screenshot+2021-10-13+at+6.07.19+PM.png?1634119663" class="editor-image img-responsive" data-smartkarma-image-id="234853"></figure></section>I think that is not the end of the story. There is more to come.More below the fold.

Nearly 21 months after starting talks to merge when a rival had made a bid for Cocokara Fine (3098 JP), Cocokara and Matsumoto Kiyoshi Holdings (3088 JP) announced a merger in February 2021 which undervalued Cocokara, to the chagrin of my earlier ratio guesstimates and activist investors disappointed with how cheaply Matsumoto Kiyoshi acquired control. I discussed the merger in MatsukiyoCocokara &amp; Co - The Merger and then MatsuKiyoCocokara Merger and Implied Forward Forecasts then the activist noise in Matsukiyo-Cocokara Situation Gets Its Activist Noise Started. The activist noise - as expected in this case - came to nothing, but the shares gained, lost ground, and have since regained some ground as the merger date came closer. The two companies merged and became Matsumotokiyoshi Holdings Co., Ltd. (3088 JP).I was, at the time, quite bullish on the prospects for the combined entity. And there were interesting events to come, associated with the deal. The stock has done well-ish.I think that is not the end of the story. There is more to come.More below the fold. 

MatsuKiyoCocokara Merged - Interesting Implications Indeed