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

Event-Driven

<ul>
<li>Japanese medical products maker <a href="https://www.smartkarma.com/entities/medikit-co-ltd" target="_blank" data-smartkarma-citation="entities:20677:1" rel="noopener">Medikit Co Ltd (7749 JP)</a> Tuesday announced a buyback of ~12% of its shares from the founder's company.</li>
<li>
<strong>The stock is extraordinarily illiquid.</strong> 12mo ADV is &lt;US$40k/day. But Medikit runs 40% gross margins, 20% EBIT margins, and trades at an EV/revenue ratio of ~0.8x. It's cash-rich, and cheap.</li>
<li>
<strong>But it's an interesting situation.</strong> The buyback (and its reason) combined with the shareholder structure allow me to idly speculate this is an MBO candidate.</li>
</ul>


Japanese medical products maker Medikit Co Ltd (7749 JP) Tuesday announced a buyback of ~12% of its shares from the founder's company.

The stock is extraordinarily illiquid. 12mo ADV is &lt;US$40k/day. But Medikit runs 40% gross margins, 20% EBIT margins, and trades at an EV/revenue ratio of ~0.8x. It's cash-rich, and cheap.

But it's an interesting situation. The buyback (and its reason) combined with the shareholder structure allow me to idly speculate this is an MBO candidate.


Medikit (7749 JP) Below Market Tender Offer Buyback