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

Nippon Express (9147) Secondary Offering - Banks, Sompo, Others Sell - "2024 Problem" Looms

Quiddity Advisors

Event-Driven

<ul>
<li>The Offering priced today at ¥7,338/share vs ¥8,039/share traded at the close on the day of the announcement. That's an 8.7% discount for no dilution. </li>
<li>Compared to a broad basket of Peer Baskets (yes, a basket of baskets), the stock has underperformed by 4.2%, and the 3% discount today puts it at 7+% move.</li>
<li>Given the relative cheapness, one should be comfortable putting this on if it gets sold off. This is not different to my initial opinion.</li>
</ul>


The Offering priced today at ¥7,338/share vs ¥8,039/share traded at the close on the day of the announcement. That's an 8.7% discount for no dilution. 
Compared to a broad basket of Peer Baskets (yes, a basket of baskets), the stock has underperformed by 4.2%, and the 3% discount today puts it at 7+% move.
Given the relative cheapness, one should be comfortable putting this on if it gets sold off. This is not different to my initial opinion.


Nippon Express (9147 JP) - Buying the Overhang

Nippon Express Holdings

Nippon Express (9147 JP) - Buying the Overhang