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

[Japan M&A] Bloomberg Reports Bain MBO on Nissin (9066) May Come Monday - The Implied Price Is Light

[Japan M&A] Bain Deal for Nissin (9066) Is Still Light Vs Comparable Deals

[Japan M&A] Bain Plays Announcement Games with Nissin (9066) MBO TOB - Noise A Possibility

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday after the close, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a> announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.</li>
<li>Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.</li>
<li>They also announced a really big buyback which should be done by the time people read this. It is really big.</li>
</ul>


Yesterday after the close, Nissin Corp (9066 JP) announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.
Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.
They also announced a really big buyback which should be done by the time people read this. It is really big.


Nissin (9066) - Super Big Buyback Race-Walks the Governance Walk - Super Cheap Logistics Biz