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

Olympus Corp (7733 JP): Q3 Operating Profit Misses Estimates Despite Sales Beat; FY24 Guidance Cut

Olympus Corp (7733 JP): ¥100B Buyback Plan Offers an Attractive Exit Opportunity Amid Bleak Outlook

The Olympus Peer-Relative Crash - Due to ADR Cancellation Overhang?

Olympus Corp (7733 JP): Slow Start of FY24; Unfavorable Macro Backdrop Continues to Hurt Business

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Olympus Corp (7733 JP): FY23 Result Missed Expectation; Initiated Muted FY24 Forecast

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> announced Q2 earnings which were  trifle light, and announced a sharp downward revision to full-year OP despite higher revs on weaker yen.</li>
<li>OP takes a hit because of expenses related to the shutdown of Veran Medical device sales (announced 6 Sep, "causing" a 2.4% share price fall the next day).</li>
<li>They also announced an ¥80bn buyback. That should be worth 3.0-3.5% of shares out, but overhang exists. The label is the label. The details are inside. They matter.</li>
</ul>


Yesterday, Olympus Corp (7733 JP) announced Q2 earnings which were  trifle light, and announced a sharp downward revision to full-year OP despite higher revs on weaker yen.
OP takes a hit because of expenses related to the shutdown of Veran Medical device sales (announced 6 Sep, "causing" a 2.4% share price fall the next day).
They also announced an ¥80bn buyback. That should be worth 3.0-3.5% of shares out, but overhang exists. The label is the label. The details are inside. They matter.


Olympus (7733) - OP Hit but Additional Buyback; Positive Dynamics but Flow Risks Persist