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

Oriental Land - Buyback Interrupted, and an Overhang?

StubWorld: Keisei/Oriental Land, Doosan Corp/Doosan Heavy, Microport Scientific

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> ("OLC") on Thursday announced its Q3 results, the change in Disney Park Ticket Prices for Tokyo Disneyland and Tokyo DisneySea for the fiscal year starting April 1, also announced it would extend the expected timeline for the start of operations in the Tokyo Disney Sea Expansion Project, and of interest in event-land, the company announced a buyback of about US$200mm of its own shares via a Tender Offer to start 31 January. As always, for the document links, click on the ogre or the robot.<table class="table table-striped"><tbody>
<tr><td colspan="3" style="width: 724px;"><h2>The Announcements &amp; Links</h2></td></tr>
<tr>
<td style="width: 512px;">Announcement</td>
<td style="text-align: center; width: 82px;">Japanese</td>
<td style="text-align: center; width: 88px;">English</td>
</tr>
<tr>
<td style="width: 512px;">Q3 Results</td>
<td style="text-align: center; width: 82px;"><a href="http://www.olc.co.jp/ja/news/news_olc/20200130_5_01/main/0/link/20200130_5.pdf" target="_blank" rel="noopener">👹</a></td>
<td style="text-align: center; width: 88px;"><a href="http://www.olc.co.jp/en/news/news_olc/20200130_5e_01/main/0/link/20200130_5e.pdf" target="_blank" rel="noopener">🤖</a></td>
</tr>
<tr>
<td style="width: 512px;">Q3 Results: Supplementary Materials</td>
<td style="text-align: center; width: 82px;"><a href="http://www.olc.co.jp/ja/news/news_olc/20200130_4_01/main/0/link/20200130_4.pdf" target="_blank" rel="noopener">👹</a></td>
<td style="text-align: center; width: 88px;"><a href="http://www.olc.co.jp/en/news/news_olc/20200130_4e_01/main/0/link/20200130_4e.pdf" target="_blank" rel="noopener">🤖</a></td>
</tr>
<tr>
<td style="width: 512px;">Change in Park Ticket Prices for Tokyo Disneyland and Tokyo DisneySea</td>
<td style="text-align: center; width: 82px;"><a href="http://www.olc.co.jp/ja/news/news_olc/20200130_3_01/main/0/link/20200130_3_ver2.pdf" target="_blank" rel="noopener">👹</a></td>
<td style="text-align: center; width: 88px;"><a href="http://www.olc.co.jp/en/news/news_olc/20200130_3e_01/main/0/link/20200130_3e.pdf" target="_blank" rel="noopener">🤖</a></td>
</tr>
<tr>
<td style="width: 512px;">Tokyo Disney Sea Large Scale Expansion Project - Operations Start Timing Revised</td>
<td style="text-align: center; width: 82px;"><a href="http://www.olc.co.jp/ja/news/news_olc/20200130_2_01/main/0/link/20200130_2_ver2.pdf" target="_blank" rel="noopener">👹</a></td>
<td style="text-align: center; width: 88px;"><a href="http://www.olc.co.jp/en/news/news_olc/20200130_2e_01/main/0/link/20200130_02e.pdf" target="_blank" rel="noopener">🤖</a></td>
</tr>
<tr>
<td style="width: 512px;">Announcement Regarding Purchase of Company Shares</td>
<td style="text-align: center; width: 82px;"><a href="http://www.olc.co.jp/ja/news/news_olc/20200130_1_01/main/0/link/20200130_01.pdf" target="_blank" rel="noopener">👹</a></td>
<td style="text-align: center; width: 88px;"><a href="http://www.olc.co.jp/en/news/news_olc/20200130_1e_01/main/0/link/20200130_01e.pdf" target="_blank" rel="noopener">🤖</a></td>
</tr>
<tr>
<td style="width: 512px;">Announcement of Intention to Tender Shares into OLC Tender Offer ()</td>
<td style="text-align: center; width: 82px;"><a href="https://www.mitsuifudosan.co.jp/corporate/news/2020/0130_04/download/keiei/20200130_04.pdf" target="_blank" rel="noopener">👹</a></td>
<td style="text-align: center; width: 88px;"><a href="https://www.mitsuifudosan.co.jp/english/corporate/news/2020/0130_04/download/20200130_01.pdf" target="_blank" rel="noopener">🤖</a></td>
</tr>
</tbody></table>US$200mm is not a lot for a buyback for this company, and the company hasn't done a buyback in many years, but it makes one wonder.And in this particular case, with this particular timing, with this particular pricing, there are particular market participants who can take advantage of the situation. Others may also be flexible/crafty enough to take advantage of the Buyback Tender Offer, so that is discussed below.

Oriental Land (4661 JP) ("OLC") on Thursday announced its Q3 results, the change in Disney Park Ticket Prices for Tokyo Disneyland and Tokyo DisneySea for the fiscal year starting April 1, also announced it would extend the expected timeline for the start of operations in the Tokyo Disney Sea Expansion Project, and of interest in event-land, the company announced a buyback of about US$200mm of its own shares via a Tender Offer to start 31 January. As always, for the document links, click on the ogre or the robot.
The Announcements &amp; Links

Announcement
Japanese
English


Q3 Results
👹
🤖


Q3 Results: Supplementary Materials
👹
🤖


Change in Park Ticket Prices for Tokyo Disneyland and Tokyo DisneySea
👹
🤖


Tokyo Disney Sea Large Scale Expansion Project - Operations Start Timing Revised
👹
🤖


Announcement Regarding Purchase of Company Shares
👹
🤖


Announcement of Intention to Tender Shares into OLC Tender Offer ()
👹
🤖

US$200mm is not a lot for a buyback for this company, and the company hasn't done a buyback in many years, but it makes one wonder.And in this particular case, with this particular timing, with this particular pricing, there are particular market participants who can take advantage of the situation. Others may also be flexible/crafty enough to take advantage of the Buyback Tender Offer, so that is discussed below. 

Keisei Electric Railway Co

Oriental Land Buyback Tender Offer