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

Rakuten's Buyback Ammo Exhausted, Goes for Yutai

Rakuten's Share Buyback Offsets Their Disappointing Results.

Quiddity Advisors

Equity Bottom-Up

<p>In late February, with earnings and forecasts in the doldrums and the stock hovering at a long-term low at around ¥1000/share, <a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten Inc (4755 JP)</a> announced a large buyback of up to 120mm shares (8.4% of the shares out), spending up to ¥100bn yen. Those who did the math knew that the company was unlikely to be able to buy that many shares because it meant the average had to be ¥833/share. The stock popped 10+% in a hurry meaning even fewer shares would be bought for the amount allocated. </p><p>As of…</p>

In late February, with earnings and forecasts in the doldrums and the stock hovering at a long-term low at around ¥1000/share, Rakuten Inc (4755 JP) announced a large buyback of up to 120mm shares (8.4% of the shares out), spending up to ¥100bn yen. Those who did the math knew that the company was unlikely to be able to buy that many shares because it meant the average had to be ¥833/share. The stock popped 10+% in a hurry meaning even fewer shares would be bought for the amount allocated. As of…

Rakuten Buyback Almost Complete (92%) - Rakuten/TOPIX Ratio Near 8yr Lows