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

Mitsui & Co To Buy Out Relia (4708) - Moshi Moshi Is TOO CHEAP

Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree, You Can't Vote

Quiddity Advisors

Event-Driven

<ul>
<li>In mid-January this year, <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> announced it would buy out minorities in <a href="https://www.smartkarma.com/entities/relia-inc" target="_blank" data-smartkarma-citation="entities:16219:1" rel="noopener">Relia Inc (4708 JP)</a> (longtime known as Moshi Moshi), a BPO/RPA/AI services company.</li>
<li>I said the deal was too cheap, with 44% upside to the <em>midpoint</em> of Target Advisor's DCF fair value range. Investors needed to exercise their cowbell to get more.</li>
<li>Since then, TOPIX has returned ~15%, A peer basket 16%, H2 was possibly kitchen-sinked, but no Mar-2024 forecasts were provided. The Tender starts tomorrow. Noise is still warranted. </li>
</ul>


In mid-January this year, Mitsui &amp; Co Ltd (8031 JP) announced it would buy out minorities in Relia Inc (4708 JP) (longtime known as Moshi Moshi), a BPO/RPA/AI services company.
I said the deal was too cheap, with 44% upside to the midpoint of Target Advisor's DCF fair value range. Investors needed to exercise their cowbell to get more.
Since then, TOPIX has returned ~15%, A peer basket 16%, H2 was possibly kitchen-sinked, but no Mar-2024 forecasts were provided. The Tender starts tomorrow. Noise is still warranted. 


Relia (4708 JP) Tender Offer Launches - STILL at the Wrong Price for the Wrong Reasons