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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Quiddity Advisors

Event-Driven

I have been lax in covering the <a href="https://www.smartkarma.com/entities/chiyoda-corp" target="_blank" data-smartkarma-citation="entities:6232:1" rel="noopener">Chiyoda Corp (6366 JP)</a> situation because <a href="https://www.smartkarma.com/profiles/mio-kato-cfa" target="_blank" data-smartkarma-citation="accounts:713" rel="noopener">Mio Kato, CFA</a> has been <a href="https://www.smartkarma.com/entities/chiyoda-corp/insights" target="_blank" rel="noopener">covering</a> the stock and its situation for months (and years) quite ably. For background on the company, I urge you to read his <a href="https://www.smartkarma.com/entities/chiyoda-corp/insights" target="_blank" rel="noopener">pieces</a>.There is one angle, however, which I should have covered. That is the one regarding the effects of its losses on its balance sheet, and the fact that it finished the year with negative equity. That means something. It probably means displacement of 20% Of The Shareholder Register.It was seen with <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a> in 2016, then <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> in 2017. It was a quasi-inevitability in this case.Normally, the news would be out already because their Annual Securities Report (yukashoken hokokusho (有価証券報告書)) would be out the day of the Annual Shareholder Meeting, which took place on June 25th. However, on the 25th the company <a href="https://www.chiyodacorp.com/%E6%9C%89%E4%BE%A1%E8%A8%BC%E5%88%B8%E5%A0%B1%E5%91%8A%E6%9B%B8%E3%81%AE%E6%8F%90%E5%87%BA%E4%BA%88%E5%AE%9A%E6%97%A5%E3%81%AB%E9%96%A2%E3%81%97%E3%81%A6_20190625.pdf" target="_blank" rel="noopener">announced</a> (Japanese only) that they would delay the submission of their Annual Securities Report (yuho) until June 28th because of the announcement of a lawsuit filed by a former employee overseas (lawsuit was filed 11 June). The delayed filing should come out tomorrow.And that's when the official fireworks begin - when the TSE gets involved.

I have been lax in covering the Chiyoda Corp (6366 JP) situation because Mio Kato, CFA has been covering the stock and its situation for months (and years) quite ably. For background on the company, I urge you to read his pieces.There is one angle, however, which I should have covered. That is the one regarding the effects of its losses on its balance sheet, and the fact that it finished the year with negative equity. That means something. It probably means displacement of 20% Of The Shareholder Register.It was seen with Sharp Corp (6753 JP) in 2016, then Toshiba Corp (6502 JP) in 2017. It was a quasi-inevitability in this case.Normally, the news would be out already because their Annual Securities Report (yukashoken hokokusho (有価証券報告書)) would be out the day of the Annual Shareholder Meeting, which took place on June 25th. However, on the 25th the company announced (Japanese only) that they would delay the submission of their Annual Securities Report (yuho) until June 28th because of the announcement of a lawsuit filed by a former employee overseas (lawsuit was filed 11 June). The delayed filing should come out tomorrow.And that's when the official fireworks begin - when the TSE gets involved.

The Upcoming Chiyoda Corp (6366 JP) TOPIX and Nikkei Kickout