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

Quiddity Advisors

Event-Driven

<p>In a parent-sub consolidation which should be no surprise to anyone, today simultaneous to the earnings announcements, <a href="https://www.smartkarma.com/entities/toppan-printing-co-ltd" target="_blank" data-smartkarma-citation="entities:11875:1" rel="noopener">Toppan Printing (7911 JP)</a> announced that it would launch a Tender Offer to buy out minorities in 60%-held subsidiary <a href="https://www.smartkarma.com/entities/toppan-forms-co-ltd" target="_blank" data-smartkarma-citation="entities:5061:1" rel="noopener">Toppan Forms (7862 JP)</a> at ¥1,550/share.</p><p>The deal comes at a 51.7% premium and while not an all-time high, it is a significant jump on recent trading levels, and is reasonably close to book value. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/240/850/original/Screenshot+2021-11-10+at+4.25.10+PM.png?1636532861" class="editor-image img-responsive" data-smartkarma-image-id="240850"></figure><p>But that doesn't mean it is the the right price. </p>
<p>There are two trades to do, depending on your market outlook near-term.</p>
<p>More details below the fold. </p>
<p>And this is perhaps the last insight with anything colourful or fun above the fold because Smartkarma appears to have changed the formatting while I am writing. </p>
<p>So here's a strange gif from 'Nosferatu' (1929).</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/240/881/original/nosferatu+gif.gif?1636540714" class="editor-image img-responsive" data-smartkarma-image-id="240881"></figure></section><p></p>
<p></p></section>

In a parent-sub consolidation which should be no surprise to anyone, today simultaneous to the earnings announcements, Toppan Printing (7911 JP) announced that it would launch a Tender Offer to buy out minorities in 60%-held subsidiary Toppan Forms (7862 JP) at ¥1,550/share.The deal comes at a 51.7% premium and while not an all-time high, it is a significant jump on recent trading levels, and is reasonably close to book value. But that doesn't mean it is the the right price. 
There are two trades to do, depending on your market outlook near-term.
More details below the fold. 
And this is perhaps the last insight with anything colourful or fun above the fold because Smartkarma appears to have changed the formatting while I am writing. 
So here's a strange gif from 'Nosferatu' (1929).



Toppan Printing Takes Out Subsidiary Toppan Forms (7862)