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

Toshiba – Processing Things After Speaking to the Company

Toshiba – 3D’s Letter Suggests a Lack of Ideas

Toshiba ToSTNeT-3 Buyback For All The Marbles, and 🐓s

How Much of Toshiba Is Owned By "Activists"? The Answer

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday 12 November, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> released earnings (<a href="https://www.toshiba.co.jp/about/ir/en/finance/er/er2021/q2/ter2021q2e.pdf" target="_blank" rel="noopener">results</a>, <a href="https://www.toshiba.co.jp/about/ir/en/pr/pdf/tpr2021q2e.pdf" target="_blank" rel="noopener">presentation</a>), a slight forecast revision to full year sales (upward), and its long-awaited Strategic Plan (<a href="https://www.toshiba.co.jp/about/ir/en/pr/pdf/tpr2021q2e_4.pdf" target="_blank" rel="noopener">Process</a>, <a href="https://www.toshiba.co.jp/about/ir/en/pr/pdf/tpr2021q2e_2.pdf" target="_blank" rel="noopener">Plan</a>)</li>
<li>The Strategic Review Committee surveyed and met with investors, potential acquirers, and consultants, and devised a plan (<a href="https://www.ft.com/content/045c6366-3c54-4462-89b4-95246122c948" target="_blank" rel="noopener">previewed</a> by the FT) to split into three companies by March 2024.</li>
<li>This is at a time bold, yet unexciting. Promising, yet somehow not. They've been well-advised in some areas, less well-advised in others. It's complicated. AND there is a buyback.</li>
</ul>


On Friday 12 November, Toshiba Corp (6502 JP) released earnings (results, presentation), a slight forecast revision to full year sales (upward), and its long-awaited Strategic Plan (Process, Plan)
The Strategic Review Committee surveyed and met with investors, potential acquirers, and consultants, and devised a plan (previewed by the FT) to split into three companies by March 2024.
This is at a time bold, yet unexciting. Promising, yet somehow not. They've been well-advised in some areas, less well-advised in others. It's complicated. AND there is a buyback.


Toshiba Strategic Review - Bold and Unexciting, Promising But Not.. Doesn't Solve the Problem