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

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

Denso Offering, Buyback, and New Cross-Holding Reduction Policy - It WAS a Trap

Denso's Big Multi-Year Toyota Industries (6201) Selldown

Renesas (6723) - Denso Selldown Starts; Fourth Large Renesas Block in 6mos (Two More To Come)

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Last September, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> Group affiliate <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> said they would get rid of ALL their cross-holdings. That signalled a future sea change in Toyota intra-group relations.</li>
<li>It meant all Toyota group companies could do that. The big moves started with a multi-party offering of <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> shares - Toyota, Toyota Industries, and Aisin sold.</li>
<li>Then others. Then in March, Denso announced a 2.5yr selldown of ~¥460bn of Toyota Industries shares. That meant a TI buyback was likely. We got one. Now we have details.</li>
</ul>


Last September, Toyota Motor (7203 JP) Group affiliate Aisin (7259 JP) said they would get rid of ALL their cross-holdings. That signalled a future sea change in Toyota intra-group relations.
It meant all Toyota group companies could do that. The big moves started with a multi-party offering of Denso Corp (6902 JP) shares - Toyota, Toyota Industries, and Aisin sold.
Then others. Then in March, Denso announced a 2.5yr selldown of ~¥460bn of Toyota Industries shares. That meant a TI buyback was likely. We got one. Now we have details.


Toyota Industries (6201) - TMC's Sale of TI Shares Is Innocuous, TI's Valuation Remains Uncompelling