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TRADE IDEA - Toyota Industries (6201 JP) Stub: Riding the Automation Wave

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Asia Long-Short PM/Analyst

Curtis Lehnert

Event-Driven

In my original insight on December 11, 2018 <a href="https://www.smartkarma.com/insights/trade-idea-toyota-industries-6201-jp-stub-riding-the-automation-wave" target="_blank" data-smartkarma-citation="insights:26653">TRADE IDEA - Toyota Industries (6201 JP) Stub: Riding the Automation Wave</a> , I proposed setting up a stub trade to isolate the market leading materials handling and automotive components business of <a href="https://www.smartkarma.com/entities/4500" target="_blank" data-smartkarma-citation="entities:4500:1">Toyota Industries (6201 JP)</a> that was trading at an unwarranted 35% discount to NAV . During the 56 calendar days that followed, <a href="https://www.smartkarma.com/entities/4500" target="_blank" data-smartkarma-citation="entities:4500:1">Toyota Industries (6201 JP)</a> has gained an underwhelming 4% and the trade has made 1.96% on the gross notional. This hasn't exactly been a trade to tell the grand-kids about, more or less a flat result but in this insight I will outline why I think the trade is over.
In this insight I will discuss:
<ul class="">
<li>Performance of ALL my recommended stub trades</li>
<li>a post-mortem trade analysis on the Toyota Industries stub</li>
<li>alternative data support for my actions</li>
</ul>

In my original insight on December 11, 2018 TRADE IDEA - Toyota Industries (6201 JP) Stub: Riding the Automation Wave , I proposed setting up a stub trade to isolate the market leading materials handling and automotive components business of Toyota Industries (6201 JP) that was trading at an unwarranted 35% discount to NAV . During the 56 calendar days that followed, Toyota Industries (6201 JP) has gained an underwhelming 4% and the trade has made 1.96% on the gross notional. This hasn't exactly been a trade to tell the grand-kids about, more or less a flat result but in this insight I will outline why I think the trade is over.
In this insight I will discuss:

Performance of ALL my recommended stub trades
a post-mortem trade analysis on the Toyota Industries stub
alternative data support for my actions


NTT (Nippon Telegraph & Telephone) (9432 JP)

TRADE IDEA - Toyota Industries (6201 JP): Close the Stub Trade