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

The Amended FamilyMart Document Is A MUST READ For Investor-Stewards

FamilyMart Tender Offer - Winnie and HunnyPot Redux

Quiddity Advisors

Event-Driven

<ul>
<li>Bain is getting the major execs to tender, and rolling <a href="https://www.smartkarma.com/entities/sojitz-corp" target="_blank" data-smartkarma-citation="entities:14437:1" rel="noopener">Sojitz Corp (2768 JP)</a>'s 23% into the post-Tender EGM vote. That gets them to 57+%. No majority of minority here. </li>
<li>But the equity check appears to be about 0.06x revenue, 4-5x PER, and takeover price EV at 4+ish years of forecast EBITDA. It's a good rollup for its ads business.</li>
<li>Too cheap, but not much you can do about it. Foreigners and financial holders own less than 0.5% of shares out. </li>
</ul>


Bain is getting the major execs to tender, and rolling Sojitz Corp (2768 JP)'s 23% into the post-Tender EGM vote. That gets them to 57+%. No majority of minority here. 
But the equity check appears to be about 0.06x revenue, 4-5x PER, and takeover price EV at 4+ish years of forecast EBITDA. It's a good rollup for its ads business.
Too cheap, but not much you can do about it. Foreigners and financial holders own less than 0.5% of shares out. 


Tri-Stage (2178 JP) MBO by Bain - Another Lowball Takeover Likely To Get Done

Tri Stage Inc

Tri-Stage (2178 JP) MBO by Bain - Another Lowball Takeover Likely To Get Done