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

TSI Holdings (3608) - Yet Another Big Buyback; Still Good, Still Cheap, Now W/ Engagement Investors

TSI to Cull Brands and 20% of Staff and Deliver Real Profits – Finally

TSI Holdings (3608) - That Old Gem - Lots of Visible Cash, and Lots More Invisible Cash

Japan Apparel Diversification: TSI Tries New Markets

Big Apparel in Trouble: TSI Wins on E-Commerce but Closes More Brands

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Last April I wrote about <a href="https://www.smartkarma.com/entities/tsi-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:19259:1" rel="noopener">Tsi Holdings (3608 JP)</a> which was trading at 0.5x EV/EBITDA and where I suggested it could double in 2-3yrs. </li>
<li>The day after I wrote, the stock closed at ¥312/share, briefly touched ¥480 before ending the year at ¥444. On Friday they announced Q3 earnings, now TTM EV/EBITDA is 2.5x.</li>
<li>They also announced a buyback, and the stock is up further. It is worth looking into the details both near-term and what they mean longer-term.</li>
</ul>


Last April I wrote about Tsi Holdings (3608 JP) which was trading at 0.5x EV/EBITDA and where I suggested it could double in 2-3yrs. 
The day after I wrote, the stock closed at ¥312/share, briefly touched ¥480 before ending the year at ¥444. On Friday they announced Q3 earnings, now TTM EV/EBITDA is 2.5x.
They also announced a buyback, and the stock is up further. It is worth looking into the details both near-term and what they mean longer-term.


TSI Holdings (3608) - New Year, New Buyback, Still Good, Still Cheap