Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Thematic (Sector/Industry)

<ul><li>The Philippines casino space is estimated to show a 20% increase for 2017, against a consensus 12% for Macau.</li><li>China visitor arrivals to the Philippines rose 38% in 2016 to 675,000 overtaking Japan is the third largest visitor source only behind South Korea and the US. VIP gamblers spooked by Macau crackdowns contributed mightily to the Philippine upside. But will it continue now that the Macau VIP and mass markets are both in strong recovery mode?</li><li>Pagcor, the government-owned and run casino entity has announced it intends to sell its 46 casinos by the end of the year to private sector investors where they belong.</li></ul>

The Philippines casino space is estimated to show a 20% increase for 2017, against a consensus 12% for Macau.China visitor arrivals to the Philippines rose 38% in 2016 to 675,000 overtaking Japan is the third largest visitor source only behind South Korea and the US. VIP gamblers spooked by Macau crackdowns contributed mightily to the Philippine upside. But will it continue now that the Macau VIP and mass markets are both in strong recovery mode?Pagcor, the government-owned and run casino entity has announced it intends to sell its 46 casinos by the end of the year to private sector investors where they belong.

Philippine Casino Stocks: Ground Floor or Trap Door?

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>There were no new TOPIX Inclusion announcements since our last insight.</li>
<li>However, the TOPIX 0.75x Liquidity Factor Removal results were confirmed this week. We see around US$1bn index buying for this event at the end of April 2026.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
There were no new TOPIX Inclusion announcements since our last insight.
However, the TOPIX 0.75x Liquidity Factor Removal results were confirmed this week. We see around US$1bn index buying for this event at the end of April 2026.


TOPIX Inclusions: Who Is Ready (Apr 2026)

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a> will be included in the TOPIX index at the end of March 2026. We have discussed our flow expectations for this event.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-concept-technologies-inc" target="_blank" data-smartkarma-citation="entities:34323:1" rel="noopener">Core Concept Technologies Inc (4371 JP)</a> has moved far away from the required price threshold for TOPIX inclusion but it continues to be a long-term pre-event candidate.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Harmonic Drive Systems (6324 JP) will be included in the TOPIX index at the end of March 2026. We have discussed our flow expectations for this event.

Core Concept Technologies Inc (4371 JP) has moved far away from the required price threshold for TOPIX inclusion but it continues to be a long-term pre-event candidate.


TOPIX Inclusions: Who Is Ready (Mar 2026)

Core Concept Technologies Inc / Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>Our long-term pre-event candidate <a href="https://www.smartkarma.com/entities/core-concept-technologies-inc" target="_blank" data-smartkarma-citation="entities:34323:1" rel="noopener">Core Concept Technologies Inc (4371 JP)</a> is getting close to a TOPIX Inclusion announcement.</li>
<li>However, their fate will be decided by share price movements.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to a TOPIX Inclusion announcement.
However, their fate will be decided by share price movements.


TOPIX Inclusions: Who Is Ready (Feb 2026)

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/bengo4-com-inc" target="_blank" data-smartkarma-citation="entities:20383:1" rel="noopener">Bengo4.Com Inc (6027 JP)</a> will be included in the TOPIX index at the end of January 2026 and then there might be an upweight in late-April 2026.</li>
<li>The number of names satisfying all key conditions for the TOPIX Inclusions has grown sharply over the last few months.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Bengo4.Com Inc (6027 JP) will be included in the TOPIX index at the end of January 2026 and then there might be an upweight in late-April 2026.
The number of names satisfying all key conditions for the TOPIX Inclusions has grown sharply over the last few months.


TOPIX Inclusions: Who Is Ready (Jan 2026)

Japan

Universal Entertainment Corporation develops, manufactures, and sells pachinko, pachinko slot machines, amusement equipments & casino equipments designed for overseas use.  The Company also engages in casino hotel management.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Universal Entertainment (6425 JP)

Philippine Casino Stocks: Ground Floor or Trap Door?

The Philippines casino space is estimated to show a 20% increase for 2017, against a consensus 12% for Macau. China visitor arrivals to the...

Howard J Klein

TOPIX Inclusions: Who Is Ready (Apr 2026)

There are currently 158 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 158 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Mar 2026)

There are currently 162 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 154 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Feb 2026)

There are currently 162 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 150 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Jan 2026)

There are currently 163 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 149 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)