Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>A major global index provider announced its quarterly review on 5th November 2025. The rebalance will take place on 24th November 2025.</li>
<li>There were 133 changes announced. We got 115 of these 133 changes - around 86%.</li>
<li>In this insight, we have presented our final flow expectations for the confirmed index changes and provide a few comments on specific situations.</li>
</ul>


A major global index provider announced its quarterly review on 5th November 2025. The rebalance will take place on 24th November 2025.
There were 133 changes announced. We got 115 of these 133 changes - around 86%.
In this insight, we have presented our final flow expectations for the confirmed index changes and provide a few comments on specific situations.


[Quiddity Index] Final Flows for the Major Global Index Rebal in November 2025: US$42bn One-Way

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yakult-honsha-co-ltd" target="_blank" data-smartkarma-citation="entities:17153:1" rel="noopener">Yakult Honsha (2267 JP)</a>'s stock price has continued to slide, and the stock is now trading 53% lower than its highs from 18 months ago. </li>
<li>The lower market cap should result in the stock being deleted from a global index in November. The stock has underperformed peers but still trades at higher valuations.</li>
<li>There has been increased positioning over the last few weeks. Short interest is higher since end-August but there has been covering in the last couple of weeks.</li>
</ul>



Yakult Honsha (2267 JP)'s stock price has continued to slide, and the stock is now trading 53% lower than its highs from 18 months ago. 
The lower market cap should result in the stock being deleted from a global index in November. The stock has underperformed peers but still trades at higher valuations.
There has been increased positioning over the last few weeks. Short interest is higher since end-August but there has been covering in the last couple of weeks.


Yakult Honsha (2267 JP): Underperformance & Global Index Deletion in Nov

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Japanese inflation, which peaked at 4.3% in January 2023, gradually decreased to 3.5%, 3.2%, 3.3%, 3.3%, and 3.2% in the subsequent months of 2023.</li>
<li>Inflation rates remained stable for most items, excluding Fuel, Electricity, Water, and fresh vegetables, indicating the persistence of cost-push inflation.</li>
<li>In this insight, we analyze the recent quarterly performance of Yakult, Nissin, and Seven &amp; I, Japanese Consumer Staples companies discussed in our prior Smartkarma Original.</li>
</ul>


Japanese inflation, which peaked at 4.3% in January 2023, gradually decreased to 3.5%, 3.2%, 3.3%, 3.3%, and 3.2% in the subsequent months of 2023.
Inflation rates remained stable for most items, excluding Fuel, Electricity, Water, and fresh vegetables, indicating the persistence of cost-push inflation.
In this insight, we analyze the recent quarterly performance of Yakult, Nissin, and Seven &amp; I, Japanese Consumer Staples companies discussed in our prior Smartkarma Original.


Japan Consumer Staples Update: Inflation Looks a Blessing in Disguise for Those with Pricing Power

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.


JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

<ul>
<li>We analysed the earning revision of component stocks of MSCI Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.</li>
</ul>


We analysed the earning revision of component stocks of MSCI Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.


MSCI Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

Japan

YAKULT HONSHA CO., LTD produces and sells fermented milk products, soft drinks and food products.  The Company also manufactures pharmaceutical and cosmetic products.  Through its subsidiary, the professional baseball team, Tokyo Yakult Swallows is owned and managed.

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

Yakult Honsha (2267 JP)

[Quiddity Index] Final Flows for the Major Global Index Rebal in November 2025: US$42bn One-Way

The Global Index Provider who rebalances in November announced their changes. There were a couple of surprises for us (we calculated float/FOL...

Travis Lundy