Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>One active M&amp;A deal could trigger an intra-review ADD. Shareholders have already approved the deal.</li>
<li>We expect three changes and around US$5bn one-way flow for Nasdaq 100 in the June index rebal event and another $2bn in one-way flows on the intra-review change.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
One active M&amp;A deal could trigger an intra-review ADD. Shareholders have already approved the deal.
We expect three changes and around US$5bn one-way flow for Nasdaq 100 in the June index rebal event and another $2bn in one-way flows on the intra-review change.


Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Three Regular ADDs/DELs; US$7bn in One-Way Flows

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://asia.nikkei.com/business/business-deals/toyota-supplier-denso-to-withdraw-proposal-to-take-over-rohm" target="_blank" rel="noopener">Nikkei reports</a> that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will withdraw its proposal for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> as the two sides were “<em>unable to see eye-to-eye on an offer.</em>” </li>
<li>Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. </li>
<li>The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. </li>
</ul>


The Nikkei reports that Denso Corp (6902 JP) will withdraw its proposal for ROHM Co Ltd (6963 JP) as the two sides were “unable to see eye-to-eye on an offer.” 
Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. 
The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. 


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Gpixel Changchun is set to list its H shares on the Hong Kong Stock Exchange on 17 April 2026. It offers 65,294,200 H shares at HK$39.88 per H share.</li>
<li>The designer of advanced CMOS image sensors plans to raise net proceeds of ~HK$2.5B or ~$320M excluding over-allotment option and shares to be issued under the pre-IPO share option scheme.</li>
<li>I model 30%+ growth rate in 2026; however, at IPO valuation of HK$17.4B or ~$2.2B, I think the stock fully reflects near-term potential upside to my estimates. </li>
</ul>


Gpixel Changchun is set to list its H shares on the Hong Kong Stock Exchange on 17 April 2026. It offers 65,294,200 H shares at HK$39.88 per H share.
The designer of advanced CMOS image sensors plans to raise net proceeds of ~HK$2.5B or ~$320M excluding over-allotment option and shares to be issued under the pre-IPO share option scheme.
I model 30%+ growth rate in 2026; however, at IPO valuation of HK$17.4B or ~$2.2B, I think the stock fully reflects near-term potential upside to my estimates. 


Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gpixel-changchun-microelectronics-inc" target="_blank" data-smartkarma-citation="entities:48049:1" rel="noopener">Gpixel Changchun Microelectronics (3277 HK)</a> aims to raise HK$2.5bn from its IPO, but we consider its pricing not attractive, at 33.4x PER for FY26.</li>
<li>Its adjusted EPS growth will be a CAGR of 15.3% for FY25-FY28F, and this is below the A-share peers and global peers.</li>
<li>In our view, a 20-30% discount to the current multiples, i.e. 23.4-26.7x, or a share price of HK$27.90-31.90, will make it a better bet.</li>
</ul>



Gpixel Changchun Microelectronics (3277 HK) aims to raise HK$2.5bn from its IPO, but we consider its pricing not attractive, at 33.4x PER for FY26.
Its adjusted EPS growth will be a CAGR of 15.3% for FY25-FY28F, and this is below the A-share peers and global peers.
In our view, a 20-30% discount to the current multiples, i.e. 23.4-26.7x, or a share price of HK$27.90-31.90, will make it a better bet.


Gpixel Changchun (3277 HK) IPO: A Bit Expensive

<ul>
<li>Nikkei reported that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> is considering a tender offer for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> at a valuation of around JPY1.3 trillion.</li>
<li>If the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY3,240, a 18.0% premium to the undisturbed price of JPY2,743.</li>
<li>While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.  </li>
</ul>


Nikkei reported that Denso Corp (6902 JP) is considering a tender offer for ROHM Co Ltd (6963 JP) at a valuation of around JPY1.3 trillion.
If the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY3,240, a 18.0% premium to the undisturbed price of JPY2,743.
While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.  


ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

United States

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

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On Semiconductor (ON US)

Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Three Regular ADDs/DELs; US$7bn in One-Way Flows

Three expected changes in the June 2026 Nasdaq 100 rebalance, an active M&A deal in play, and a SpaceX inclusion expected by late July.

Anjana Amarasuriya

ROHM (6963 JP): Denso Pulls the Plug

The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution,...

Arun George

Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

Gpixel is marketing the sale of ~65M H shares at HK$39.88 per share. I see limited room for multiple expansion after IPO and believe the stock may...

Andrei Zakharov

Gpixel Changchun (3277 HK) IPO: A Bit Expensive

Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....

Osbert Tang, CFA

ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.

Arun George

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Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Three Regular ADDs/DELs; US$7bn in One-Way Flows

Three expected changes in the June 2026 Nasdaq 100 rebalance, an active M&A deal in play, and a SpaceX inclusion expected by late July.

Anjana Amarasuriya

ROHM (6963 JP): Denso Pulls the Plug

The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution,...

Arun George

Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

Gpixel is marketing the sale of ~65M H shares at HK$39.88 per share. I see limited room for multiple expansion after IPO and believe the stock may...

Andrei Zakharov

Gpixel Changchun (3277 HK) IPO: A Bit Expensive

​Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....

Osbert Tang, CFA

ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.

Arun George

Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....