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

Index Rebalance

<ul>
<li>The review period for the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.</li>
<li>There will be passive buying in <a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">BayCurrent Consulting</a> as the PAF moves from 0.5 to 1. <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>'s index weight is below the 10% cap for now. </li>
<li>
<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> replaces <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> later this week and there will be a lot of focus on those names.</li>
</ul>


The review period for the Nikkei 225 (NKY INDEX) September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.
There will be passive buying in BayCurrent Consulting as the PAF moves from 0.5 to 1. Fast Retailing (9983 JP)'s index weight is below the 10% cap for now. 

ROHM Co Ltd (6963 JP) replaces NTT Data Corp (9613 JP) later this week and there will be a lot of focus on those names.


Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> is the largest weight in the Nikkei 225. On Friday, it closed at 11.36% of the Nikkei 225, putting it well above the 10% cap level.</li>
<li>If the stock is above 10% on a pro-forma basis on the base date of 31 July 2024, it will get a capping coefficient. 8.4mm shares (US$2.5bn) to sell.</li>
<li>At Friday's close, we were borderline above a <em>double</em>-downweight trigger. At Monday's open, just below. 30mins later? Back well above. Lots of interesting issues and nuances here for a short.</li>
</ul>



Fast Retailing (9983 JP) is the largest weight in the Nikkei 225. On Friday, it closed at 11.36% of the Nikkei 225, putting it well above the 10% cap level.
If the stock is above 10% on a pro-forma basis on the base date of 31 July 2024, it will get a capping coefficient. 8.4mm shares (US$2.5bn) to sell.
At Friday's close, we were borderline above a double-downweight trigger. At Monday's open, just below. 30mins later? Back well above. Lots of interesting issues and nuances here for a short.


Fast Retailing (9983) - Now At Double Downweight Levels

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-suisan-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:5095:1" rel="noopener">Nippon Suisan Kaisha (1332 JP)</a> reported 8% YoY revenue growth in 9MFY23, driven by 17% YoY growth in food products business on higher commercial volume and prices.</li>
<li>However, marine products profits tumbled 39% YoY on weakening fish prices and accounting adjustments.</li>
<li>The company raised FY23 sales and operating profit guidance to ¥825B (up 7% YoY) and ¥29B (up 18% YoY), respectively.</li>
</ul>



Nippon Suisan Kaisha (1332 JP) reported 8% YoY revenue growth in 9MFY23, driven by 17% YoY growth in food products business on higher commercial volume and prices.
However, marine products profits tumbled 39% YoY on weakening fish prices and accounting adjustments.
The company raised FY23 sales and operating profit guidance to ¥825B (up 7% YoY) and ¥29B (up 18% YoY), respectively.


Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nissui-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:19243:1" rel="noopener">Nissui Pharmaceutical (4550 JP)</a> has been cheap for years. Years and years and years. </li>
<li>It has traded at negative Enterprise Value for almost all of the past year. </li>
<li>Now <a href="https://www.smartkarma.com/entities/shimadzu-corp" target="_blank" data-smartkarma-citation="entities:17679:1" rel="noopener">Shimadzu Corp (7701 JP)</a> is taking it over and heavily indebted parent <a href="https://www.smartkarma.com/entities/nippon-suisan-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:5095:1" rel="noopener">Nippon Suisan Kaisha (1332 JP)</a> is letting it go.</li>
</ul>



Nissui Pharmaceutical (4550 JP) has been cheap for years. Years and years and years. 
It has traded at negative Enterprise Value for almost all of the past year. 
Now Shimadzu Corp (7701 JP) is taking it over and heavily indebted parent Nippon Suisan Kaisha (1332 JP) is letting it go.


Shimadzu (7701) To Buy Out Nissui Pharma (4550) In Tender Offer

<ul>
<li>This is an agreement between one fish merchant <a href="https://www.smartkarma.com/entities/chuo-gyorui-co-ltd" target="_blank" data-smartkarma-citation="entities:9668:1" rel="noopener">Chuo Gyorui (8030 JP)</a> and another fish merchant <a href="https://www.smartkarma.com/entities/nippon-suisan-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:5095:1" rel="noopener">Nissui (1332 JP)</a> to take over a third fish merchant, <a href="https://www.smartkarma.com/entities/hohsui-corp" target="_blank" data-smartkarma-citation="entities:5455:1" rel="noopener">Hohsui Corp (1352 JP)</a>. </li>
<li>And the takeover PER and forecast PCFR are low. But there really is nothing fishy here. Hohsui has a lot of debt.</li>
<li>This is a done deal and there is nothing anyone can do about it.</li>
</ul>


This is an agreement between one fish merchant Chuo Gyorui (8030 JP) and another fish merchant Nissui (1332 JP) to take over a third fish merchant, Hohsui Corp (1352 JP). 
And the takeover PER and forecast PCFR are low. But there really is nothing fishy here. Hohsui has a lot of debt.
This is a done deal and there is nothing anyone can do about it.


Chuo Gyorui to Take Out Hohsui - Done Deal Easy Peasy.

Japan

NIPPON SUISAN KAISHA, Ltd. fishes and purchases seafood, and produces seafood products including fresh, frozen, and canned fish.  The Company also produces fish oil and fish meal, and operates cold storage business.

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Nippon Suisan Kaisha (1332 JP)

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

With the review period nearly complete, we expect 1-2 changes for the NKY in September. The Kokusai Electric placement improves inclusion odds. No...

Brian Freitas

Fast Retailing (9983) - Now At Double Downweight Levels

Now clearly into double-sell territory but nota bene: A double sell only works for the first couple of %, then we're back into single-sell...

Travis Lundy