Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>The exponential rise in AI workloads is triggering a global data center power crunch, with Asia facing the sharpest grid stress due to dense urban clusters and limited transmission infrastructure.</li>
<li>Japanese grid and power equipment firms are stepping in as key enablers, supplying transformers, substations, and energy management systems to support hyperscale AI deployments across Asia.</li>
<li>Top picks include Toshiba Energy, Hitachi Energy, and Fuji Electric, each positioned to capture structural AI-driven grid upgrades in India, Japan, and Southeast Asia.</li>
</ul>


The exponential rise in AI workloads is triggering a global data center power crunch, with Asia facing the sharpest grid stress due to dense urban clusters and limited transmission infrastructure.
Japanese grid and power equipment firms are stepping in as key enablers, supplying transformers, substations, and energy management systems to support hyperscale AI deployments across Asia.
Top picks include Toshiba Energy, Hitachi Energy, and Fuji Electric, each positioned to capture structural AI-driven grid upgrades in India, Japan, and Southeast Asia.


AI’s Power Bottleneck Becomes a Grid Opportunity

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>
<a href="https://www.smartkarma.com/entities/nissin-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18567:1" rel="noopener">Nissin Electric (6641 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/sumitomo-electric-industries" target="_blank" data-smartkarma-citation="entities:10496:1" rel="noopener">Sumitomo Electric Industries (5802 JP)</a>’s tender offer of JPY1,700 per share, an 22.7% premium to the undisturbed price (2 February).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.</li>
<li>The tender offer is attractive in comparison to peer multiples and historical price ranges. Excluding the offeror, there are no substantial shareholders. This suggests a done deal. </li>
</ul>



Nissin Electric (6641 JP) has recommended Sumitomo Electric Industries (5802 JP)’s tender offer of JPY1,700 per share, an 22.7% premium to the undisturbed price (2 February).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.
The tender offer is attractive in comparison to peer multiples and historical price ranges. Excluding the offeror, there are no substantial shareholders. This suggests a done deal. 


Nissin Electric (6641 JP): JPY1,700 Tender Offer from Sumitomo Electric

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) remain near logical resistance as investors await monetary policy decisions from the ECB and Federal Reserve. Considering overhead resistance and continued mixed economic and market signals, we remain squarely in the neutral camp.  We outline important technical levels across major indexes and highlight attractive opportunities within the Manufacturing, Transportation, and Materials Sectors, most of which hail from Europe and Japan.

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) remain near logical resistance as investors await monetary policy decisions from the ECB and Federal Reserve. Considering overhead resistance and continued mixed economic and market signals, we remain squarely in the neutral camp.  We outline important technical levels across major indexes and highlight attractive opportunities within the Manufacturing, Transportation, and Materials Sectors, most of which hail from Europe and Japan.

Global Equity Strategy: Overhead Resistance Looms

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Japan is at this month-end and quarter-end subject to a number of interesting flow dynamics. These flow dynamics are WELL worth investors time to understand, and appreciate, and perhaps make use of.Some of these dynamics are due to the index inclusions/exclusions to take place over the next four trading days. Some are because... it is that time of year. Know your flows.

Japan is at this month-end and quarter-end subject to a number of interesting flow dynamics. These flow dynamics are WELL worth investors time to understand, and appreciate, and perhaps make use of.Some of these dynamics are due to the index inclusions/exclusions to take place over the next four trading days. Some are because... it is that time of year. Know your flows. 

JAPAN Quarter-End Fun And/-Ding Games : Sep 2017

Japan

MEIDENSHA CORPORATION manufactures electrical machinery used in the utilities, construction, metal, and transportation industries.  The Company produces heavy/light machinery including power generators, water treatment systems, control circuit devices, transformers, semiconductors, and material handling equipment such as carriages and pallet robots.

Price Gauge
52-week Range	0.00 - 0.00
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Meidensha Corp (6508 JP)

Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

We expect the HIGH-conviction Potential ADDs to outperform the HIGH-conviction Potential DELs. Nidec is no longer part of our potential ADDs.

Janaghan Jeyakumar, CFA

AI’s Power Bottleneck Becomes a Grid Opportunity

Exponential AI workload growth causing global data center power crunch, Asia hit hardest; Japanese firms stepping in to support hyperscale AI...

Rahul Jain

Nissin Electric (6641 JP): JPY1,700 Tender Offer from Sumitomo Electric

The tender offer is attractive in comparison to peer multiples and historical price ranges. Excluding the offeror, there are no substantial...

Arun George

Global Equity Strategy: Overhead Resistance Looms

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) remain near logical resistance as investors await monetary policy decisions from the ECB...

Vermilion Research

JAPAN Quarter-End Fun And/-Ding Games : Sep 2017

Japan is at this month-end and quarter-end subject to a number of interesting flow dynamics. These flow dynamics are WELL worth investors time to...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

We expect the HIGH-conviction Potential ADDs to outperform the HIGH-conviction Potential DELs. Nidec is no longer part of our potential ADDs.

Janaghan Jeyakumar, CFA

AI’s Power Bottleneck Becomes a Grid Opportunity

​Exponential AI workload growth causing global data center power crunch, Asia hit hardest; Japanese firms stepping in to support hyperscale AI...

Rahul Jain

Nissin Electric (6641 JP): JPY1,700 Tender Offer from Sumitomo Electric

The tender offer is attractive in comparison to peer multiples and historical price ranges. Excluding the offeror, there are no substantial...

Arun George

Global Equity Strategy: Overhead Resistance Looms

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) remain near logical resistance as investors await monetary policy decisions from the ECB...

Vermilion Research

JAPAN Quarter-End Fun And/-Ding Games : Sep 2017

Japan is at this month-end and quarter-end subject to a number of interesting flow dynamics. These flow dynamics are WELL worth investors time to...

Travis Lundy

Exponential AI workload growth causing global data center power crunch, Asia hit hardest; Japanese firms stepping in to support hyperscale AI...