Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 28-Feb-25, the last day of their fiscal year, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> signed a deal to acquire Aeon Delight via Tender Offer and Aeon Mall via scrip exchange.</li>
<li>For Aeon Mall, that means negotiation on the share exchange ratio over the next 5-6 weeks. </li>
<li>While I have an opinion on the fair ratio (explained below), I find "Guess The Ratio" trades fraught with bad governance outcomes. The 3-month average is often used.</li>
</ul>


On 28-Feb-25, the last day of their fiscal year, Aeon Co Ltd (8267 JP) signed a deal to acquire Aeon Delight via Tender Offer and Aeon Mall via scrip exchange.
For Aeon Mall, that means negotiation on the share exchange ratio over the next 5-6 weeks. 
While I have an opinion on the fair ratio (explained below), I find "Guess The Ratio" trades fraught with bad governance outcomes. The 3-month average is often used.


Aeon (8267) And Aeon Mall (8905) To Be a Guess The Ratio Trade

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted 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 the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-<em>January 2025</em>.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted 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 the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-January 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Sales increased YoY across multiple segments, driven by price revisions and new contracts, despite rising costs.</li><li>Aeon Delight's medium-term plan focuses on efficiency, consulting capabilities, and expanding the Construction Work business.</li><li>The company plans JPY20.0bn investment in productivity, new services, and human capital for sustained growth.</li></ul>

Sales increased YoY across multiple segments, driven by price revisions and new contracts, despite rising costs.Aeon Delight's medium-term plan focuses on efficiency, consulting capabilities, and expanding the Construction Work business.The company plans JPY20.0bn investment in productivity, new services, and human capital for sustained growth.

Aeon Delight (9787 JP): 1H FY02/25 flash update

<ul><li>Sales increased by 2.5% YoY to JPY81.1bn, operating profit decreased by 5.2% YoY to JPY3.3bn.</li><li>Sales growth in Facilities Management, Security Services, Cleaning Services, and Materials and Supplies Sourcing Services contributed to overall revenue increase.</li><li>Operating profit fell YoY due to higher SG&A expenses despite segment profit growth in several divisions.</li></ul>

Sales increased by 2.5% YoY to JPY81.1bn, operating profit decreased by 5.2% YoY to JPY3.3bn.Sales growth in Facilities Management, Security Services, Cleaning Services, and Materials and Supplies Sourcing Services contributed to overall revenue increase.Operating profit fell YoY due to higher SG&A expenses despite segment profit growth in several divisions.

Aeon Delight (9787 JP): Q1 FY02/25 flash update

<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>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-January 2024.</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.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.
Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-January 2024.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Jan 2024

Japan

AEON DELIGHT CO., LTD. is a building maintenance company.  The Company provides services such as cleaning, security, and equipment management for buildings.

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Aeon Delight (9787 JP)

Aeon (8267) And Aeon Mall (8905) To Be a Guess The Ratio Trade

Aeon announced two takeovers Friday. One is a scrip merger which means we get a 5-6 week "Guess The Ratio" trade. They have a bad history. Previous...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks

There are 42 Potential ADDs and 45 Potential DELs (unique names) presented in the current Quiddity Leaderboard. I expect the HIGH & MED Potential...

Janaghan Jeyakumar, CFA