Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.</li>
<li>Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.</li>
<li>For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.</li>
</ul>


Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.
Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.
For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.


[Quiddity Index] TOPIX July 2025 FFW Rebalance - $3bn+ a Side to Trade

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/gmo-financial-gate-inc" target="_blank" data-smartkarma-citation="entities:35234:1" rel="noopener">GMO Financial Gate (4051 JP)</a> and <a href="https://www.smartkarma.com/entities/azoom-co-ltd" target="_blank" data-smartkarma-citation="entities:32232:1" rel="noopener">Azoom (3496 JP)</a> have confirmed their moves to the Prime Market which would trigger TOPIX Inclusions for these names at the end of July.</li>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> is expected to get listed in the Prime market in late-June and that name would also have a TOPIX Inclusion at the end of July. </li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

GMO Financial Gate (4051 JP) and Azoom (3496 JP) have confirmed their moves to the Prime Market which would trigger TOPIX Inclusions for these names at the end of July.

Kitazato (368A JP) is expected to get listed in the Prime market in late-June and that name would also have a TOPIX Inclusion at the end of July. 


TOPIX Inclusions: Who Is Ready (Jun 2025)

Equity Capital Markets

<ul>
<li>On Friday 6 June, <a href="https://www.smartkarma.com/entities/azoom-co-ltd" target="_blank" data-smartkarma-citation="entities:32232:1" rel="noopener">Azoom (3496 JP)</a> announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).</li>
<li>That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month. </li>
<li>The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.</li>
</ul>


On Friday 6 June, Azoom (3496 JP) announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).
That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month. 
The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.


[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX

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>The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn.</li><li>The Idle Asset Utilization segment, driven by parking services, achieved sales of JPY6.0bn, with a 92.9% occupancy rate.</li><li>The Visualization segment reported 1H sales of JPY115mn, with a segment operating loss of JPY5mn, despite launching "MyRenderer."</li></ul>

The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn.The Idle Asset Utilization segment, driven by parking services, achieved sales of JPY6.0bn, with a 92.9% occupancy rate.The Visualization segment reported 1H sales of JPY115mn, with a segment operating loss of JPY5mn, despite launching "MyRenderer."

<ul><li>Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales.</li><li>The company forecasts FY09/25 sales of JPY12.5bn, operating profit of JPY2.5bn, and net income of JPY1.6bn.</li><li>Visualization segment reported full-year sales of JPY214mn, focusing on technical skill improvement and expanding the sales team.</li></ul>

Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales.The company forecasts FY09/25 sales of JPY12.5bn, operating profit of JPY2.5bn, and net income of JPY1.6bn.Visualization segment reported full-year sales of JPY214mn, focusing on technical skill improvement and expanding the sales team.

Azoom (3496 JP): Full-year FY09/24 flash update

Japan

AZOOM Co.,Ltd offers parking management services. The Company provides outsourced parking lot operations for property owners. AZOOM also conducts Internet media development, real estate marketing, and other businesses.

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Azoom (3496 JP)

[Quiddity Index] TOPIX July 2025 FFW Rebalance - $3bn+ a Side to Trade

The TOPIX July FFW rebal has been announced. It is largely as the Street expected. There is $3.3bn a side to trade by my calcs. Some of that is...

Travis Lundy

TOPIX Inclusions: Who Is Ready (Jun 2025)

There are currently 121 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 140 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX

Azoom (3496) is moving from TSE Growth to TSE Prime. That will get it into TOPIX in July and that will lead to more passive buying later. The big...

Travis Lundy

Azoom (3496 JP): 1H FY09/25 flash update

The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn. The Idle Asset Utilization segment, driven...

Shared Research

Azoom (3496 JP): Full-year FY09/24 flash update

Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales. The company forecasts FY09/25...

Shared Research

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