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>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>At the end of July 2025, <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> will be included in the TOPIX Index.</li>
<li>Newly-Listed company <a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> will also be included in the TOPIX index at the end of this month.</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.
At the end of July 2025, GMO Financial Gate (4051 JP) and Azoom (3496 JP) will be included in the TOPIX Index.
Newly-Listed company Kitazato (368A JP) will also be included in the TOPIX index at the end of this month.


TOPIX Inclusions: Who Is Ready (Jul 2025)

<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)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

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

Core Concept Technologies Inc / Index Rebalance

<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>, <a href="https://www.smartkarma.com/entities/azoom-co-ltd" target="_blank" data-smartkarma-citation="entities:32232:1" rel="noopener">Azoom (3496 JP)</a> and <a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> (recent IPO) were included in the TOPIX index at the end of July 2025.</li>
<li>Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.</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), Azoom (3496 JP) and Kitazato (368A JP) (recent IPO) were included in the TOPIX index at the end of July 2025.
Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.


TOPIX Inclusions: Who Is Ready (Aug 2025)

<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

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)

TOPIX Inclusions: Who Is Ready (Jul 2025)

There are three TOPIX Inclusions at the end of July 2025. There will also be more index flows due to FFW adjustments. Core concept technologies...

Janaghan Jeyakumar, CFA

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

TOPIX Inclusions: Who Is Ready (Aug 2025)

There are currently 133 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 138 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

[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

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