Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Equity Bottom-Up

<ul><li>Chiyoda Corporation is a Yokohama-based engineering, procurement, and construction (EPC) contractor and one of only a handful of companies on earth capable of building a full-scale LNG liquefaction plant, alongside Bechtel, Technip Energies, and Japanese peer JGC Holdings.</li><li>Two of its own joint-venture partners on its largest US LNG projects, McDermott International and Zachry Holdings, went bankrupt attempting the same work, thinning an already tiny global competitive set just as a fresh ~$90B wave of global LNG projects arrives.</li><li>Chiyoda itself nearly went the same way twice, with a ¥214.9B net loss in FY2019 and a second solvency scare in FY2024, both triggered by cost blowouts on the same Golden Pass LNG project in Texas, and was kept alive only because controlling shareholder Mitsubishi Corp injected preferred-stock capital both times.</li></ul>

Chiyoda Corporation is a Yokohama-based engineering, procurement, and construction (EPC) contractor and one of only a handful of companies on earth capable of building a full-scale LNG liquefaction plant, alongside Bechtel, Technip Energies, and Japanese peer JGC Holdings.Two of its own joint-venture partners on its largest US LNG projects, McDermott International and Zachry Holdings, went bankrupt attempting the same work, thinning an already tiny global competitive set just as a fresh ~$90B wave of global LNG projects arrives.Chiyoda itself nearly went the same way twice, with a ¥214.9B net loss in FY2019 and a second solvency scare in FY2024, both triggered by cost blowouts on the same Golden Pass LNG project in Texas, and was kept alive only because controlling shareholder Mitsubishi Corp injected preferred-stock capital both times.

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei400 Index comprises common stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology considering size, fundamentals, governance factors. Public pensions and ETFs track the index.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs each month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end-April 2026.</li>
</ul>


JPX-Nikkei400 Index comprises common stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology considering size, fundamentals, governance factors. Public pensions and ETFs track the index.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs each month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end-April 2026.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Apr 2026 Ranks

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs each month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end-March 2026.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs each month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end-March 2026.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Mar 2026 Ranks

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Cable laggards SEI -16%, Furukawa -14% and Fujikura -10% over the last 5 sessions. Worth looking at for solid upside as the market scrambles for laggards.</li>
<li>Softbank only +1.5% Friday despite ARM +11%. Could see a rebound today if fears from margin loan struggles fade.</li>
<li>Japanese names are likely to give Friday’s gains back but excessive weakness could be an opportunity to reengage ahead of the dust settling post-SpaceX.</li>
</ul>


Cable laggards SEI -16%, Furukawa -14% and Fujikura -10% over the last 5 sessions. Worth looking at for solid upside as the market scrambles for laggards.
Softbank only +1.5% Friday despite ARM +11%. Could see a rebound today if fears from margin loan struggles fade.
Japanese names are likely to give Friday’s gains back but excessive weakness could be an opportunity to reengage ahead of the dust settling post-SpaceX.


Japan Morning Connection: Cable and Optical Laggards in Focus as AI Strength Returns

<ul>
<li>News that mature-node foundry UMC will hike wafer prices is a positive sign for semi’s outside of the AI thematic.</li>
<li>Oil and gas infra companies Chiyoda, Toyo Engineering and JGC on the radar assuming a peace deal will eventually hold.</li>
<li>Kioxia -9.9% and Kokusai -7.2% on Friday likely heading further lower today.</li>
</ul>


News that mature-node foundry UMC will hike wafer prices is a positive sign for semi’s outside of the AI thematic.
Oil and gas infra companies Chiyoda, Toyo Engineering and JGC on the radar assuming a peace deal will eventually hold.
Kioxia -9.9% and Kokusai -7.2% on Friday likely heading further lower today.


Japan Morning Connection: Exuberance Fades Fast as Iran Closes Straits

Japan

CHIYODA CORPORATION constructs, inspects, and maintains industrial plants around the world.  Those plants include oil refinery, petrochemical, food, and pharmaceutical plants.  The Company also provides comprehensive engineering services for such as energy saving, factory automation (FA), and environmental preservation for water treatment and soil purification.

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Chiyoda Corp (6366 JP)

Monday Delight: 03/08/2026

Chiyoda Corporation is a Yokohama-based engineering, procurement, and construction (EPC) contractor and one of only a handful of companies on...

Contrarian Cashflows

Quiddity JPX-Nikkei 400 Rebal 2026: End-Apr 2026 Ranks

In total, there are 50 Potential ADDs and 46 Potential DELs (unique names) presented in the current Quiddity Leaderboard. There are roughly two...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2026: End-Mar 2026 Ranks

There are currently 50 Potential ADDs and 48 Potential DELs (unique names) presented in the current Quiddity Leaderboard. There are three months...

Janaghan Jeyakumar, CFA

Japan Morning Connection: Cable and Optical Laggards in Focus as AI Strength Returns

Cable laggards SEI and Furukawa worth watching as AI strength returns. Softbank looks set to rebound on ARM's surge. Chiyoda looks well placed as...

Andrew Jackson

Japan Morning Connection: Exuberance Fades Fast as Iran Closes Straits

Friday's exuberance fades fast as Iran closes the Straits again. Japan's recent tech winners face more pain while power semis and wafer names start...

Andrew Jackson

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