Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

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>Our long-term pre-event candidate <a href="https://www.smartkarma.com/entities/core-concept-technologies-inc" target="_blank" data-smartkarma-citation="entities:34323:1" rel="noopener">Core Concept Technologies Inc (4371 JP)</a> is getting close to a TOPIX Inclusion announcement.</li>
<li>However, their fate will be decided by share price movements.</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.
Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to a TOPIX Inclusion announcement.
However, their fate will be decided by share price movements.


TOPIX Inclusions: Who Is Ready (Feb 2026)

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

Core Concept Technologies Inc / Equity Bottom-Up

<ul><li>Revenue for Q3 FY12/25 was JPY15.4bn, a 7.8% YoY increase, driven by DX and IT staffing support.</li><li>The company revised its FY12/25 forecast, lowering revenue to JPY20.85bn and operating profit to JPY2.2bn.</li><li>Despite increased sales activity, revenue gains lagged expectations, prompting a forecast revision and maintaining a JPY19.00 dividend.</li></ul>

Revenue for Q3 FY12/25 was JPY15.4bn, a 7.8% YoY increase, driven by DX and IT staffing support.The company revised its FY12/25 forecast, lowering revenue to JPY20.85bn and operating profit to JPY2.2bn.Despite increased sales activity, revenue gains lagged expectations, prompting a forecast revision and maintaining a JPY19.00 dividend.

Core Concept Technologies Inc (4371 JP): Q3 FY12/25 flash update

<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/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a> will be included in the TOPIX index at the end of March 2026. We have discussed our flow expectations for this event.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-concept-technologies-inc" target="_blank" data-smartkarma-citation="entities:34323:1" rel="noopener">Core Concept Technologies Inc (4371 JP)</a> has moved far away from the required price threshold for TOPIX inclusion but it continues to be a long-term pre-event candidate.</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.

Harmonic Drive Systems (6324 JP) will be included in the TOPIX index at the end of March 2026. We have discussed our flow expectations for this event.

Core Concept Technologies Inc (4371 JP) has moved far away from the required price threshold for TOPIX inclusion but it continues to be a long-term pre-event candidate.


TOPIX Inclusions: Who Is Ready (Mar 2026)

Japan Business Systems  / 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>Our long-term TOPIX Inclusion pre-event candidate <a href="https://www.smartkarma.com/entities/core-concept-technologies-inc" target="_blank" data-smartkarma-citation="entities:34323:1" rel="noopener">Core Concept Technologies Inc (4371 JP)</a> has experienced a sharp price decline and has moved further away from the required thresholds for Section Transfers.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/japan-business-systems-inc" target="_blank" data-smartkarma-citation="entities:40379:1" rel="noopener">Japan Business Systems (5036 JP)</a> has announced a potential move to the Prime market which could result in a TOPIX inclusion in late-October 2025.</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.
Our long-term TOPIX Inclusion pre-event candidate Core Concept Technologies Inc (4371 JP) has experienced a sharp price decline and has moved further away from the required thresholds for Section Transfers.
Separately, Japan Business Systems (5036 JP) has announced a potential move to the Prime market which could result in a TOPIX inclusion in late-October 2025.


TOPIX Inclusions: Who Is Ready (Sep 2025)

<ul><li>Revenue increased by 10.9% YoY to JPY10.2bn, with gross profit rising 10.6% YoY to JPY2.8bn.</li><li>Operating profit grew by 3.0% YoY to JPY1.1bn, while recurring profit increased by 2.2% YoY.</li><li>Net income reached JPY762mn, marking a 3.6% YoY increase, with a stable gross profit margin.</li></ul>

Revenue increased by 10.9% YoY to JPY10.2bn, with gross profit rising 10.6% YoY to JPY2.8bn.Operating profit grew by 3.0% YoY to JPY1.1bn, while recurring profit increased by 2.2% YoY.Net income reached JPY762mn, marking a 3.6% YoY increase, with a stable gross profit margin.

Core Concept Technologies Inc (4371 JP): 1H FY12/25 flash update

Japan

Core Concept Technologies Inc. offers information technology services. The Company provides digital transformation supporting, information technology human resources procurement supporting, and other services. Core Concept Technologies provides its services throughout Japan.

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Core Concept Technologies Inc (4371 JP)

TOPIX Inclusions: Who Is Ready (Feb 2026)

There are currently 162 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 150 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA