Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "<strong>Who is Ready</strong>" 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>In the last few days, <a href="https://www.smartkarma.com/entities/sunwels-co-ltd" target="_blank" data-smartkarma-citation="entities:43702:1" rel="noopener">SUNWELS Co (9229 JP)</a> and <a href="https://www.smartkarma.com/entities/macbee-planet-inc" target="_blank" data-smartkarma-citation="entities:39863:1" rel="noopener">Macbee Planet (7095 JP)</a> have announced their moves to TSE prime which would eventually trigger a TOPIX Inclusion event.</li>
<li>
<a href="https://www.smartkarma.com/entities/macbee-planet-inc" target="_blank" data-smartkarma-citation="entities:39863:1" rel="noopener">Macbee Planet</a> was in our highest conviction list but <a href="https://www.smartkarma.com/entities/sunwels-co-ltd" target="_blank" data-smartkarma-citation="entities:43702:1" rel="noopener">SUNWELS Co</a> was not. In this insight, we have made some modifications to our methodology to improve future hit rates.</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.
In the last few days, SUNWELS Co (9229 JP) and Macbee Planet (7095 JP) have announced their moves to TSE prime which would eventually trigger a TOPIX Inclusion event.

Macbee Planet was in our highest conviction list but SUNWELS Co was not. In this insight, we have made some modifications to our methodology to improve future hit rates.


TOPIX Inclusions: Who Is Ready (July 2024)

<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/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> and <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> are expected to be included in the TOPIX index at the end of January 2024</li>
<li>There are couple of other pre-event names that we have been tracking for the past few months.</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.

Furuya Metal (7826 JP) and Visional (4194 JP) are expected to be included in the TOPIX index at the end of January 2024
There are couple of other pre-event names that we have been tracking for the past few months.


TOPIX Inclusions: Who Is Ready (Jan 2024)

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> 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)

<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>TOPIX Inclusions of <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a> and <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> took place at the end of April 2025.</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> continues to be in our watchlist as a potential TOPIX Inclusion 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.
TOPIX Inclusions of Baudroie (4413 JP) and JX Advanced Metals (5016 JP) took place at the end of April 2025.

Core Concept Technologies Inc (4371 JP) continues to be in our watchlist as a potential TOPIX Inclusion candidate.


TOPIX Inclusions: Who Is Ready (May 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>The TOPIX Inclusions of <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a> and <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> are expected to take place at the end of April 2025.</li>
<li>Separately, the 0.75x TOPIX Liquidity Factor removal event will also take place at the same time. We expect one-way flows of US$514mn for this event.</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.
The TOPIX Inclusions of Baudroie (4413 JP) and JX Advanced Metals (5016 JP) are expected to take place at the end of April 2025.
Separately, the 0.75x TOPIX Liquidity Factor removal event will also take place at the same time. We expect one-way flows of US$514mn for this event.


TOPIX Inclusions: Who Is Ready (Apr 2025)

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 (July 2024)

We have revised our framework to improve the weightings for the key factors in the TSE Prime transfer requirements. Now we see 81 names that can...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Jan 2024)

There are currently 70 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 78 names can satisfy 5 out of 6...

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

TOPIX Inclusions: Who Is Ready (May 2025)

Tokyo Metro performed exactly as we expected before and after the 0.75X TOPIX Liquidity Factor removal announcement in early-April 2025. The flow...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Apr 2025)

There are currently 91 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 127 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

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