Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A few years ago, <a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac Holdings (4004 JP)</a> announced it would consider spinning off its petrochemicals business.</li>
<li>This summer it announced it would happen, and on 7 September it got TSE approval for a spinoff 1 October 2026. Shares start trading on 29 September. </li>
<li>On Friday, the reference price for listing was announced at ¥200/share. Day 1 will mean significant index flows, and thoughts of what is to come.</li>
</ul>


A few years ago, Resonac Holdings (4004 JP) announced it would consider spinning off its petrochemicals business.
This summer it announced it would happen, and on 7 September it got TSE approval for a spinoff 1 October 2026. Shares start trading on 29 September. 
On Friday, the reference price for listing was announced at ¥200/share. Day 1 will mean significant index flows, and thoughts of what is to come.


[Japan Event] The Crasus Chemical (646A) Spinoff - Details, Valuation, Flows

<ul>
<li>Back in February 2024, <a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac Holdings (4004 JP)</a> announced it would start an assessment of a partial spinoff of its petrochemicals division, <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical (646A JP)</a>. </li>
<li>Resonac updated in July 2026. In August the Board resolved to deliver 80+% of shares to Resonac investors. Today the TSE approved. Crasus starts trading on Resonac ex-rights day 29-September.</li>
<li>The "center" value should be determined in about a week to ten days. The estimate of asset distribution right now is 0.09 per Resonac share. There will be index effects.</li>
</ul>


Back in February 2024, Resonac Holdings (4004 JP) announced it would start an assessment of a partial spinoff of its petrochemicals division, Crasus Chemical (646A JP). 
Resonac updated in July 2026. In August the Board resolved to deliver 80+% of shares to Resonac investors. Today the TSE approved. Crasus starts trading on Resonac ex-rights day 29-September.
The "center" value should be determined in about a week to ten days. The estimate of asset distribution right now is 0.09 per Resonac share. There will be index effects.


[Japan Event] The Crasus Chemical (646A JP) Spinoff from Resonac (4004 JP)

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 rebalance to come in August 2027 based on trading data as of end-September 2026.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 rebalance to come in August 2027 based on trading data as of end-September 2026.


Quiddity JPX-Nikkei 400 Rebal 2027: End-Sep 2026 Ranks

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac Holdings (4004 JP)</a> is worth more than ¥200/share over the medium-term. But expect this <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical (646A JP)</a> spinoff to create trading and accumulation opportunities in the near future.</li>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine (8766 JP)</a> reportedly identified <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>. It's a clean play after selling Suncorp Bank to ANZ. <a href="https://www.smartkarma.com/entities/insurance-australia-group-ltd" target="_blank" data-smartkarma-citation="entities:712:1" rel="noopener">IAG (IAG AU)</a> is now cleaner after settling the Greensill litigation.</li>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a> remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. </li>
</ul>



Resonac Holdings (4004 JP) is worth more than ¥200/share over the medium-term. But expect this Crasus Chemical (646A JP) spinoff to create trading and accumulation opportunities in the near future.

Tokio Marine (8766 JP) reportedly identified Suncorp (SUN AU). It's a clean play after selling Suncorp Bank to ANZ. IAG (IAG AU) is now cleaner after settling the Greensill litigation.

Legend Holdings (3396 HK) remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. 


Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Sumitomo Mitsui Trust Holdings / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. </li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. 
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

Japan

A Japanese petrochemical manufacturing and sales company headquartered in Minato, Tokyo. It operates as a subsidiary of Resonac Holdings.

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Crasus Chemical (646A JP)

[Japan Event] The Crasus Chemical (646A) Spinoff - Details, Valuation, Flows

The Crasus Chemical spin off arrives in 8 days. The stock lists on 29 September. The reference price comes out at what appears to be <0.7x book and...

Travis Lundy

[Japan Event] The Crasus Chemical (646A JP) Spinoff from Resonac (4004 JP)

Resonac Holdings will spin off its petrochems division (about 10% of sales, 9% of net assets, ~8% of OP) on October 1. 1 share gets you 1 share on...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2027: End-Sep 2026 Ranks

In total, there are 33 Potential ADDs and 34 Potential DELs (unique names) presented in the current Quiddity Leaderboard. It is early in the...

Janaghan Jeyakumar, CFA

Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

In this Curator's Cut, we examine poor positioning in Consumer Staples, the (continued) rotation into (Asian) Financials and mixed views on spin...

Pranav Rao

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