Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (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 Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (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 Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>FURUNO’s Marine franchise delivers resilient growth, with rising margins and recurring revenues, while GNSS diversification signals a structural pivot into mission-critical, less cyclical infrastructure markets. </li>
<li>Consistent R&amp;D, regulatory trust, and a global service network underpin competitive advantage, embedding FURUNO into fleets while positioning it for higher-margin, software-driven service models. </li>
<li>With EBIT guidance of ¥11.5bn and a 16x multiple, the $1.2bn company is evolving from cyclical hardware supplier to durable compounder with structural growth.</li>
</ul>


FURUNO’s Marine franchise delivers resilient growth, with rising margins and recurring revenues, while GNSS diversification signals a structural pivot into mission-critical, less cyclical infrastructure markets. 
Consistent R&amp;D, regulatory trust, and a global service network underpin competitive advantage, embedding FURUNO into fleets while positioning it for higher-margin, software-driven service models. 
With EBIT guidance of ¥11.5bn and a 16x multiple, the $1.2bn company is evolving from cyclical hardware supplier to durable compounder with structural growth.


FURUNO (6814) | Mapping a Course Beyond Hardware

Japan

FURUNO ELECTRIC CO., LTD. manufactures marine equipment such as sonar fish finders and radar systems.  The Company also makes medical equipment, navigational instruments, global positioning system (GPS), and wireless local area network (LAN) systems.

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Furuno Electric (6814 JP)

Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

We expect the HIGH-conviction Potential ADDs to outperform the HIGH-conviction Potential DELs. Nidec is no longer part of our potential ADDs.

Janaghan Jeyakumar, CFA

FURUNO (6814) | Mapping a Course Beyond Hardware

FURUNO Marine franchise shows resilient growth with rising margins and recurring revenues, pivoting towards mission-critical infrastructure...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

We expect the HIGH-conviction Potential ADDs to outperform the HIGH-conviction Potential DELs. Nidec is no longer part of our potential ADDs.

Janaghan Jeyakumar, CFA

FURUNO (6814) | Mapping a Course Beyond Hardware

​FURUNO Marine franchise shows resilient growth with rising margins and recurring revenues, pivoting towards mission-critical infrastructure...

Mark Chadwick

FURUNO Marine franchise shows resilient growth with rising margins and recurring revenues, pivoting towards mission-critical infrastructure...