Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<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> moves from the Standard Market to the Prime Market at the close on 27 February. That means <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TOPIX</a> inclusion at the end of March.</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> was an expected inclusion to the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TOPIX Index</a> in October as a part of the Next-Gen TOPIX revamp. The section transfer accelerates the timeline.</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</a> has underperformed nearly all its peers from the Industrial components industry and there could be a catch up ahead of the big float mop up from the TOPIX trackers.</li>
</ul>



Harmonic Drive Systems (6324 JP) moves from the Standard Market to the Prime Market at the close on 27 February. That means TOPIX inclusion at the end of March.

Harmonic Drive Systems (6324 JP) was an expected inclusion to the TOPIX Index in October as a part of the Next-Gen TOPIX revamp. The section transfer accelerates the timeline.

Harmonic Drive has underperformed nearly all its peers from the Industrial components industry and there could be a catch up ahead of the big float mop up from the TOPIX trackers.


Harmonic Drive (6324 JP): Section Transfer Accelerates TOPIX Inclusion Timeline

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<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> shares popped 14.7% Friday on a Nikkan Kogyo story the company would increase reducer/actuator production in the US by 50% by June or July.</li>
<li>Harmonic Drive has long been eligible for TOPIX inclusion. It has just never asked to move to TSE1 or TSE Prime. Now it has. </li>
<li>As announced after the close Friday 20 February, Harmonic Drive will move to TSE Prime on 27 February which will mean a TOPIX Inclusion in end-March. That's big too.</li>
</ul>



Harmonic Drive Systems (6324 JP) shares popped 14.7% Friday on a Nikkan Kogyo story the company would increase reducer/actuator production in the US by 50% by June or July.
Harmonic Drive has long been eligible for TOPIX inclusion. It has just never asked to move to TSE1 or TSE Prime. Now it has. 
As announced after the close Friday 20 February, Harmonic Drive will move to TSE Prime on 27 February which will mean a TOPIX Inclusion in end-March. That's big too.


[Quiddity Index] Harmonic Drive Systems (6324 JP) Moving to TSE Prime

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

Harmonic Drive Systems / Equity Bottom-Up

<ul><li>Consolidated sales for cumulative Q3 FY03/26 increased 4.5% YoY to JPY42.2bn, with a 74.0% progress rate.</li><li>Operating profit reached JPY1.2bn, achieving 79.4% of the full-year forecast, driven by improved cost ratios.</li><li>Parent orders for cumulative Q3 increased 8.5% YoY to JPY25.3bn, with industrial robots orders growing 10.7% YoY.</li></ul>

Consolidated sales for cumulative Q3 FY03/26 increased 4.5% YoY to JPY42.2bn, with a 74.0% progress rate.Operating profit reached JPY1.2bn, achieving 79.4% of the full-year forecast, driven by improved cost ratios.Parent orders for cumulative Q3 increased 8.5% YoY to JPY25.3bn, with industrial robots orders growing 10.7% YoY.

Harmonic Drive Systems (6324 JP): Q3 FY02/26 flash update

<ul><li>Consolidated sales for 1H FY03/26 increased 4.8% YoY to JPY27.8bn, with improved profitability and operating profit.</li><li>Orders for industrial robots grew 11.1% YoY to JPY6.8bn, while automotive application sales declined 6.5% YoY.</li><li>Sales rose 27.1% YoY in Japan, declined 24.2% YoY in China, 5.0% in North America, and 4.3% in Europe.</li></ul>

Consolidated sales for 1H FY03/26 increased 4.8% YoY to JPY27.8bn, with improved profitability and operating profit.Orders for industrial robots grew 11.1% YoY to JPY6.8bn, while automotive application sales declined 6.5% YoY.Sales rose 27.1% YoY in Japan, declined 24.2% YoY in China, 5.0% in North America, and 4.3% in Europe.

Harmonic Drive Systems (6324 JP): 1H FY03/26 flash update

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Alphabet revealed plans to spend aggressively on AI computing capacity, a positive for semi-caps and Japan’s SPE firms.</li>
<li>A mild negative for Harmonic Drive after Musk flagged that scaling Optimus production will be tough to scale.</li>
<li>News that SK Hynix is being considered as a partner to run Intel's Ohio campus is a positive for SPE names in Intel's supply chain and memory-related names.</li>
</ul>


Alphabet revealed plans to spend aggressively on AI computing capacity, a positive for semi-caps and Japan’s SPE firms.
A mild negative for Harmonic Drive after Musk flagged that scaling Optimus production will be tough to scale.
News that SK Hynix is being considered as a partner to run Intel's Ohio campus is a positive for SPE names in Intel's supply chain and memory-related names.


Japan Morning Connection: Intel Supply Chain in Focus as SK Hynix Eyed for Ohio Campus Role

Japan

Harmonic Drive Systems Inc. manufactures speed reducers used in industrial robots, semiconductor manufacturing equipment, and other precision instruments. The Company offers cup type, hollow-shaft type, and rotary type speed reducers. Harmonic Drive Systems also produces gear heads and harmonic drive actuators.

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Harmonic Drive Systems (6324 JP)

Harmonic Drive (6324 JP): Section Transfer Accelerates TOPIX Inclusion Timeline

Harmonic Drive was expected to be added to the TOPIX in October. The section transfer (Standard to Prime) brings that forward to March. Stock has...

Brian Freitas

[Quiddity Index] Harmonic Drive Systems (6324 JP) Moving to TSE Prime

Harmonic Drive Systems has long sat unbothered in TSE2 then Standard. Now it is moving to TSE Prime, which means a TOPIX inclusion at end-March....

Travis Lundy