Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted (capped) market-value-weighted index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to be announced in early August 2023 based on trading data as of end-May 2023.</li>
</ul>


The JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted (capped) market-value-weighted index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to be announced in early August 2023 based on trading data as of end-May 2023.


Quiddity Leaderboard JPX-Nikkei 400: End-May 2023

<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>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2023 based on trading data as of end-April 2023.</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.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2023 based on trading data as of end-April 2023.


Quiddity Leaderboard JPX-Nikkei 400: End-Apr 2023

<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>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2023 based on trading data as of end-March 2023.</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.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2023 based on trading data as of end-March 2023.


Quiddity Leaderboard JPX-Nikkei 400: End-Mar 2023

<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>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2023 based on trading data as of end-February 2023.</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.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2023 based on trading data as of end-February 2023.


Quiddity Leaderboard JPX-Nikkei 400: End-Feb 2023

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>10 days ago I wrote <a href="https://www.smartkarma.com/insights/fujitsu-6702-subsidiary-selldowns-to-come" target="_blank" data-smartkarma-citation="insights:87273" rel="noopener">Fujitsu (6702) Subsidiary Selldowns To Come</a> after Bloomberg carried an article with the CEO. Not new news, but I was struck by the implications.</li>
<li>Yesterday saw an <a href="https://www.todayonline.com/world/fujitsu-kicks-auction-air-conditioning-business-sources-2093861" target="_blank" rel="noopener">article</a> which pushed <a href="https://www.smartkarma.com/entities/fujitsu-general-ltd" target="_blank" data-smartkarma-citation="entities:2025:1" rel="noopener">Fujitsu General (6755 JP)</a> nearly 14% higher yesteday. <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> had launched an auction for its 42% stake. First round bids due imminently.</li>
<li>This takes the urgency to a new level. People jumped into an already illiquid stock. How far can this go?</li>
</ul>


10 days ago I wrote Fujitsu (6702) Subsidiary Selldowns To Come after Bloomberg carried an article with the CEO. Not new news, but I was struck by the implications.
Yesterday saw an article which pushed Fujitsu General (6755 JP) nearly 14% higher yesteday. Fujitsu Ltd (6702 JP) had launched an auction for its 42% stake. First round bids due imminently.
This takes the urgency to a new level. People jumped into an already illiquid stock. How far can this go?


Fujitsu General (6755) - Fujitsu's Stake On The Block

Japan

Hitachi Transport System, Ltd. provides freight truck, port harbor, and marine transportation, logistics, cargo handling, warehousing, and customs clearing services.  The Company mainly transports Hitachi Ltd's freight such as industrial machinery and precision equipment.

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Hitachi Transport System (9086 JP)

Quiddity Leaderboard JPX-Nikkei 400: End-May 2023

There are 46 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The MED conviction potential ADDs...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard JPX-Nikkei 400: End-Apr 2023

There are 43 unique Potential ADDs and DELs presented in the current Quiddity Leaderboard. I would be LONG MED Potential ADDs and SHORT Full...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard JPX-Nikkei 400: End-Mar 2023

I would be LONG MED conviction Potential ADDs and SHORT MED conviction Potential DELs because there is a large disparity between earnings...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard JPX-Nikkei 400: End-Feb 2023

The potential ADDs outperformed the potential DELs by 1% in February 2023. In this insight, I have presented 44 potential ADDs and 44 potential...

Janaghan Jeyakumar, CFA

Fujitsu General (6755) - Fujitsu's Stake On The Block

Fujitsu's stake of Fujitsu General (6755) is up for auction and it is already pricey. That suggests a dual-price outcome, but even then, it may not...

Travis Lundy

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