Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Hoshizaki is a global leader in the commercial kitchen equipment market, particularly dominant in ice machines, with a strong reputation for quality and reliability that supports premium pricing.</li>
  <li>The company is well-positioned to capitalize on the recovery and growth of the global foodservice and hospitality industries, coupled with increasing demand for energy-efficient and automated kitchen solutions.</li>
  <li>Consistent financial performance, characterized by robust revenue growth and improving margins, is supported by a strong domestic service network and accelerating overseas expansion through strategic acquisitions.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Hoshizaki is a global leader in the commercial kitchen equipment market, particularly dominant in ice machines, with a strong reputation for quality and reliability that supports premium pricing.
  The company is well-positioned to capitalize on the recovery and growth of the global foodservice and hospitality industries, coupled with increasing demand for energy-efficient and automated kitchen solutions.
  Consistent financial performance, characterized by robust revenue growth and improving margins, is supported by a strong domestic service network and accelerating overseas expansion through strategic acquisitions.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hoshizaki Corporation (6465 JP) - Nov 2025

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/hoshizaki-corp" target="_blank" data-smartkarma-citation="entities:7611:1" rel="noopener">Hoshizaki Corporation (6465 JP)</a>'s stock price has dropped over the last 3 months, and the lower market cap could result in global index deletion in August. </li>
<li>An early cutoff in the review period could result in the stock staying on in the index but that puts it at risk of deletion in November.</li>
<li>There has been an increase in short interest and cumulative excess volume over the last couple of months and that indicates positioning in the stock.</li>
</ul>



Hoshizaki Corporation (6465 JP)'s stock price has dropped over the last 3 months, and the lower market cap could result in global index deletion in August. 
An early cutoff in the review period could result in the stock staying on in the index but that puts it at risk of deletion in November.
There has been an increase in short interest and cumulative excess volume over the last couple of months and that indicates positioning in the stock.


Hoshizaki Corp (6465 JP): Close Global Index Deletion in August

Event-Driven

<ul>
<li>There are 14 Japanese stocks at risk of being deleted from global passive portfolios in February. The number will be smaller depending on the day of the review period chosen.</li>
<li>Selling from passive trackers will range from US$176m-354m and the impact ranges from 3.1-18.4 days of ADV. Short interest has increased in nearly all stocks over the last 4 weeks.</li>
<li>The forecast deletes have underperformed 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">TSE Tokyo Price Index TOPIX</a> on average over the last 1-3 months, while there has been marginal outperformance over the last week or two.</li>
</ul>


There are 14 Japanese stocks at risk of being deleted from global passive portfolios in February. The number will be smaller depending on the day of the review period chosen.
Selling from passive trackers will range from US$176m-354m and the impact ranges from 3.1-18.4 days of ADV. Short interest has increased in nearly all stocks over the last 4 weeks.
The forecast deletes have underperformed the TSE Tokyo Price Index TOPIX on average over the last 1-3 months, while there has been marginal outperformance over the last week or two.


Japan: Last Look at Potential Passive Selling in February

<ul>
<li>Up to 12 stocks could be deleted from global passive portfolios in August. The deletion will lead to liquidity events where trackers will need to sell multiple days of ADV.</li>
<li>There has been a buildup of shorts on nearly all these stocks though the extent of the pre-positioning varies.</li>
<li>The increase in shorts is smaller than the estimated passive selling, though there is a fair amount of variability across the names. </li>
</ul>


Up to 12 stocks could be deleted from global passive portfolios in August. The deletion will lead to liquidity events where trackers will need to sell multiple days of ADV.
There has been a buildup of shorts on nearly all these stocks though the extent of the pre-positioning varies.
The increase in shorts is smaller than the estimated passive selling, though there is a fair amount of variability across the names. 


Japan - Passive Selling in a Few Weeks & Shorts Build Up

<ul>
<li>There are a bunch of stocks that have underperformed the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> and their peers and could be deleted from global passive portfolios in August.</li>
<li>The deletion from passive portfolios will lead to a liquidity event at the end of August where passive trackers will need to sell multiple days of ADV.</li>
<li>Shorts have been built up on all the stocks over the last few months and the extent of the positioning varies across stocks.</li>
</ul>


There are a bunch of stocks that have underperformed the Nikkei 225 (NKY INDEX) and their peers and could be deleted from global passive portfolios in August.
The deletion from passive portfolios will lead to a liquidity event at the end of August where passive trackers will need to sell multiple days of ADV.
Shorts have been built up on all the stocks over the last few months and the extent of the positioning varies across stocks.


Japan - Yet Another Big Round of Passive Selling Expected in August

Japan

HOSHIZAKI ELECTRIC CORPORATION manufactures and sells commercial use kitchen equipment such as freezers, refrigerators, food/beverage dispensers.  The Company has sales subsidiaries across Japan as well as overseas.

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Hoshizaki Corporation (6465 JP)

Primer: Hoshizaki Corporation (6465 JP) - Nov 2025

Hoshizaki is a global leader in the commercial kitchen equipment market, particularly dominant in ice machines, with a strong reputation for...

αSK

Hoshizaki Corp (6465 JP): Close Global Index Deletion in August

Hoshizaki has underperformed its peers recently and the stock could be deleted from a global index in August. Short interest and positioning have...

Brian Freitas

Japan: Last Look at Potential Passive Selling in February

Tomorrow is going to be a huge volume day in Japan as the global index rebalances. Kokusai Electric has bounced as expected and there could be more...

Brian Freitas

Japan - Passive Selling in a Few Weeks & Shorts Build Up

There are a bunch of stocks in Japan that could be sold by passive global investors in August. Shorts have increased on nearly all stocks and the...

Brian Freitas

Japan - Yet Another Big Round of Passive Selling Expected in August

There are a bunch of stocks in Japan that could be sold by passive global investors in August. Shorts have increased on all stocks and the extent...

Brian Freitas

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