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>The rally in <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden (4062 JP)</a>'s stock price over the last few months has increased market cap and free float market cap and should result in global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a> has outperformed its peers since inclusion in 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 trades at a big valuation premium.</li>
<li>Passives will need to buy a large chunk of the float and there is some positioning for the flow to come.</li>
</ul>


The rally in Ibiden (4062 JP)'s stock price over the last few months has increased market cap and free float market cap and should result in global index inclusion.

Ibiden Co Ltd (4062 JP) has outperformed its peers since inclusion in the Nikkei 225 (NKY INDEX) and trades at a big valuation premium.
Passives will need to buy a large chunk of the float and there is some positioning for the flow to come.


Ibiden (4062 JP): Expensive but Global Index Inclusion Coming Up

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>A group of shareholders are looking to raise US$394m from selling their respective stakes in <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a>.</li>
<li>The deal is another cross-shareholding unwind, which has been an ongoing narrative in Japan over the past 1-2 years. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise US$394m from selling their respective stakes in Ibiden Co Ltd (4062 JP).
The deal is another cross-shareholding unwind, which has been an ongoing narrative in Japan over the past 1-2 years. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Ibiden Placement - Opportunistic Selldown as Shares Were up 8% Today

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in companies with superior sustainability features/initiatives.</li><li>These companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG</li><li>3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes; and 4) committed to generating positive, measurable and additional sustainability outcomes.</li></ul>

The strategy seeks to invest in companies with superior sustainability features/initiatives.These companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes; and 4) committed to generating positive, measurable and additional sustainability outcomes.

Global Sustainability Portfolio (18-Aug-2026)

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel's upsized $20bn share offering points to increased capex plans, a positive for Japanese SPE and its main suppliers.</li>
<li>Interesting news that SpaceX is chasing the low-band spectrum with comments to the FCC that it looks to “advance rapid, widespread deployment of flexible broadband spectrum resources”.</li>
<li>Kioxia may feel slight pressure with news its Y800bn buyback has concluded.</li>
</ul>


Intel's upsized $20bn share offering points to increased capex plans, a positive for Japanese SPE and its main suppliers.
Interesting news that SpaceX is chasing the low-band spectrum with comments to the FCC that it looks to “advance rapid, widespread deployment of flexible broadband spectrum resources”.
Kioxia may feel slight pressure with news its Y800bn buyback has concluded.


Japan Morning Connection: Intel's Upsized Share Offering May Lift Suppliers Lasertec, Screen and TOK

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In June, <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec Corp (6594 JP)</a> announced they would delay the release of their yuho for three months because of an internal investigation into NIDEC FIR INTERNATIONAL (Italy).</li>
<li>In September they launched a special committee. Shares fell 22%. Last Thursday, the company cancelled its interim dividend. Today, the JPX designated Nidec as Security on Special Alert.</li>
<li>This is a VERY BIG DEAL. Nikkei225 deletes Nidec 5-Nov-2025, replaced by <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a> (PAF 1.0x). Designation also triggers TOPIX deletion for Nidec, likely on 30 October. </li>
</ul>


In June, Nidec Corp (6594 JP) announced they would delay the release of their yuho for three months because of an internal investigation into NIDEC FIR INTERNATIONAL (Italy).
In September they launched a special committee. Shares fell 22%. Last Thursday, the company cancelled its interim dividend. Today, the JPX designated Nidec as Security on Special Alert.
This is a VERY BIG DEAL. Nikkei225 deletes Nidec 5-Nov-2025, replaced by Ibiden Co Ltd (4062 JP) (PAF 1.0x). Designation also triggers TOPIX deletion for Nidec, likely on 30 October. 


[Japan Special] Ibiden (4062) Replaces Nidec (6594) In Nikkei 225 on Accounting - A VERY BIG DEAL

Japan

IBIDEN CO, LTD. develops, produces, and markets ceramics, housing materials, and electronics.  The Company's products include printed circuit boards (PCB), graphite specialties, integrated circuit (IC) packages, ceramic fibers, melamine decorative high-pressure laminates, and pre-cut structural materials.

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Ibiden Co Ltd (4062 JP)

Ibiden (4062 JP): Expensive but Global Index Inclusion Coming Up

The global index inclusion (and the positioning) has helped Ibiden's stock price rally to a point where a group of investors are looking to sell...

Brian Freitas

Aequitas: Ibiden Placement - Opportunistic Selldown as Shares Were up 8% Today

A group of shareholders are looking to raise US$394m from selling their respective stakes in Ibiden. In this note, we will talk about the placement...

Nicholas Tan

Global Sustainability Portfolio (18-Aug-2026)

The strategy seeks to invest in companies with superior sustainability features/initiatives. These companies may be: 1) screened by avoiding...

Crea8

[Japan Special] Ibiden (4062) Replaces Nidec (6594) In Nikkei 225 on Accounting - A VERY BIG DEAL

Nidec's accounting issues mean it gets the boot from TOPIX + Nikkei 225 in quick succession. That's 15% of TSO and ¥400bn to sell between 30 Oct...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ibiden (4062 JP): Expensive but Global Index Inclusion Coming Up

The global index inclusion (and the positioning) has helped Ibiden's stock price rally to a point where a group of investors are looking to sell...

Brian Freitas

Aequitas: Ibiden Placement - Opportunistic Selldown as Shares Were up 8% Today

A group of shareholders are looking to raise US$394m from selling their respective stakes in Ibiden. In this note, we will talk about the placement...

Nicholas Tan

Global Sustainability Portfolio (18-Aug-2026)

The strategy seeks to invest in companies with superior sustainability features/initiatives. These companies may be: 1) screened by avoiding...

Crea8

Japan Morning Connection: Intel's Upsized Share Offering May Lift Suppliers Lasertec, Screen and TOK

Intel suppliers could see a lift after Intel's upsized share offering signals increased capex plans, while Kioxia may feel slight pressure as its...

Andrew Jackson

[Japan Special] Ibiden (4062) Replaces Nidec (6594) In Nikkei 225 on Accounting - A VERY BIG DEAL

Nidec's accounting issues mean it gets the boot from TOPIX + Nikkei 225 in quick succession. That's 15% of TSO and ¥400bn to sell between 30 Oct...

Travis Lundy