Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/japan-business-systems-inc" target="_blank" data-smartkarma-citation="entities:40379:1" rel="noopener">Japan Business Systems (5036 JP)</a> and <a href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries (409A JP)</a> were included in the TOPIX index at the end of October 2025. </li>
<li>
<a href="https://www.smartkarma.com/entities/japan-eyewear-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40217:1" rel="noopener">Japan Eyewear Holdings (5889 JP)</a>, <a href="https://www.smartkarma.com/entities/fit-easy-inc" target="_blank" data-smartkarma-citation="entities:45319:1" rel="noopener">FIT EASY (212A JP)</a>, and <a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> will be included in the TOPIX index at the end of November 2025.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Japan Business Systems (5036 JP) and Orion Breweries (409A JP) were included in the TOPIX index at the end of October 2025. 

Japan Eyewear Holdings (5889 JP), FIT EASY (212A JP), and Tekscend Photomask (429A JP) will be included in the TOPIX index at the end of November 2025.


TOPIX Inclusions: Who Is Ready (Nov 2025)

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Japan Eyewear Holdings   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-eyewear-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40217:1" rel="noopener">Japan Eyewear Holdings (5889 JP)</a> shares are moving from the Standard Market to the Prime Market of the Tokyo Stock Exchange, thereby enhancing visibility and liquidity.</li>
<li>The company has been showing consistently strong financial performance, driven by continuous recovery in inbound tourists. Overseas sales are also gaining traction.</li>
<li>For FY30, JEH targets revenue of ¥28B, representing five-year CAGR of 10%. JEH aims to achieve operating profit of ¥10B in FY30, a CAGR of 13% during FY25–30.</li>
</ul>



Japan Eyewear Holdings (5889 JP) shares are moving from the Standard Market to the Prime Market of the Tokyo Stock Exchange, thereby enhancing visibility and liquidity.
The company has been showing consistently strong financial performance, driven by continuous recovery in inbound tourists. Overseas sales are also gaining traction.
For FY30, JEH targets revenue of ¥28B, representing five-year CAGR of 10%. JEH aims to achieve operating profit of ¥10B in FY30, a CAGR of 13% during FY25–30.


Japan Eyewear (5889 JP): Corporate Governance Issue Seems Easing; Inbound Demand to Drive Growth

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/japan-eyewear-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40217:1" rel="noopener">Japan Eyewear Holdings (5889 JP)</a>, <a href="https://www.smartkarma.com/entities/fit-easy-inc" target="_blank" data-smartkarma-citation="entities:45319:1" rel="noopener">FIT EASY (212A JP)</a>, and <a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> were included in the TOPIX index at the end of November 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/bengo4-com-inc" target="_blank" data-smartkarma-citation="entities:20383:1" rel="noopener">Bengo4.Com Inc (6027 JP)</a> recently announced a Section Transfer to the Prime market which means there will be a TOPIX inclusion at the end of January 2026.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Japan Eyewear Holdings (5889 JP), FIT EASY (212A JP), and Tekscend Photomask (429A JP) were included in the TOPIX index at the end of November 2025.

Bengo4.Com Inc (6027 JP) recently announced a Section Transfer to the Prime market which means there will be a TOPIX inclusion at the end of January 2026.


TOPIX Inclusions: Who Is Ready (Dec 2025)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paris-miki-holdings-inc" target="_blank" data-smartkarma-citation="entities:15251:1" rel="noopener">Paris Miki Holdings (7455 JP)</a> has recommended a Chairman-led MBO at JPY581, a 48.6% premium to the last close price.</li>
<li>While the offer is arguably light as it is marginally below book value (P/B of 0.99x), it is above the midpoint of the IFA DCF valuation range. </li>
<li>The offer represents a 10-year high. <a target="_blank">Luxottica Group (LUX IM)</a>, the second-largest shareholder, has not signalled whether it will tender, but it would struggle to derail the offer.</li>
</ul>



Paris Miki Holdings (7455 JP) has recommended a Chairman-led MBO at JPY581, a 48.6% premium to the last close price.
While the offer is arguably light as it is marginally below book value (P/B of 0.99x), it is above the midpoint of the IFA DCF valuation range. 
The offer represents a 10-year high. Luxottica Group (LUX IM), the second-largest shareholder, has not signalled whether it will tender, but it would struggle to derail the offer.


Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

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

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.</li>
<li>In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics' next frontiers.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.
In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics' next frontiers.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

Japan

Japan Eyewear Holdings Co. Ltd. manufactures and distributes optical goods. The Company produces and sells luxury glasses and other products. Japan Eyewear Holdings markets its products worldwide.

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Japan Eyewear Holdings (5889 JP)

TOPIX Inclusions: Who Is Ready (Nov 2025)

There are currently 140 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 137 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Japan Eyewear (5889 JP): Corporate Governance Issue Seems Easing; Inbound Demand to Drive Growth

Japan Eyewear shares are moving from the Standard Market to the Prime Market of the Tokyo Stock Exchange. For FY30, JEH targets revenue of ¥28B,...

Tina Banerjee

TOPIX Inclusions: Who Is Ready (Dec 2025)

There are currently 141 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 138 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions

The offer represents a 10-year high. Luxottica, the second-largest shareholder, has not signalled whether it will tender, but it would struggle to...

Arun George

Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TOPIX Inclusions: Who Is Ready (Nov 2025)

There are currently 140 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 137 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Japan Eyewear (5889 JP): Corporate Governance Issue Seems Easing; Inbound Demand to Drive Growth

Japan Eyewear shares are moving from the Standard Market to the Prime Market of the Tokyo Stock Exchange. For FY30, JEH targets revenue of ¥28B,...

Tina Banerjee

TOPIX Inclusions: Who Is Ready (Dec 2025)

There are currently 141 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 138 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions

The offer represents a 10-year high. Luxottica, the second-largest shareholder, has not signalled whether it will tender, but it would struggle to...

Arun George

Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

​Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Pranav Rao

Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...