Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

Kasumigaseki Capital / Equity Capital Markets

<ul>
<li>On Friday, <a href="https://www.smartkarma.com/entities/kasumigaseki-capital-co-ltd" target="_blank" data-smartkarma-citation="entities:40162:1" rel="noopener">Kasumigaseki Capital (3498 JP)</a> announced Aug-25 earnings and a combination ¥45-50bn <a href="https://ssl4.eir-parts.net/doc/3498/tdnet/2700973/00.pdf" target="_blank" rel="noopener">primary+secondary offering</a> worth 5.3mm shares, 6x ADV, and a float increase of 37%. Shares fell 15% today.</li>
<li>2yrs ago they did a large offering. It went well. They'd had a <em>ridiculous</em> plan to grow OP 6x from ¥3.5bn to ¥20bn in 2yrs to Aug-26. Then by Aug-25. </li>
<li>They got to ¥8.5bn in Aug-24 and now ¥18.9bn in Aug-25 and now guide to ¥26.5bn in Aug-26 (the original plan having been ¥20bn). </li>
</ul>


On Friday, Kasumigaseki Capital (3498 JP) announced Aug-25 earnings and a combination ¥45-50bn primary+secondary offering worth 5.3mm shares, 6x ADV, and a float increase of 37%. Shares fell 15% today.
2yrs ago they did a large offering. It went well. They'd had a ridiculous plan to grow OP 6x from ¥3.5bn to ¥20bn in 2yrs to Aug-26. Then by Aug-25. 
They got to ¥8.5bn in Aug-24 and now ¥18.9bn in Aug-25 and now guide to ¥26.5bn in Aug-26 (the original plan having been ¥20bn). 


[Japan Offering] Kasumigaseki Capital (3498 JP) - BIG Primary for Big Plans

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kasumigaseki-capital-co-ltd" target="_blank" data-smartkarma-citation="entities:40162:1" rel="noopener">Kasumigaseki Capital (3498 JP)</a>, is looking to raise US$250m in a primary placement.</li>
<li>The purpose is for financing of its medium-term management plan phase 2 which includes strengthening KC's domestic hotel, logistics and healthcare businesses, and for expansions abroad (Dubai, US).</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Kasumigaseki Capital (3498 JP), is looking to raise US$250m in a primary placement.
The purpose is for financing of its medium-term management plan phase 2 which includes strengthening KC's domestic hotel, logistics and healthcare businesses, and for expansions abroad (Dubai, US).
In this note, we will talk about the placement and run the deal through our ECM framework.


Kasumigaseki Capital Placement: Primary Offering for Ambitious Expansion Plans

Index Rebalance

<ul>
<li>Last Thursday, <a href="https://www.smartkarma.com/entities/globe-ing-inc" target="_blank" data-smartkarma-citation="entities:45885:1" rel="noopener">Globe-ing (277A JP)</a> announced that it had been accepted to move to TSE Prime, which according to TOPIX rules, means inclusion in TOPIX on 29 May.</li>
<li>This was not a total surprise. The CEO sold shares to two large foreign institutions last August with the explicit goal of increasing liquidity to get to Prime. </li>
<li>Now it will go in, buying a chunk of Max Real World Float. Growth appears strong. Q3 saw an earnings forecast upgrade but the stock suffers from <em>Not-an-AI-or-Memory-stock-itis.</em>
</li>
</ul>


Last Thursday, Globe-ing (277A JP) announced that it had been accepted to move to TSE Prime, which according to TOPIX rules, means inclusion in TOPIX on 29 May.
This was not a total surprise. The CEO sold shares to two large foreign institutions last August with the explicit goal of increasing liquidity to get to Prime. 
Now it will go in, buying a chunk of Max Real World Float. Growth appears strong. Q3 saw an earnings forecast upgrade but the stock suffers from Not-an-AI-or-Memory-stock-itis.



[Quiddity Index] Globe-Ing (277A) Moves to TSE Prime to TOPIX

<ul>
<li>Assuming the Nikkei 225 March 2026 rebal goes as expected in our <a href="https://www.smartkarma.com/insights/quiddity-index-nikkei-225-mar26-rebal-2-adds-3rd-poss-2-dels-1-cap-another-close" target="_blank" rel="noopener">final expectations insight</a>, there are likely to be two automatic ADDs and one sector catch-up ADD.</li>
<li>Higher value traded in the last 6-12mos in the semis and semi-precious metals sectors has meant stocks leapt up the rankings.</li>
<li>Interestingly, the third choice is likely to be a Capital Goods stock. If the Toyota Fudosan TOB fails, there is a dark horse case for <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>.</li>
</ul>


Assuming the Nikkei 225 March 2026 rebal goes as expected in our final expectations insight, there are likely to be two automatic ADDs and one sector catch-up ADD.
Higher value traded in the last 6-12mos in the semis and semi-precious metals sectors has meant stocks leapt up the rankings.
Interestingly, the third choice is likely to be a Capital Goods stock. If the Toyota Fudosan TOB fails, there is a dark horse case for Toyota Industries (6201 JP).


[Quiddity Index] Nikkei 225 Sep26 Rebal Early Preview - 2 Auto ADDs, 1 Extra Likely, 1 Cap

Pan Pacific International Holdings / Index Rebalance

Pan Pacific International Holdings (7532 JP)

<ul>
<li>The Nikkei 225 data observation period closed a week ago. The Nikkei announced a cap on <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>, as expected.</li>
<li>Quiddity expectations are unchanged. We see 1 clean ADD, 1 likely ADD (a third possible but unlikely). Against that, two DELetes.</li>
<li>As of now, there is $4bn a side to trade. Beware! The ADV counts are deceptive.</li>
</ul>


The Nikkei 225 data observation period closed a week ago. The Nikkei announced a cap on Advantest Corp (6857 JP), as expected.
Quiddity expectations are unchanged. We see 1 clean ADD, 1 likely ADD (a third possible but unlikely). Against that, two DELetes.
As of now, there is $4bn a side to trade. Beware! The ADV counts are deceptive.


[Quiddity Index] Nikkei 225 Mar26 Rebal - 2 ADDs (3rd Poss?), 2 DELs, 1 CAP

Japan

Kasumigaseki Capital Co.,Ltd. provides solar plant construction and development services. The Company offers electricity transmission, power system management, network maintenance, and other services. Kasumigaseki Capital serves customers in Japan.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kasumigaseki Capital (3498 JP)

[Japan Offering] Kasumigaseki Capital (3498 JP) - BIG Primary for Big Plans

Kasumigaseki Capital is raising big new money to fulfill its ambitions of increasing its cold chain logistics fund, and the expansion of its hotel...

Travis Lundy

Kasumigaseki Capital Placement: Primary Offering for Ambitious Expansion Plans

Kasumigaseki Capital, is looking to raise US$250m in a primary placement. In this note, we will talk about the placement and run the deal through...

Nicholas Tan

[Quiddity Index] Globe-Ing (277A) Moves to TSE Prime to TOPIX

Globe-ing is a premier small management consultant specialising in AI (68% of revs). It wants to become a Japan-origin Palantir but works a bit...

Travis Lundy

[Quiddity Index] Nikkei 225 Sep26 Rebal Early Preview - 2 Auto ADDs, 1 Extra Likely, 1 Cap

A preview of teh Sep 2026 Nikkei 225 rebal assuming changes are as expected for the Mar26 rebal suggests 3 ADDs and 3 DELETEs and $4bn of Advantest...

Travis Lundy

[Quiddity Index] Nikkei 225 Mar26 Rebal - 2 ADDs (3rd Poss?), 2 DELs, 1 CAP

The March 2026 Nikkei 225 rebal is "Ready to Go" as the data period ended a week ago (and I've been slow writing this). The only update since Jan...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)