Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Core Concept Technologies Inc / 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/gmo-financial-gate-inc" target="_blank" data-smartkarma-citation="entities:35234:1" rel="noopener">GMO Financial Gate (4051 JP)</a>, <a href="https://www.smartkarma.com/entities/azoom-co-ltd" target="_blank" data-smartkarma-citation="entities:32232:1" rel="noopener">Azoom (3496 JP)</a> and <a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> (recent IPO) were included in the TOPIX index at the end of July 2025.</li>
<li>Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.</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.

GMO Financial Gate (4051 JP), Azoom (3496 JP) and Kitazato (368A JP) (recent IPO) were included in the TOPIX index at the end of July 2025.
Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.


TOPIX Inclusions: Who Is Ready (Aug 2025)

<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>At the end of July 2025, <a href="https://www.smartkarma.com/entities/gmo-financial-gate-inc" target="_blank" data-smartkarma-citation="entities:35234:1" rel="noopener">GMO Financial Gate (4051 JP)</a> and <a href="https://www.smartkarma.com/entities/azoom-co-ltd" target="_blank" data-smartkarma-citation="entities:32232:1" rel="noopener">Azoom (3496 JP)</a> will be included in the TOPIX Index.</li>
<li>Newly-Listed company <a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> will also be included in the TOPIX index at the end of this month.</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.
At the end of July 2025, GMO Financial Gate (4051 JP) and Azoom (3496 JP) will be included in the TOPIX Index.
Newly-Listed company Kitazato (368A JP) will also be included in the TOPIX index at the end of this month.


TOPIX Inclusions: Who Is Ready (Jul 2025)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.</li>
<li>Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.</li>
<li>For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.</li>
</ul>


Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.
Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.
For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.


[Quiddity Index] TOPIX July 2025 FFW Rebalance - $3bn+ a Side to Trade

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, in a busy listing week, the results from listing were mixed.</li>
<li>On the placements front, there were a number of large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, in a busy listing week, the results from listing were mixed.
On the placements front, there were a number of large deals across the region.


ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> failed to perform at listing marking a turnaround for recent A/H listing. <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Sanhua Intelligent (2050 HK)</a> will be next in line. </li>
<li>On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian (3288 HK) failed to perform at listing marking a turnaround for recent A/H listing. Sanhua Intelligent (2050 HK) will be next in line. 
On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.


ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

Japan

Kitazato Corporation manufactures and distributes medical equipment. The Company produces infertility treatment equipment. Kitazato also sells reagent products.

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Kitazato (368A JP)

TOPIX Inclusions: Who Is Ready (Aug 2025)

There are currently 133 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

TOPIX Inclusions: Who Is Ready (Jul 2025)

There are three TOPIX Inclusions at the end of July 2025. There will also be more index flows due to FFW adjustments. Core concept technologies...

Janaghan Jeyakumar, CFA

[Quiddity Index] TOPIX July 2025 FFW Rebalance - $3bn+ a Side to Trade

The TOPIX July FFW rebal has been announced. It is largely as the Street expected. There is $3.3bn a side to trade by my calcs. Some of that is...

Travis Lundy

ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

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P/E

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