Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Once every quarter the TSE reassesses free float weights for a set of companies whose fiscal years ended 7-10 months prior. Calendar Q1 is the biggie so October is too.</li>
<li>This year, as companies have made dramatic changes in their shareholder registries through crossholder sales, activist acquisitions, and other, there are some big changes and big dollar changes.</li>
<li>We see nearly 600 FFW changes up and down, and then nearly 1,100 stocks which see a significant (average 0.5x ADV) funding trade. $35bn in total.</li>
</ul>


Once every quarter the TSE reassesses free float weights for a set of companies whose fiscal years ended 7-10 months prior. Calendar Q1 is the biggie so October is too.
This year, as companies have made dramatic changes in their shareholder registries through crossholder sales, activist acquisitions, and other, there are some big changes and big dollar changes.
We see nearly 600 FFW changes up and down, and then nearly 1,100 stocks which see a significant (average 0.5x ADV) funding trade. $35bn in total.


The Oct 2025 TOPIX FFW Rebal - $35bn of Flows To Trade

Pan Pacific International Holdings / Index Rebalance

Pan Pacific International Holdings (7532 JP)

<ul>
<li>Today we saw the culmination of the ridiculously wrong-way Nikkei 225 Sep25 rebalance. <a href="https://www.smartkarma.com/entities/shift-inc" target="_blank" data-smartkarma-citation="entities:7266:1" rel="noopener">Shift Inc (3697 JP)</a> looked like a classic deletion, not addition.</li>
<li>93.3% of the observation period has now passed, which means we can look at the March 2026 Periodic Review with a fair bit of accuracy.</li>
<li>It is likely to be the runner-ups in the Sep25 review from the Consumer Goods sector, though the second-runner-up ADD needs a stock split to have any chance. More below.</li>
</ul>


Today we saw the culmination of the ridiculously wrong-way Nikkei 225 Sep25 rebalance. Shift Inc (3697 JP) looked like a classic deletion, not addition.
93.3% of the observation period has now passed, which means we can look at the March 2026 Periodic Review with a fair bit of accuracy.
It is likely to be the runner-ups in the Sep25 review from the Consumer Goods sector, though the second-runner-up ADD needs a stock split to have any chance. More below.


[Quiddity Index] Oct25 Leaderboard for Nikkei 225 Mar26 Review; One In One Out Likely

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

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<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>  (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Tekscend Photomask (429A JP)  (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Tekscend Photomask IPO - Thoughts on Valuation

<ul>
<li>
<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>, a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we will  undertake a peer comparison.</li>
</ul>



Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
We have looked at the company's past performance in our previous note. In this note, we will  undertake a peer comparison.


Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
<strong>Advancing from Breakdown to Breakthrough:</strong><a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> returned to profitability in Q1FY25 on improved demand and cost controls with strong outlook for Q2.</li>
<li>Rohm is actively implementing structural reforms, with a priority on ensuring profitability in any market environment.  It is also drafting its second Medium-Term Management Plan for FY26 to FY28.</li>
<li>It continues to be available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently.</li>
</ul>



Advancing from Breakdown to Breakthrough:ROHM Co Ltd (6963 JP) returned to profitability in Q1FY25 on improved demand and cost controls with strong outlook for Q2.
Rohm is actively implementing structural reforms, with a priority on ensuring profitability in any market environment.  It is also drafting its second Medium-Term Management Plan for FY26 to FY28.
It continues to be available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently.


Rohm Co Ltd(6963 JP): Advancing from Breakdown to Breakthrough; Strong Outlook for Q2

Japan

Kokusai Electric Corporation manufactures and distributes semiconductor manufacturing systems. The Company produces batch processing systems, single wafer processing systems, and other systems. Kokusai Electric also operates advanced thermal process technology development, training, and other businesses.

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Kokusai Electric (6525 JP)

The Oct 2025 TOPIX FFW Rebal - $35bn of Flows To Trade

The TOPIX FFW Trade for Oct2025 is larger than any recent year and may be larger than people expect at $35bn to trade. Many buy vs sell trades have...

Travis Lundy

[Quiddity Index] Oct25 Leaderboard for Nikkei 225 Mar26 Review; One In One Out Likely

The Sep 2025 Nikkei 225 Rebal was not a "right-way" event for the ADD (Shift (3697)). The March 2026 rebal looks also to be a 1 IN 1 OUT affair,...

Travis Lundy

Tekscend Photomask IPO - Thoughts on Valuation

Tekscend Photomask (429A JP) (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO....

Sumeet Singh

Tekscend Photomask IPO - Peer Comparison

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO. In this...

Sumeet Singh

Rohm Co Ltd(6963 JP): Advancing from Breakdown to Breakthrough; Strong Outlook for Q2

Rohm has more than doubled since the lows of April 2025. While some part of this rally is fueled by broader semiconductor optimism, reforms within...

Sreemant Dudhoria

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