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 review period for 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> September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.</li>
<li>There will be passive buying in <a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">BayCurrent Consulting</a> as the PAF moves from 0.5 to 1. <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>'s index weight is below the 10% cap for now. </li>
<li>
<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> replaces <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> later this week and there will be a lot of focus on those names.</li>
</ul>


The review period for the Nikkei 225 (NKY INDEX) September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.
There will be passive buying in BayCurrent Consulting as the PAF moves from 0.5 to 1. Fast Retailing (9983 JP)'s index weight is below the 10% cap for now. 

ROHM Co Ltd (6963 JP) replaces NTT Data Corp (9613 JP) later this week and there will be a lot of focus on those names.


Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

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, the previous week was another busy week for listings, with mixed results.</li>
<li>On the placements front, we looked at the possible placements for <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN).</a>
</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, the previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).



ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>On July 9, 2025, KKR announced it would reduce its stake in Kokusai Electric from ~23.5% to ~10.6% through a ¥90 billion overnight secondary offering.</li>
<li>KKR’s move reflects a classic private equity monetization strategy following operational improvements and a successful IPO.</li>
<li>While the sale caused a modest short-term share reaction (~2% dip), such liquidity events rarely impact long-term value—fundamentals remain the key driver for patient investors.</li>
</ul>


On July 9, 2025, KKR announced it would reduce its stake in Kokusai Electric from ~23.5% to ~10.6% through a ¥90 billion overnight secondary offering.
KKR’s move reflects a classic private equity monetization strategy following operational improvements and a successful IPO.
While the sale caused a modest short-term share reaction (~2% dip), such liquidity events rarely impact long-term value—fundamentals remain the key driver for patient investors.


Kokusai Electric (TSE: 6525) – KKR’s Secondary Sale Marks Typical PE Exit

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Kokusai Electric  / Equity Capital Markets

<ul>
<li>After the close today, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> announced that large holder (and original PE owner) KKR HKE Investment LP would sell down 30mm shares or 12.88% of shares out.</li>
<li>This is not expected, but also not unexpected - it's exactly a year since the first selldown. There is a decent-sized short position, and it isn't a huge offering.</li>
<li>This changes two aspects of the future supply/demand balance. Both are important for how this trades in coming months.</li>
</ul>


After the close today, Kokusai Electric (6525 JP) announced that large holder (and original PE owner) KKR HKE Investment LP would sell down 30mm shares or 12.88% of shares out.
This is not expected, but also not unexpected - it's exactly a year since the first selldown. There is a decent-sized short position, and it isn't a huge offering.
This changes two aspects of the future supply/demand balance. Both are important for how this trades in coming months.


[Japan ECM] Kokusai Elec (6525) Offering - Expect It Very Well Bid, and the Back End Squeezy

<ul>
<li>KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>'s (KE) stock.</li>
<li>KKR had sold in the IPO and undertaken an extended selldown in July 2024 as well. Hence, this deal is somewhat well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)'s (KE) stock.
KKR had sold in the IPO and undertaken an extended selldown in July 2024 as well. Hence, this deal is somewhat well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kokusai Electric Placement - Well Flagged but past Deal Didn’t Do Well

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)

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

With the review period nearly complete, we expect 1-2 changes for the NKY in September. The Kokusai Electric placement improves inclusion odds. No...

Brian Freitas

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

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

Kokusai Electric (TSE: 6525) – KKR’s Secondary Sale Marks Typical PE Exit

KKR reduces stake in Kokusai Electric, showcasing private equity monetization strategy post-IPO success. Short-term share dip unlikely to impact...

Rahul Jain

[Japan ECM] Kokusai Elec (6525) Offering - Expect It Very Well Bid, and the Back End Squeezy

KKR - the largest holder - is selling just over 50% of its remaining holding in a US$600mm offering at a 7-8% discount. Expect it to be well over...

Travis Lundy

Kokusai Electric Placement - Well Flagged but past Deal Didn’t Do Well

KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)'s (KE) stock.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

With the review period nearly complete, we expect 1-2 changes for the NKY in September. The Kokusai Electric placement improves inclusion odds. No...

Brian Freitas

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

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

Kokusai Electric (TSE: 6525) – KKR’s Secondary Sale Marks Typical PE Exit

​KKR reduces stake in Kokusai Electric, showcasing private equity monetization strategy post-IPO success. Short-term share dip unlikely to impact...

Rahul Jain

[Japan ECM] Kokusai Elec (6525) Offering - Expect It Very Well Bid, and the Back End Squeezy

KKR - the largest holder - is selling just over 50% of its remaining holding in a US$600mm offering at a 7-8% discount. Expect it to be well over...

Travis Lundy

Kokusai Electric Placement - Well Flagged but past Deal Didn’t Do Well

KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)'s (KE) stock.

Sumeet Singh

KKR reduces stake in Kokusai Electric, showcasing private equity monetization strategy post-IPO success. Short-term share dip unlikely to impact...