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 ended on 31 July. Nikkei has also confirmed <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>'s capping at the rebalance.</li>
<li>The newly created Information &amp; Communication sector is the most underweight while the Technology sector remains the most overweight. We could see some changes from these sectors.</li>
<li>The changes at the September rebalance will set the tone for future rebalances and sector balance is likely to play a large role moving forward.</li>
</ul>


The review period for the Nikkei 225 (NKY INDEX) September rebalance ended on 31 July. Nikkei has also confirmed Advantest Corp (6857 JP)'s capping at the rebalance.
The newly created Information &amp; Communication sector is the most underweight while the Technology sector remains the most overweight. We could see some changes from these sectors.
The changes at the September rebalance will set the tone for future rebalances and sector balance is likely to play a large role moving forward.


Nikkei 225 Index Rebalance Preview (Sep 2026): Potential Adds, Deletes, Capping & Other Changes

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> has been one of the most prolific executors of corporate buybacks in the past 20yrs. Up there with Toyota. </li>
<li>Historically, its buybacks were finished very early in the buyback period, and were a big percentage of volume while being executed. The current one is different. Slower. Lower impact. </li>
<li>This piece is a study. Our data shows Canon has underperformed during the buyback as EPS expectations have suffered vs Peers. The study shows post-buyback-end underperformance isn't a thing.</li>
</ul>



Canon Inc (7751 JP) has been one of the most prolific executors of corporate buybacks in the past 20yrs. Up there with Toyota. 
Historically, its buybacks were finished very early in the buyback period, and were a big percentage of volume while being executed. The current one is different. Slower. Lower impact. 
This piece is a study. Our data shows Canon has underperformed during the buyback as EPS expectations have suffered vs Peers. The study shows post-buyback-end underperformance isn't a thing.


[Japan Buyback] Canon's ¥200bn Buyback Is Almost Done - A Short Study

<ul>
<li>Friday marked the end of the data observation period for the autumn 2026 Nikkei 225 Review. Advantest was over 10% so it gets capped. The CPAF moves to 6.4.</li>
<li>There are some new selection rules added to the Guidebook. There are some small changes to existing sector classifications, a new sector, and some intra-sector rebal procedures in future.</li>
<li>As it stands, the Advantest Capping is the big trade, but that is far away. The ADDs should be known. The DELETEs are tough and not really sellable.</li>
</ul>


Friday marked the end of the data observation period for the autumn 2026 Nikkei 225 Review. Advantest was over 10% so it gets capped. The CPAF moves to 6.4.
There are some new selection rules added to the Guidebook. There are some small changes to existing sector classifications, a new sector, and some intra-sector rebal procedures in future.
As it stands, the Advantest Capping is the big trade, but that is far away. The ADDs should be known. The DELETEs are tough and not really sellable.


[Quiddity Index] Nikkei 225 Sep26 Rebal - Advantest Capped, Three In/Out Likely, New Rules for Later

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.

<ul>
<li>On 30 July, <a href="https://diamond.jp/articles/-/395310" target="_blank" rel="noopener">Diamond</a> reported that <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> had proposed privatising <a href="https://www.smartkarma.com/entities/tamron-co-ltd" target="_blank" data-smartkarma-citation="entities:17712:1" rel="noopener">Tamron Co Ltd (7740 JP)</a> at an acquisition price of around JPY200 billion. </li>
<li>If the JPY200 billion refers to the cost to acquire the voting shares excluding Sony’s, the implied offer is JPY1,469, a 29.5% premium to the unaffected price of JPY1,134.</li>
<li>Effissimo would support the rumoured offer price, as it represents an all-time high and is attractive relative to peers' multiples.  </li>
</ul>


On 30 July, Diamond reported that Sony Corp (6758 JP) had proposed privatising Tamron Co Ltd (7740 JP) at an acquisition price of around JPY200 billion. 
If the JPY200 billion refers to the cost to acquire the voting shares excluding Sony’s, the implied offer is JPY1,469, a 29.5% premium to the unaffected price of JPY1,134.
Effissimo would support the rumoured offer price, as it represents an all-time high and is attractive relative to peers' multiples.  


Tamron (7740 JP): Thoughts on a Potential Privatisation Offer

<ul>
<li>There are nine trading days (including today) until the end of the observation period for the Sep 2026 Nikkei 225 review. Things should be really obvious by now. </li>
<li>Given recent volatility, they really aren't. I see two definite ADDs. Probably a third. That means three deletes. Policy-wise, two are easy. Intellectually, they are not. </li>
<li>Then there are capping trades. As of today there are two on tap. Intraday Friday there were three. I got a question about it so will math the math here.</li>
</ul>


There are nine trading days (including today) until the end of the observation period for the Sep 2026 Nikkei 225 review. Things should be really obvious by now. 
Given recent volatility, they really aren't. I see two definite ADDs. Probably a third. That means three deletes. Policy-wise, two are easy. Intellectually, they are not. 
Then there are capping trades. As of today there are two on tap. Intraday Friday there were three. I got a question about it so will math the math here.


[Quiddity Index] Nikkei 225 Sep26 Rebal - Difficult Deletes and Mathing the Math on Three Caps

Japan

Konica Minolta Inc is mainly engaged in manufacturing office equipment and performance materials. It also operates health care businesses. The Company also makes copiers, personal computer peripherals, optical lenses, and measuring instruments.

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

Konica Minolta (4902 JP)

Nikkei 225 Index Rebalance Preview (Sep 2026): Potential Adds, Deletes, Capping & Other Changes

We forecast 3 changes for the NKY in Sep and highlight potential changes. The introduction of a new sector and a new rule changes things a bit and...

Brian Freitas

[Japan Buyback] Canon's ¥200bn Buyback Is Almost Done - A Short Study

Most Canon buybacks in the past 15yrs have been high % of ADV, finishing early. The current one is lower impact. Previous buybacks have minimal...

Travis Lundy

[Quiddity Index] Nikkei 225 Sep26 Rebal - Advantest Capped, Three In/Out Likely, New Rules for Later

In July, Nikkei introduced new selection rules and some classification changes. They don't affect much this time (I believe) but they will increase...

Travis Lundy

Tamron (7740 JP): Thoughts on a Potential Privatisation Offer

Effissimo would support the rumoured offer price, as it represents an all-time high and is attractive relative to peers' multiples.

Arun George

[Quiddity Index] Nikkei 225 Sep26 Rebal - Difficult Deletes and Mathing the Math on Three Caps

The Nikkei 225 Sep26 Rebal has just 8 trading days left. The ADDs are pretty much cemented. The DELETEs are tough, not for the numbers but for...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)