Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's <strong>"Who is Ready"</strong> 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>There were no Section Transfers announced in January or February so currently there are no live TOPIX Inclusion events but there are some pre-event names to be monitored closely.</li>
<li>The upcoming TOPIX flows in end-April 2024 will be more complicated than the other quarterly rebalances as there will be more flows due to the annual liquidity factor review.</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.
There were no Section Transfers announced in January or February so currently there are no live TOPIX Inclusion events but there are some pre-event names to be monitored closely.
The upcoming TOPIX flows in end-April 2024 will be more complicated than the other quarterly rebalances as there will be more flows due to the annual liquidity factor review.


TOPIX Inclusions: Who Is Ready (Mar 2024)

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

Renesas Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> stock. </li>
<li>The deal will be an easy one to digest at only three days of three month ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of Renesas Electronics (6723 JP) stock. 
The deal will be an easy one to digest at only three days of three month ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

<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>The TOPIX Inclusion events of <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> and <a href="https://www.smartkarma.com/entities/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> took place at the end of January and the price performances were mostly in line with expectations.</li>
<li>Currently, there are no upcoming TOPIX Inclusion events that have been announced officially but there are couple of pre-event names that should be on your watchlist.</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.
The TOPIX Inclusion events of Visional (4194 JP) and Furuya Metal (7826 JP) took place at the end of January and the price performances were mostly in line with expectations.
Currently, there are no upcoming TOPIX Inclusion events that have been announced officially but there are couple of pre-event names that should be on your watchlist.


TOPIX Inclusions: Who Is Ready (Feb 2024)

<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>One of our TOPIX Inclusion Pre-event names <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> confirmed it has received approval to move to the Prime Market in December 2023.</li>
<li>Currently, we are expecting one TOPIX Inclusion at the end of December 2023 and two more at the end of January 2024 (including Visional). </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.
One of our TOPIX Inclusion Pre-event names Visional (4194 JP) confirmed it has received approval to move to the Prime Market in December 2023.
Currently, we are expecting one TOPIX Inclusion at the end of December 2023 and two more at the end of January 2024 (including Visional). 


TOPIX Inclusions: Who Is Ready (Dec 2023)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zensho-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4586:1" rel="noopener">Zensho Holdings (7550 JP)</a> aims to raise around US$300m via a public offering.</li>
<li>As per the company it will use the proceeds from the deal for potential M&amp;A transactions.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering.
As per the company it will use the proceeds from the deal for potential M&amp;A transactions.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Zensho Placement - Good Price to Raise At, at Least for the Company

Japan

McDonald's Holdings Company (Japan), Ltd. operates a hamburger fast food restaurant chain throughout Japan.  The Company operates its own stores and franchise stores.

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Mcdonald's Japan (2702 JP)

TOPIX Inclusions: Who Is Ready (Mar 2024)

Our main pre-event candidate Celsys (3663 JP) has outperformed TOPIX by 21% in the last month. Another pre-event name Core Concept (4371 JP) has...

Janaghan Jeyakumar, CFA

Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares...

Ethan Aw

TOPIX Inclusions: Who Is Ready (Feb 2024)

Our main pre-event name Celsys has experienced a drop in share price in recent weeks. It is still very close to being able to satisfy the Section...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Dec 2023)

There are currently 68 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 67 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

Zensho Placement - Good Price to Raise At, at Least for the Company

Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)