Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Metaplanet, the Tokyo-listed firm modelling itself after MicroStrategy, continues to rapidly expand its Bitcoin holdings.</li>
<li>For now, equity markets are playing along. Metaplanet’s share price has surged 30% in the past week</li>
<li>But with the firm trading at nearly 6x its net asset value, market enthusiasm looks stretched</li>
</ul>


Metaplanet, the Tokyo-listed firm modelling itself after MicroStrategy, continues to rapidly expand its Bitcoin holdings.
For now, equity markets are playing along. Metaplanet’s share price has surged 30% in the past week
But with the firm trading at nearly 6x its net asset value, market enthusiasm looks stretched


Metaplanet (3350) | The Bitcoin Yield Illusion

<ul>
<li>Metaplanet’s secret weapon? Moving-strike warrants that raise equity into strength—fueling BTC buys while sidestepping the deep discounts typical of Japan’s small-cap raises.</li>
<li>Forget buybacks. Metaplanet is redefining shareholder value by issuing stock, not retiring it—turning dilution into accretion via Bitcoin per-share growth.</li>
<li>A 4.6x mNAV premium gives Metaplanet unmatched BTC buying power—creating a capital flywheel that most traditional treasuries can only envy.</li>
</ul>


Metaplanet’s secret weapon? Moving-strike warrants that raise equity into strength—fueling BTC buys while sidestepping the deep discounts typical of Japan’s small-cap raises.
Forget buybacks. Metaplanet is redefining shareholder value by issuing stock, not retiring it—turning dilution into accretion via Bitcoin per-share growth.
A 4.6x mNAV premium gives Metaplanet unmatched BTC buying power—creating a capital flywheel that most traditional treasuries can only envy.


Metaplanet (3350) | Japan’s Bitcoin Rocket

Kawasaki Heavy Industries / Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Quantitative Analysis

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/121/814/original/naakt-jpg.png?1583659197" class="editor-image img-responsive" data-smartkarma-image-id="121814"></figure>Source  • <a href="https://hollandbesthotels.wordpress.com/" target="_blank" rel="noopener">https://hollandbesthotels.wordpress.com/</a>
</div><blockquote><a href="http://www.berkshirehathaway.com/2001ar/2001letter.html" target="_blank" aria-describedby="external-disclaimer" rel="noopener">“You only find out who is swimming naked when the tide goes out. “</a>- Warren Buffett</blockquote>WHO'S SWIMMING NAKED? - This is the first part of three Insights that will in the spirit of Buffett's famous quip, attempt to highlight those Japanese companies that at the greatest risk from the 2020 Covid-19 recession. We will focus on three factors - the Audit Score, the Altman Z-Score and Cumulative Cash Flows - that individually, and in combination, can highlight those companies most at risk.<hr><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/121/877/original/2020-03-09_07-18-54.png?1583705968" class="editor-image img-responsive" data-smartkarma-image-id="121877"></figure><div class="content-caption">Source • Japan Analytics</div>PART 1: AUDIT SCORE - This factor is 'hiding in plain sight'. Since 2003, the Auditors' Opinion has been available in a format that allows 'parsing' into a database format and the creation of an 'Audit Score'. Although often a coincident rather than a leading indicator, by cumulating the score from year to year, patterns can emerge that highlight unfolding risks as in the case of <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> above.


Source  • https://hollandbesthotels.wordpress.com/
“You only find out who is swimming naked when the tide goes out. “- Warren BuffettWHO'S SWIMMING NAKED? - This is the first part of three Insights that will in the spirit of Buffett's famous quip, attempt to highlight those Japanese companies that at the greatest risk from the 2020 Covid-19 recession. We will focus on three factors - the Audit Score, the Altman Z-Score and Cumulative Cash Flows - that individually, and in combination, can highlight those companies most at risk.Source • Japan AnalyticsPART 1: AUDIT SCORE - This factor is 'hiding in plain sight'. Since 2003, the Auditors' Opinion has been available in a format that allows 'parsing' into a database format and the creation of an 'Audit Score'. Although often a coincident rather than a leading indicator, by cumulating the score from year to year, patterns can emerge that highlight unfolding risks as in the case of Leopalace21 Corp (8848 JP) above.   

🇯🇵 JAPAN • Who's Swimming Naked? > Part 1: Audit Score

Japan

Metaplanet Inc. operates as a Bitcoin treasury company. The Company strategically acquires and manages Bitcoin as a core corporate asset, leveraging capital markets to enhance shareholder value. Metaplanet also manages a hotel in Tokyo and holds the exclusive license for Bitcoin magazine in Japan.

Price Gauge
52-week Range	0.00 - 0.00
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Metaplanet (3350 JP)

Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The HIGH & MED Exp ADDs...

Janaghan Jeyakumar, CFA

Metaplanet (3350) | The Bitcoin Yield Illusion

Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Mark Chadwick

Metaplanet (3350) | Japan’s Bitcoin Rocket

Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.

Mark Chadwick

Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks

In total, there are 45 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

🇯🇵 JAPAN • Who's Swimming Naked? > Part 1: Audit Score

“You only find out who is swimming naked when the tide goes out. “- Warren BuffettWHO'S SWIMMING NAKED? - This is the first part of three Insights...

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The HIGH & MED Exp ADDs...

Janaghan Jeyakumar, CFA

Metaplanet (3350) | The Bitcoin Yield Illusion

​Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Mark Chadwick

Metaplanet (3350) | Japan’s Bitcoin Rocket

​Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.

Mark Chadwick

Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks

In total, there are 45 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

🇯🇵 JAPAN • Who's Swimming Naked? > Part 1: Audit Score

“You only find out who is swimming naked when the tide goes out. “- Warren BuffettWHO'S SWIMMING NAKED? - This is the first part of three Insights...

Campbell Gunn

Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.