Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 Index Rebal to come in August 2024 based on trading data as of end-November 2023.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.
Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 Index Rebal to come in August 2024 based on trading data as of end-November 2023.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Nov 2023

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-October 2023.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-October 2023.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Oct 2023

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-September 2023.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-September 2023.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Sep 2023

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-August 2023.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-August 2023.


Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

<ul>
<li>Toyota's Q2 EPS undershot estimates by 28%. FY3/23 guidance was kept flat, but given a more favorable assumption for forex tailwinds, Toyota effectively lowered FY3/23 EPS by 7%.  </li>
<li>Management partially admitted to parts of recent media reports that Toyota was overhauling its EV strategy.  Targets of 3.5m BEVs by 2030 are unchanged, but the ramp may be slower.</li>
<li>Toyota's 2H FY3/23 hurdles are low and its auto division's operating profits appear to be bottoming. Stock may still be a laggard, but we're bullish on a 12-month basis. </li>
</ul>


Toyota's Q2 EPS undershot estimates by 28%. FY3/23 guidance was kept flat, but given a more favorable assumption for forex tailwinds, Toyota effectively lowered FY3/23 EPS by 7%.  
Management partially admitted to parts of recent media reports that Toyota was overhauling its EV strategy.  Targets of 3.5m BEVs by 2030 are unchanged, but the ramp may be slower.
Toyota's 2H FY3/23 hurdles are low and its auto division's operating profits appear to be bottoming. Stock may still be a laggard, but we're bullish on a 12-month basis. 


Toyota's Q2 Is a Huge Miss; EV Strategy in Flux

Japan

MITSUBISHI MOTORS CORPORATION develops and manufactures passenger cars and its related parts.  The Company has production facilities in Japan, the US, and Thailand.  Mitsubishi Motors Corp provides vehicle-related financing and leasing service through its subsidiary.

Mitsubishi Motors (7211 JP)

Quiddity JPX-Nikkei 400 Rebal 2024: End-Nov 2023

In total, there are 39 Potential ADDs and 38 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2024: End-Oct 2023

There are 36 Potential ADDs and 40 Potential DELs (unique names) presented in the current Quiddity Leaderboard. There are still 10 more months for...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2024: End-Sep 2023

There are 35 Potential ADDs and 39 Potential DELs (unique names) presented in the current Quiddity Leaderboard which is based on the latest...

Janaghan Jeyakumar, CFA

JPX-Nikkei 400 Rebal 2024: End-Aug 2023

There are 34 Potential ADDs and 39 Potential DELs (unique names) presented in the current Quiddity Leaderboard. We will track the movements in the...

Janaghan Jeyakumar, CFA

Toyota's Q2 Is a Huge Miss; EV Strategy in Flux

Toyota saw a huge miss in Q2 and admits they're revamping their EV plans. This may seem negative, but it's a huge positive ahead of a recovering...

SC Capital