Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The TOPIX Index - Japan's premier domestic equity index - will undergo a sea change in methodology at the end of this month, with ~760 names affected. </li>
<li>There will be roughly 35 or so ADDs, about 700 DELETEs (phased out over 8 quarters), and 40+ Liquidity Factor Removals. There will also be hundreds of FFW changes. </li>
<li>The likely ADDs have handily outperformed their peers over the past year, but some of that has been tech and idiosyncratic circumstances. There may still be trades to do.</li>
</ul>


The TOPIX Index - Japan's premier domestic equity index - will undergo a sea change in methodology at the end of this month, with ~760 names affected. 
There will be roughly 35 or so ADDs, about 700 DELETEs (phased out over 8 quarters), and 40+ Liquidity Factor Removals. There will also be hundreds of FFW changes. 
The likely ADDs have handily outperformed their peers over the past year, but some of that has been tech and idiosyncratic circumstances. There may still be trades to do.


[Quiddity Index] The TOPIX Change in Oct26 - Part V (Final Prep)

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> 9MFY26 revenue increased 9.5% YoY to ¥24.4B while operating margin improved 320bps to 30.7%. Dental segments reported margin improvement from 10.4% to 18.2%.</li>
<li>Underperformance of dental segment because of recall and margin erosion had been a major concern. Q3FY26 sales recovered to around 87% of the pre-recall level.</li>
<li>FY26 guidance witnessed upward revision. They now expect FY26 revenue to be ¥32.9B (up 9.8% YoY), operating profit at ¥9.7B (up 18%) and net income to be ¥6.8B (up 46%).</li>
</ul>



Mani Inc (7730 JP) 9MFY26 revenue increased 9.5% YoY to ¥24.4B while operating margin improved 320bps to 30.7%. Dental segments reported margin improvement from 10.4% to 18.2%.
Underperformance of dental segment because of recall and margin erosion had been a major concern. Q3FY26 sales recovered to around 87% of the pre-recall level.
FY26 guidance witnessed upward revision. They now expect FY26 revenue to be ¥32.9B (up 9.8% YoY), operating profit at ¥9.7B (up 18%) and net income to be ¥6.8B (up 46%).


Mani Inc (7730 JP): 9MFY26 Results Underline Recovery, FY26 Guidance Revised Upward

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> H1FY26 revenue increased 9% YoY to ¥16.1B while operating margin improved 350bps to 31.7%. Dental segments reported margin improvement from 10.1% to 18.8%.</li>
<li>After receiving approval from Chinese regulatory authorities, Mani officially resumed dia-bur sales and expects a full recovery in sales from FY26.</li>
<li>FY26 guidance was reiterated and expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.</li>
</ul>



Mani Inc (7730 JP) H1FY26 revenue increased 9% YoY to ¥16.1B while operating margin improved 350bps to 31.7%. Dental segments reported margin improvement from 10.1% to 18.8%.
After receiving approval from Chinese regulatory authorities, Mani officially resumed dia-bur sales and expects a full recovery in sales from FY26.
FY26 guidance was reiterated and expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.


Mani Inc (7730 JP): China Dia-Bur Sale Resumption Positively Impact H1FY26, FY26 Guidance Reiterated

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Thematic (Sector/Industry)

The suggestion of government orchestration against <a href="https://www.smartkarma.com/entities/8979" target="_blank" data-smartkarma-citation="entities:8979:1">Ono</a>’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the Nikkei that the Japanese Health Ministry is considering setting rules on new drug usage during this fiscal year, starting with <a href="https://www.smartkarma.com/entities/8979" target="_blank" data-smartkarma-citation="entities:8979:1">Ono</a>’s Opdivo and <a href="https://www.smartkarma.com/entities/6091" target="_blank" data-smartkarma-citation="entities:6091">Astellas</a>’s Repatha. Patients may be limited to those who can see certain impact from the treatment, which in turn would mean the drug could only be prescribed at those institutions with the facilities to check…

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the Nikkei that the Japanese Health Ministry is considering setting rules on new drug usage during this fiscal year, starting with Ono’s Opdivo and Astellas’s Repatha. Patients may be limited to those who can see certain impact from the treatment, which in turn would mean the drug could only be prescribed at those institutions with the facilities to check…

Opdivo Singled Out in Government Rule Change

Japan

NAKANISHI INC. manufactures gyration equipment for dental and industry use. The Company's products include precision spindles and hand-held grinders.

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Nakanishi Inc (7716 JP)

[Quiddity Index] The TOPIX Change in Oct26 - Part V (Final Prep)

The TSE announcement for wholesale changes in the TOPIX Index is scheduled for Wednesday after the close. I expect 34-35 ADDs, ~700 DELETEs, and...

Travis Lundy

Mani Inc (7730 JP): 9MFY26 Results Underline Recovery, FY26 Guidance Revised Upward

Mani Inc sees revenue growth and margin improvement in 9MFY26. FY26 guidance revised upward for strong financial performance. Ongoing dental...

Tina Banerjee

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on...

Vermilion Research

Mani Inc (7730 JP): China Dia-Bur Sale Resumption Positively Impact H1FY26, FY26 Guidance Reiterated

Mani Inc's revenue rise and margin improve in H1FY26. Expects sales recovery and significant uptick in profits for FY26. Going forward, Mani will...

Tina Banerjee

Opdivo Singled Out in Government Rule Change

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the...

Pelham Smithers Associates

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

[Quiddity Index] The TOPIX Change in Oct26 - Part V (Final Prep)

The TSE announcement for wholesale changes in the TOPIX Index is scheduled for Wednesday after the close. I expect 34-35 ADDs, ~700 DELETEs, and...

Travis Lundy

Mani Inc (7730 JP): 9MFY26 Results Underline Recovery, FY26 Guidance Revised Upward

​Mani Inc sees revenue growth and margin improvement in 9MFY26. FY26 guidance revised upward for strong financial performance. Ongoing dental...

Tina Banerjee

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on...

Vermilion Research

Mani Inc (7730 JP): China Dia-Bur Sale Resumption Positively Impact H1FY26, FY26 Guidance Reiterated

​Mani Inc's revenue rise and margin improve in H1FY26. Expects sales recovery and significant uptick in profits for FY26. Going forward, Mani will...

Tina Banerjee

Opdivo Singled Out in Government Rule Change

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the...

Pelham Smithers Associates

Mani Inc sees revenue growth and margin improvement in 9MFY26. FY26 guidance revised upward for strong financial performance. Ongoing dental...

Mani Inc's revenue rise and margin improve in H1FY26. Expects sales recovery and significant uptick in profits for FY26. Going forward, Mani will...