Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Index Rebalance

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we look at who pays as yields climb, follow the squeeze in refined products, and track the unwinding of strategic stakes from Tokyo to Seoul and Singapore.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we look at who pays as yields climb, follow the squeeze in refined products, and track the unwinding of strategic stakes from Tokyo to Seoul and Singapore.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator’s Cut: Debt Gets Dearer, Diesel Runs Dry & Strategic Stakes Come Undone

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>On 28 Sep 2026, aircon instrumentation servicer/installer <a href="https://www.smartkarma.com/entities/nihon-dengi-co-ltd" target="_blank" data-smartkarma-citation="entities:16323:1" rel="noopener">Nihon Dengi (1723 JP)</a> announced five shareholders would sell 3.852mm shares in a secondary offering, with a 577,800 share greenshoe.</li>
<li>That was about ¥11bn and not quite 20 days of ADV. Today, shares are 13% lower.  </li>
<li>On an adjusted capital allocation basis, this company is cheap, the niche growth profile is still good, margins are high, position is strong, and there is One Big Thing coming.</li>
</ul>


On 28 Sep 2026, aircon instrumentation servicer/installer Nihon Dengi (1723 JP) announced five shareholders would sell 3.852mm shares in a secondary offering, with a 577,800 share greenshoe.
That was about ¥11bn and not quite 20 days of ADV. Today, shares are 13% lower.  
On an adjusted capital allocation basis, this company is cheap, the niche growth profile is still good, margins are high, position is strong, and there is One Big Thing coming.


[Japan Offering] Nihon Dengi (1723 JP) Selldown by Banks, the CEO, and One Crossholder

<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)

Japan

NIHON DENGI CO., LTD. designs, constructs, and maintains integrated building management systems for air-conditioning, security, and electrical facilities. The Company also develops integrated production systems for industrial factories.

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Nihon Dengi (1723 JP)

Curator’s Cut: Debt Gets Dearer, Diesel Runs Dry & Strategic Stakes Come Undone

We see which Asian sectors might be impacted by rising rates, how refiners are benefitting from wide crack spreads, and how strategic stakes are...

Pranav Rao

[Japan Offering] Nihon Dengi (1723 JP) Selldown by Banks, the CEO, and One Crossholder

Nihon Dengi announced a secondary offering of 16% of Max Real World Float, 6.6% of shares out, and 19-20x ADV. Shares dropped sharply. But the...

Travis Lundy

[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

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