Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Shiseido: Weak sales in China and Travel Retail hurt performance, but cost-cutting and deep-value appeal raise potential for turnaround or takeover.  </li>
<li>
Ricoh: Effissimo bets on Ricoh's slow pivot to digital services; low valuation offers downside protection despite unclear timeline for ROE recovery.</li>
<li>
Orico: Strategic Capital targets Mizuho affiliate for underperformance and insider-led governance, pushing for reform and better capital discipline.</li>
</ul>



Shiseido: Weak sales in China and Travel Retail hurt performance, but cost-cutting and deep-value appeal raise potential for turnaround or takeover.  

Ricoh: Effissimo bets on Ricoh's slow pivot to digital services; low valuation offers downside protection despite unclear timeline for ROE recovery.

Orico: Strategic Capital targets Mizuho affiliate for underperformance and insider-led governance, pushing for reform and better capital discipline.


Japan Activist Watch | Shiseido, Ricoh, Orico, Anicom

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>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, adjusted every year in August.</li>
<li>We look at the rankings of the potential ADDs/DELs every month for the next rebal, based on most recent trading data. </li>
<li>Every month we provide trade suggestions. The last three months have seen market-neutral returns of +3.0%, +6.5%, +3.2% respectively for the one-month periods. A new trade is suggested below.</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, adjusted every year in August.
We look at the rankings of the potential ADDs/DELs every month for the next rebal, based on most recent trading data. 
Every month we provide trade suggestions. The last three months have seen market-neutral returns of +3.0%, +6.5%, +3.2% respectively for the one-month periods. A new trade is suggested below.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco

Index Rebalance

<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 event to come in August 2024 based on trading data as of end-February 2024.</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 event to come in August 2024 based on trading data as of end-February 2024.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates

<ul>
<li>The JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted (capped) market-value-weighted 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 be announced in early August 2023 based on trading data as of end-June 2023.</li>
</ul>


The JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted (capped) market-value-weighted 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 be announced in early August 2023 based on trading data as of end-June 2023.


Quiddity Leaderboard JPX-Nikkei 400: Final Predictions for August 2023

<ul>
<li>The JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted (capped) market-value-weighted 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 be announced in early August 2023 based on trading data as of end-May 2023.</li>
</ul>


The JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted (capped) market-value-weighted 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 be announced in early August 2023 based on trading data as of end-May 2023.


Quiddity Leaderboard JPX-Nikkei 400: End-May 2023

Japan

Orient Corporation provides consumer credit services.  The Company's services include credit cards, consumer installment credits, loan guarantees, leasing, and loans.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Orient Corp (8585 JP)

Japan Activist Watch | Shiseido, Ricoh, Orico, Anicom

Shiseido is either a turnaround or takeover target. Ricoh's slow move to digital services attracts interest, while Orico is targeted for reform by...

Mark Chadwick

Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco

There are 43 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The high conviction DELs basket...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates

Since 31st January 2024, the SHORTs have underperformed the index by 6.5%. I suggest unwinding this trade and changing the focus towards the high...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard JPX-Nikkei 400: Final Predictions for August 2023

I expect the JPX-Nikkei Index Changes announcement to be on 7th August 2023 and the Inclusion/Exclusion events to be at the close of 30th August...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard JPX-Nikkei 400: End-May 2023

There are 46 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The MED conviction potential ADDs...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Activist Watch | Shiseido, Ricoh, Orico, Anicom

​Shiseido is either a turnaround or takeover target. Ricoh's slow move to digital services attracts interest, while Orico is targeted for reform by...

Mark Chadwick

Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco

There are 43 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The high conviction DELs basket...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates

Since 31st January 2024, the SHORTs have underperformed the index by 6.5%. I suggest unwinding this trade and changing the focus towards the high...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard JPX-Nikkei 400: Final Predictions for August 2023

I expect the JPX-Nikkei Index Changes announcement to be on 7th August 2023 and the Inclusion/Exclusion events to be at the close of 30th August...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard JPX-Nikkei 400: End-May 2023

There are 46 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The MED conviction potential ADDs...

Janaghan Jeyakumar, CFA

Shiseido is either a turnaround or takeover target. Ricoh's slow move to digital services attracts interest, while Orico is targeted for reform by...