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 in 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. </li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-November 2021.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed in 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. 
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-November 2021.


JPX-Nikkei 400 Rebalance 2022: Leaderboard End-Nov 2021

Index Rebalance

<div><p>JPX-Nikkei 400 is composed of common stocks whose main market is the TSE1, TSE2, JASDAQ, and Mothers sections (which will become the Prime Market, Standard Market, or Growth Market next April) of the Tokyo Stock Exchange. This is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents selected based on several factors including market capitalization, trading value, operating profits, and ROE.</p></div><div><p>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. This review is conducted using the final business day of June as the base date. </p></div><div><p>Quiddity provides quantitative research on pre-event basket strategies surrounding this Index Rebalance event and others. Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-October 2021.</p></div>

JPX-Nikkei 400 is composed of common stocks whose main market is the TSE1, TSE2, JASDAQ, and Mothers sections (which will become the Prime Market, Standard Market, or Growth Market next April) of the Tokyo Stock Exchange. This is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents selected based on several factors including market capitalization, trading value, operating profits, and ROE.A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. This review is conducted using the final business day of June as the base date. Quiddity provides quantitative research on pre-event basket strategies surrounding this Index Rebalance event and others. Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-October 2021.

JPX-Nikkei 400 Rebalance 2022: Leader Board End-Oct 2021

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Equity Bottom-Up

<p>With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We went back over the last 7 years to find which companies historical wait until the last minute to adjust numbers. To eliminate noise we only screened for Net Income guidance changes greater than absolute 10%.</p><h2>Screen Criteria</h2><ol>
<li>Earnings Results were always announced in May (Do want to pick up any rollovers)</li>
<li>Only March year-end names</li>
<li>The guidance change is…</li>
</ol>

With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We went back over the last 7 years to find which companies historical wait until the last minute to adjust numbers. To eliminate noise we only screened for Net Income guidance changes greater than absolute 10%.Screen Criteria
Earnings Results were always announced in May (Do want to pick up any rollovers)
Only March year-end names
The guidance change is…


Which Companies in Japan Revise Guidance in April....

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<p>The analyst viewpoint series features interviews with analysts from several of the 46 markets covered in Euromonitor’s Consumer Finance research programme, discussing key payment trends or developments in their respective research markets.</p>

The analyst viewpoint series features interviews with analysts from several of the 46 markets covered in Euromonitor’s Consumer Finance research programme, discussing key payment trends or developments in their respective research markets.

Analyst Viewpoint on Consumer Finance : Japan

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

<ul><li>Offerings of equities and convertible bonds totaled 720 billion yen over the first nine months of '16 and the trend continues unabated. Its the lowest level of new offerings in four years.</li><li>Meanwhile, stock buybacks have soared to a record 4.35 trillion yen (USD$41.8 bn)--the most in history presumably to shore up capital efficiency.</li><li>Opponents in principle claim buybacks inhibit growth, and investment and also impede wage growth which in turn, keeps spending sluggish.</li><li>Do Japan's persistent low GDP numbers reflect some of this corporate policy strategies? Does the same phenomenon apply to the US? </li></ul>

Offerings of equities and convertible bonds totaled 720 billion yen over the first nine months of '16 and the trend continues unabated. Its the lowest level of new offerings in four years.Meanwhile, stock buybacks have soared to a record 4.35 trillion yen (USD$41.8 bn)--the most in history presumably to shore up capital efficiency.Opponents in principle claim buybacks inhibit growth, and investment and also impede wage growth which in turn, keeps spending sluggish.Do Japan's persistent low GDP numbers reflect some of this corporate policy strategies? Does the same phenomenon apply to the US? 

Could Japan's Aggressive Stock Buyback Spree Slow an Economic Rebound?

Japan

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

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Orient Corp (8585 JP)

JPX-Nikkei 400 Rebalance 2022: Leaderboard End-Nov 2021

A discussion on potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-November...

Janaghan Jeyakumar, CFA

JPX-Nikkei 400 Rebalance 2022: Leader Board End-Oct 2021

In this insight, we take a look at the potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading...

Janaghan Jeyakumar, CFA

Which Companies in Japan Revise Guidance in April....

With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We...

Custom Products Group

Analyst Viewpoint on Consumer Finance : Japan

The analyst viewpoint series features interviews with analysts from several of the 46 markets covered in Euromonitor’s Consumer Finance research...

Euromonitor International Ltd.

Could Japan's Aggressive Stock Buyback Spree Slow an Economic Rebound?

Offerings of equities and convertible bonds totaled 720 billion yen over the first nine months of '16 and the trend continues unabated. Its the...

Howard J Klein

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)