Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>Section-Transfer name <a href="https://www.smartkarma.com/entities/japan-business-systems-inc" target="_blank" data-smartkarma-citation="entities:40379:1" rel="noopener">Japan Business Systems (5036 JP)</a> is expected to be included in the TOPIX index at the end of October 2025.</li>
<li>New listings <a href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries (409A JP)</a> and <a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> are expected to be included in TOPIX at the end of October 2025 and November 2025 respectively.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
Section-Transfer name Japan Business Systems (5036 JP) is expected to be included in the TOPIX index at the end of October 2025.
New listings Orion Breweries (409A JP) and Tekscend Photomask (429A JP) are expected to be included in TOPIX at the end of October 2025 and November 2025 respectively.


TOPIX Inclusions: Who Is Ready (Oct 2025)

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries' (409A JP)</a> operations span across alcoholic beverages, tourism and hotel businesses. It raised around US$159m in its Japan IPO.</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



Orion Breweries' (409A JP) operations span across alcoholic beverages, tourism and hotel businesses. It raised around US$159m in its Japan IPO.
Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


Orion Breweries IPO Trading - Robust Institutional Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries' (409A JP)</a> operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$162m in its Japan IPO which could increase to US$196m (including over-allotment).</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.</li>
</ul>



Orion Breweries' (409A JP) operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$162m in its Japan IPO which could increase to US$196m (including over-allotment).
Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.


Orion Breweries IPO - Deal Upsized; Lower End Looks Digestible

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-limited" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries Limited's (409A JT)</a> operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.</li>
</ul>



Orion Breweries Limited's (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.


Orion Breweries IPO - Smaller Scale Warrants Discount

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-limited" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries Limited (409A JT)</a> has become synonymous with Okinawa, combining heritage, loyalty, and local identity into a brand experience that larger rivals struggle to replicate.</li>
<li>The company benefits from Okinawa’s nearly 10 million annual visitors, turning tourism into both a sales driver and a powerful channel for brand amplification abroad.</li>
<li>The IPO offers attractive valuation versus peers, despite risks from MBO-related debt and potential share overhang from private equity owners.</li>
</ul>



Orion Breweries Limited (409A JT) has become synonymous with Okinawa, combining heritage, loyalty, and local identity into a brand experience that larger rivals struggle to replicate.
The company benefits from Okinawa’s nearly 10 million annual visitors, turning tourism into both a sales driver and a powerful channel for brand amplification abroad.
The IPO offers attractive valuation versus peers, despite risks from MBO-related debt and potential share overhang from private equity owners.


Orion Breweries IPO: Turning Local Strength into Growth Abroad

Japan

Orion Breweries, Ltd. conducts brewery businesses. The Company produces and markets beers. Orion Breweries also offers tourism and hotels development services.

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Orion Breweries (409A JP)

TOPIX Inclusions: Who Is Ready (Oct 2025)

We expect Orion Breweries (409A JP) to outperform Yakult Honsha (2267 JP) until the close of trading on 30th October 2025 due to strong opposing...

Janaghan Jeyakumar, CFA

Orion Breweries IPO Trading - Robust Institutional Demand

Orion Breweries Limited’s (OBL) operations span across alcoholic beverages, tourism and hotel businesses. It raised around US$159m in its Japan...

Akshat Shah

Orion Breweries IPO - Deal Upsized; Lower End Looks Digestible

Orion Breweries' operations span across alcoholic beverages, tourism and hotel businesses. It aims to raise around US$162m in its Japan IPO which...

Akshat Shah

Orion Breweries IPO - Smaller Scale Warrants Discount

Orion Breweries aims to raise around US$126m in its Japan IPO via a combination of a primary and secondary offering. In this note, we talk about...

Akshat Shah

Orion Breweries IPO: Turning Local Strength into Growth Abroad

Orion IPO showcases a resilient Okinawan champion with tourism-fueled growth prospects, product expansion opportunities, and attractive relative...

Oshadhi Kumarasiri

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