Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

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>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.</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.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/pasona-group-inc">Pasona Group</a> is a major player in the Japanese human resources sector, offering a comprehensive suite of services including temporary staffing, contracting, recruitment, and outsourcing. The company is navigating a challenging domestic market characterized by a shrinking workforce and increasing demand for specialized talent.</li>
 <li>Recent financial performance has been impacted by the sale of a significant subsidiary, Benefit One, and the conclusion of large-scale BPO projects related to the COVID-19 pandemic. The company is now focused on its 'PASONA GROUP VISION 2030' to reform its revenue structure and invest in new growth areas.</li>
 <li>Key challenges for Pasona include intense competition within the fragmented Japanese staffing industry, the need to adapt to evolving labor regulations, and the macroeconomic pressures of an aging population and potential economic slowdowns.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Pasona Group is a major player in the Japanese human resources sector, offering a comprehensive suite of services including temporary staffing, contracting, recruitment, and outsourcing. The company is navigating a challenging domestic market characterized by a shrinking workforce and increasing demand for specialized talent.
  Recent financial performance has been impacted by the sale of a significant subsidiary, Benefit One, and the conclusion of large-scale BPO projects related to the COVID-19 pandemic. The company is now focused on its 'PASONA GROUP VISION 2030' to reform its revenue structure and invest in new growth areas.
  Key challenges for Pasona include intense competition within the fragmented Japanese staffing industry, the need to adapt to evolving labor regulations, and the macroeconomic pressures of an aging population and potential economic slowdowns.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Pasona Group (2168 JP) - Oct 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>The value realisation of selling cross-holdings should not be contingent on selling your shares to someone else too cheaply but that is exactly what Toyota is proposing here.</li>
<li>OCBC is doing the right thing. Although a 17.8% bump in terms for <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>'s minorities is probably not enough to dislodge Palliser.</li>
<li>Cosette has lodged a termination notice, which <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> rejects. It's anyone's guess whether this saga concludes with a price cut; or Cosette walking.</li>
</ul>


The value realisation of selling cross-holdings should not be contingent on selling your shares to someone else too cheaply but that is exactly what Toyota is proposing here.
OCBC is doing the right thing. Although a 17.8% bump in terms for Great Eastern Holdings (GE SP)'s minorities is probably not enough to dislodge Palliser.
Cosette has lodged a termination notice, which Mayne Pharma (MYX AU) rejects. It's anyone's guess whether this saga concludes with a price cut; or Cosette walking.


Last Week in Event SPACE: Toyota Indust. Great Eastern, Mayne Pharma, Shibaura Elect., New World

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a> is a "value stock." It has loads of cash (but less than you think) and significant ongoing governance issues, but they are doing a TINY buyback. </li>
<li>Several weeks ago we got an announcement which was odd. Not completely odd, just odd. Now in the past week we have market activity/announcements which make one wonder. </li>
<li>This piece attempts to interpret some of the recent data/info points. One is odd. Another is odd but meaningful (but different than people think). A third is just technical. </li>
</ul>



Pasona Group (2168 JP) is a "value stock." It has loads of cash (but less than you think) and significant ongoing governance issues, but they are doing a TINY buyback. 
Several weeks ago we got an announcement which was odd. Not completely odd, just odd. Now in the past week we have market activity/announcements which make one wonder. 
This piece attempts to interpret some of the recent data/info points. One is odd. Another is odd but meaningful (but different than people think). A third is just technical. 


[Japan Activism] Pasona Group (2168 JP) - Three New Things Of Mixed Importance

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Last October, activist Palliser Capital launched a campaign (<a href="https://www.businesswire.com/news/home/20231017540912/en/Palliser-Capital-Responds-to-Media-Article-Regarding-Investment-in-Keisei-Electric-Railway" target="_blank" rel="noopener">presentation</a>) on well-known "stub trade" <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> with a stake of about 1.6%. </li>
<li>The proposal? Monetise a decent stake in Oriental Land (4661 JP), repurchase shares, and invest for growth. Keisei responded 6-8 weeks ago with a buyback and 1% OLC stake sale.</li>
<li>I thought that was time to bail. That was it. But now, Palliser has re-engaged. Today a press release (<a href="https://www.businesswire.com/news/home/20240423026545/ja/" target="_blank" rel="noopener">Japanese</a>/<a href="https://www.businesswire.com/news/home/20240423405941/en/Palliser-Capital-Proposes-Advisory-Resolution-to-Give-Shareholders-a-Voice-at-Keisei%E2%80%99s-Forthcoming-AGM" target="_blank" rel="noopener">English</a>) and a <a href="https://mms.businesswire.com/media/20240423405941/en/2107923/1/53951785_PALLISER_CAPITAL_20240424_Letter_to_Keisei_English_2.pdf?download=1" target="_blank" rel="noopener">Letter to the Board</a>.</li>
</ul>


Last October, activist Palliser Capital launched a campaign (presentation) on well-known "stub trade" Keisei Electric Railway Co (9009 JP) with a stake of about 1.6%. 
The proposal? Monetise a decent stake in Oriental Land (4661 JP), repurchase shares, and invest for growth. Keisei responded 6-8 weeks ago with a buyback and 1% OLC stake sale.
I thought that was time to bail. That was it. But now, Palliser has re-engaged. Today a press release (Japanese/English) and a Letter to the Board.


Activist Palliser Re-Engages on Keisei Electric (9009) But The Oppty Remains Unconvincing

Japan

Pasona Group Inc. manages companies that provide placement and staffing services for clients in the information technology sector.

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Pasona Group (2168 JP)

Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

We expect the HIGH-conviction Potential ADDs to outperform the HIGH-conviction Potential DELs. Nidec is no longer part of our potential ADDs.

Janaghan Jeyakumar, CFA

Primer: Pasona Group (2168 JP) - Oct 2025

Pasona Group is a major player in the Japanese human resources sector, offering a comprehensive suite of services including temporary staffing,...

αSK Primers

Last Week in Event SPACE: Toyota Indust. Great Eastern, Mayne Pharma, Shibaura Elect., New World

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan Activism] Pasona Group (2168 JP) - Three New Things Of Mixed Importance

Pasona Group has seen a few new things hit the tape. 6 weeks ago we got an executive reshuffle with NANBU-san going out. Cold turkey. Then this...

Travis Lundy

Activist Palliser Re-Engages on Keisei Electric (9009) But The Oppty Remains Unconvincing

Since I wrote this piece, Keisei vs OLC is down small. Since I wrote the previous one, it is down more. I think there is room to go, but...

Travis Lundy

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