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>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted 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 the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-October 2024.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted 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 the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-October 2024.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Oct 2024 Ranks

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>NVDA disappoints market expectations and trades -7% after-market, setting a very weak tone for Japanese SPE and tech related names to start.</li>
<li>The bad news for 4911 Shiseido continues, with the tone out of a small sell-side meeting held yesterday after-market pointed to further earnings downside.</li>
<li>Expect a continued rotation into value and domestic defensives as the market pivots away from AI/tech with plenty of room for profit taking after the recent rebound.</li>
</ul>


NVDA disappoints market expectations and trades -7% after-market, setting a very weak tone for Japanese SPE and tech related names to start.
The bad news for 4911 Shiseido continues, with the tone out of a small sell-side meeting held yesterday after-market pointed to further earnings downside.
Expect a continued rotation into value and domestic defensives as the market pivots away from AI/tech with plenty of room for profit taking after the recent rebound.


Japan Morning Connection: NVDA Disappoints

<ul>
<li>Power-Semi's leading the charge higher on positive broker comments for the sector while AI related takes a backseat.</li>
<li>Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.</li>
<li>CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.</li>
</ul>


Power-Semi's leading the charge higher on positive broker comments for the sector while AI related takes a backseat.
Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.
CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.


Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

<ul>
<li>Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.</li>
<li>Micron beats on HBM, Kioxia on NAND - sets a good tone for memory overall.</li>
<li>NVDA selling Blackwell in China positive for substrate supplier Ibiden.</li>
</ul>


Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.
Micron beats on HBM, Kioxia on NAND - sets a good tone for memory overall.
NVDA selling Blackwell in China positive for substrate supplier Ibiden.


Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

<ul>
<li>Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.</li>
<li>Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.</li>
<li>Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.</li>
</ul>


Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.
Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.
Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.


Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

Japan

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

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

Shibaura Mechatronics (6590 JP)

Quiddity JPX-Nikkei 400 Rebal 2025: End-Oct 2024 Ranks

The HIGH and MED conviction potential ADDs could outperform the HIGH and MED conviction potential DELs over the next few months.

Janaghan Jeyakumar, CFA

Japan Morning Connection: NVDA Disappoints

NVDA disappoints market, setting weak tone for Japanese tech names. Shiseido faces further earnings downside. Market pivots to value and domestic...

Andrew Jackson

Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

Power semis higher on positive broker comments, Intel continues to benefit from CEO in the limelight, moves higher for airlines and homebuilders.

Andrew Jackson

Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

JP still needs to price in large cap tech gains in the US from Friday, Intel up after Trump's meeting with CEO Tan, positive for Ibiden if NVDA is...

Andrew Jackson

Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

With reversal from momentum and Ishiba's resignation, defense names may drop further. Autos may have plenty more upside despite big moves yesterday.

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity JPX-Nikkei 400 Rebal 2025: End-Oct 2024 Ranks

The HIGH and MED conviction potential ADDs could outperform the HIGH and MED conviction potential DELs over the next few months.

Janaghan Jeyakumar, CFA

Japan Morning Connection: NVDA Disappoints

​NVDA disappoints market, setting weak tone for Japanese tech names. Shiseido faces further earnings downside. Market pivots to value and domestic...

Andrew Jackson

Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

Power semis higher on positive broker comments, Intel continues to benefit from CEO in the limelight, moves higher for airlines and homebuilders.

Andrew Jackson

Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

JP still needs to price in large cap tech gains in the US from Friday, Intel up after Trump's meeting with CEO Tan, positive for Ibiden if NVDA is...

Andrew Jackson

Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

With reversal from momentum and Ishiba's resignation, defense names may drop further. Autos may have plenty more upside despite big moves yesterday.

Andrew Jackson

NVDA disappoints market, setting weak tone for Japanese tech names. Shiseido faces further earnings downside. Market pivots to value and domestic...