Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

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Thematic (Sector/Industry)

<p>In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies operating in BtoC areas, particularly via sharing economy and personalisation. For the first article, please click <a href="https://www.smartkarma.com/insights/can-tech-save-the-declining-japanese-apparel-industry-fashiontech-series-1-3" target="_blank">here</a>.</p>

In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies operating in BtoC areas, particularly via sharing economy and personalisation. For the first article, please click here.

Can Tech Save The Declining Japanese Apparel Industry? Fashion-Tech Series (2/3)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. </li>
<li>That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. </li>
<li>And there are some very interesting dynamics to consider in the meantime. </li>
</ul>


The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. 
That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. 
And there are some very interesting dynamics to consider in the meantime. 


[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

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-May 2025.</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-May 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

<ul>
<li>This year there are 10 Free Float Weight Changes for April. There are 20 Liquidity Factor Changes, 2 Inclusions, and 3 M&amp;A-related downweights. There are 90+ Share Count Change Downweights.</li>
<li>This is a bigger Big April Basket than normally comes around. And there are some big flows. All trades are 28 April at the close.</li>
<li>Total flow is ~US$2.1bn a side. 64 trades of &gt;2 days of ADV, and of those, 27 with &gt;US$10mm to trade (7 of US$50mm+). Top 20 in USD average 5dADV.</li>
</ul>


This year there are 10 Free Float Weight Changes for April. There are 20 Liquidity Factor Changes, 2 Inclusions, and 3 M&amp;A-related downweights. There are 90+ Share Count Change Downweights.
This is a bigger Big April Basket than normally comes around. And there are some big flows. All trades are 28 April at the close.
Total flow is ~US$2.1bn a side. 64 trades of &gt;2 days of ADV, and of those, 27 with &gt;US$10mm to trade (7 of US$50mm+). Top 20 in USD average 5dADV.


The End-April TOPIX Rebalance - US$2.1bn a Side

David Blennerhassett

<ul>
<li>For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .</li>
</ul>


For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.
The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .


(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

Japan

SHINKO ELECTRIC INDUSTRIES CO., LTD. designs, manufactures, and markets advanced electronic materials, such as semiconductor packages, including leadframes, and PLP(Plastics Laminated Packages).  The Company markets its products worldwide through a network of sales offices in such places as the Philippines, Germany, and Hong Kong.

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Shinko Electric Industries (6967 JP)

Can Tech Save The Declining Japanese Apparel Industry? Fashion-Tech Series (2/3)

In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies...

Euromonitor International Ltd.

[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

The NTT Data TOB closed today. Results out tomorrow should trigger index downweights/deletions from next week to end-Sep, every 4 weeks. Depending...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The HIGH & MED Exp ADDs...

Janaghan Jeyakumar, CFA

The End-April TOPIX Rebalance - US$2.1bn a Side

There is US$2bn a side to trade on 28 April at the close for a variety of reasons. It is a big month of events with a long list of trades which...

Travis Lundy

(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

For the month of March, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$14bn. The average premium for the new deals...

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

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