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 Index consists of stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.</li>
<li>The annual index review takes place in August every year. The base date for the August 2026 review is one month away.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end of May 2026.</li>
</ul>


JPX-Nikkei 400 Index consists of stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.
The annual index review takes place in August every year. The base date for the August 2026 review is one month away.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end of May 2026.


Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Ordinary revenues reached JPY2.6tn (+3.0% YoY), with investment income rising 34.4% YoY to JPY552.2bn.</li><li>Group adjusted profit increased 22.1% YoY to JPY122.5bn, driven by higher interest, dividends, and rental income.</li><li>MCEV for T&D Insurance Group rose to JPY4.4tn, influenced by new business value and accounting changes.</li></ul>

Ordinary revenues reached JPY2.6tn (+3.0% YoY), with investment income rising 34.4% YoY to JPY552.2bn.Group adjusted profit increased 22.1% YoY to JPY122.5bn, driven by higher interest, dividends, and rental income.MCEV for T&D Insurance Group rose to JPY4.4tn, influenced by new business value and accounting changes.

T&D Holdings (8795 JP): Q3 FY03/26 flash update

<ul><li>In 1H FY03/26, ordinary revenues rose 3.6% YoY to JPY1.7tn, with investment income up 32.6% YoY.</li><li>Group adjusted profit fell 13.5% YoY to JPY70.1bn, impacted by decreased investment income from Fortitude.</li><li>MCEV for T&D Insurance Group increased by JPY323.8bn, driven by new business value and higher share prices.</li></ul>

In 1H FY03/26, ordinary revenues rose 3.6% YoY to JPY1.7tn, with investment income up 32.6% YoY.Group adjusted profit fell 13.5% YoY to JPY70.1bn, impacted by decreased investment income from Fortitude.MCEV for T&D Insurance Group increased by JPY323.8bn, driven by new business value and higher share prices.

T&D Holdings (8795 JP): 1H FY03/26 flash update

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>The horse trading continues with Israel bowing to the US and bilateral talks with Japan set to commence imminently.</li>
<li>US shippers outperformed given lower oil despite an outlook for lower global trade overall.</li>
<li>Samsung numbers beating this morning on strong demand for the Galaxy S25 smartphones and DRAM.</li>
</ul>


The horse trading continues with Israel bowing to the US and bilateral talks with Japan set to commence imminently.
US shippers outperformed given lower oil despite an outlook for lower global trade overall.
Samsung numbers beating this morning on strong demand for the Galaxy S25 smartphones and DRAM.


Japan Morning Connection: US Relief Rally Sending JP Futures Sharply Higher

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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<ul><li>Naikai Zosen is a Japanese shipbuilder running two yards in the Seto Inland Sea (Setoda and Innoshima, both in Onomichi, Hiroshima), building mid-size ferries, RO-RO cargo ships, and — a newer line — landing craft for the Japan Ground Self-Defense Force.</li><li>It has been Kanadevia Corporation’s (formerly Hitachi Zosen) 39%+ affiliate since 1967.</li><li>A more accurate description for Naikai is that it is a pile of cash that happens to also build ships. </li></ul>

Naikai Zosen is a Japanese shipbuilder running two yards in the Seto Inland Sea (Setoda and Innoshima, both in Onomichi, Hiroshima), building mid-size ferries, RO-RO cargo ships, and — a newer line — landing craft for the Japan Ground Self-Defense Force.It has been Kanadevia Corporation’s (formerly Hitachi Zosen) 39%+ affiliate since 1967.A more accurate description for Naikai is that it is a pile of cash that happens to also build ships. 

Japan

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

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T&D Holdings (8795 JP)

Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The base date is 30th...

Janaghan Jeyakumar, CFA