Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

Tokyo Kiraboshi Financial Group / Equity Capital Markets

Tokyo Kiraboshi Financial Group (7173 JP)

<ul>
<li>Friday 8 May 2026, <a href="https://www.smartkarma.com/entities/tokyo-kiraboshi-financial-group" target="_blank" data-smartkarma-citation="entities:5369:1" rel="noopener">Tokyo Kiraboshi Financial Group (7173 JP)</a> reported full-year results, offered Mar-27 guidance, announced buybacks/cancellations of both Class 1 and Class 2 Prefs, and an equity offering.</li>
<li>The 2024-2026 plan had the govt's ¥40bn of Class 2 prefs repurchased in 2026/2028. That's done now. Mitsui Sumitomo Trust had the Class 1s. They converted and there's an offering.</li>
<li>The offering is going to be ~60% of Max Real World Float. It's big. Guidance is lower year-on-year. That's not great. But it's not an expensive bank. </li>
</ul>


Friday 8 May 2026, Tokyo Kiraboshi Financial Group (7173 JP) reported full-year results, offered Mar-27 guidance, announced buybacks/cancellations of both Class 1 and Class 2 Prefs, and an equity offering.
The 2024-2026 plan had the govt's ¥40bn of Class 2 prefs repurchased in 2026/2028. That's done now. Mitsui Sumitomo Trust had the Class 1s. They converted and there's an offering.
The offering is going to be ~60% of Max Real World Float. It's big. Guidance is lower year-on-year. That's not great. But it's not an expensive bank. 


[Japan Offering] Tokyo Kiraboshi FG (7173 JP) - Prefs Conversion Leads to $400mm Offering

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-mitsui-trust-holdings-inc" target="_blank" data-smartkarma-citation="entities:19450:1" rel="noopener">Sumitomo Mitsui Trust Holdings (8309 JP)</a> is looking to raise US$391m from a secondary offering of <a href="https://www.smartkarma.com/entities/tokyo-kiraboshi-financial-group" target="_blank" data-smartkarma-citation="entities:5369:1" rel="noopener">Tokyo Kiraboshi Financial Group (7173 JP)</a> shares.</li>
<li>This is a large deal to digest, representing 42 days of ADV and 17% of shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Sumitomo Mitsui Trust Holdings (8309 JP) is looking to raise US$391m from a secondary offering of Tokyo Kiraboshi Financial Group (7173 JP) shares.
This is a large deal to digest, representing 42 days of ADV and 17% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Tokyo Kiraboshi Placement - Pref Conversion and Selldown

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 21st. The aggregated net margin trading position is USD28,184m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Murata Manufacturing, Sumitomo Mitsui Financial, Mizuho Financial, Lasertec, SoftBank, Tokyo Electron, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 21st. The aggregated net margin trading position is USD28,184m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Murata Manufacturing, Sumitomo Mitsui Financial, Mizuho Financial, Lasertec, SoftBank, Tokyo Electron, Toyota Motor.


JPX Margin Trading Weekly (Aug 21st): Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Lasertec

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 14th. The aggregated net margin trading position is USD27,503m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen, Mitsubishi Heavy Industries, Taiyo Yuden, Fast Retailing, Rakuten.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 14th. The aggregated net margin trading position is USD27,503m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen, Mitsubishi Heavy Industries, Taiyo Yuden, Fast Retailing, Rakuten.


JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

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 base date for the August annual review is 30th June 2026. The index review results are expected to be announced on 7th August 2026.</li>
<li>In this insight, we have presented our final expectations for the August 2026 review.</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 base date for the August annual review is 30th June 2026. The index review results are expected to be announced on 7th August 2026.
In this insight, we have presented our final expectations for the August 2026 review.


Quiddity JPX-Nikkei 400 Rebal 2026: End-June 2026 Ranks (FINAL EXPECTATIONS)

Japan

Tokyo Kiraboshi Financial Group, Inc. operates banks. The Company mainly offers financial services. Tokyo Kiraboshi Financial Group provides services in Japan.

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Tokyo Kiraboshi Financial Group (7173 JP)

[Japan Offering] Tokyo Kiraboshi FG (7173 JP) - Prefs Conversion Leads to $400mm Offering

Tokyo Kiraboshi saw its shares drop sharply on the Offering news. It was a good offering to buy. The shares then bounced back to where they were on...

Travis Lundy

Aequitas: Tokyo Kiraboshi Placement - Pref Conversion and Selldown

Sumitomo Mitsui Trust Bank is looking to raise US$391m from a secondary offering of Tokyo Kiraboshi’s shares. In this note, we will talk about the...

Nicholas Tan

JPX Margin Trading Weekly (Aug 21st): Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Mitsubishi UFJ Financial (8306 JP), Taiyo Yuden...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), IHI (7013 JP), Tokio...

Ke Yan, CFA, FRM

Quiddity JPX-Nikkei 400 Rebal 2026: End-June 2026 Ranks (FINAL EXPECTATIONS)

There will be 45 ADDs and 39 DELs for the JPX-Nikkei 400 index in August 2026. We correctly predicted 75 of the 84 confirmed index changes (89%...

Janaghan Jeyakumar, CFA

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