Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>In February, names which appeared in our "B" list such as <a href="https://www.smartkarma.com/entities/amvis-holdings-inc" target="_blank" data-smartkarma-citation="entities:31511:1" rel="noopener">Amvis Holdings Inc (7071 JP)</a> and <a href="https://www.smartkarma.com/entities/axxzia-inc" target="_blank" data-smartkarma-citation="entities:31482:1" rel="noopener">AXXZIA Inc (4936 JP)</a> announced they would be moving to the Prime Market.</li>
<li>In this insight, we take a look at updated lists, the price performance history of those baskets, and other interesting trades in the TOPIX index space.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
In February, names which appeared in our "B" list such as Amvis Holdings Inc (7071 JP) and AXXZIA Inc (4936 JP) announced they would be moving to the Prime Market.
In this insight, we take a look at updated lists, the price performance history of those baskets, and other interesting trades in the TOPIX index space.


TOPIX Inclusions: Who Is Ready (Mar 2023)

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

Universal Entertainment / Equity Bottom-Up

<ul>
<li>The long, twisted trail of Universal Entertainment's Okada Manila casino spinoff faces yet another legal obstacle announced last week.</li>
<li>The extension of Universal's/ 26 Capital Spac deal for one year could see the debut of the IPO during an increasingly higher growth industry revenue recovery arc.</li>
<li>26 Capital valuation of Okada at US$2.5 bill with a $10 per share offer price could run up quickly as market momentum turns positive sentiment higher.</li>
</ul>


The long, twisted trail of Universal Entertainment's Okada Manila casino spinoff faces yet another legal obstacle announced last week.
The extension of Universal's/ 26 Capital Spac deal for one year could see the debut of the IPO during an increasingly higher growth industry revenue recovery arc.
26 Capital valuation of Okada at US$2.5 bill with a $10 per share offer price could run up quickly as market momentum turns positive sentiment higher.


Okada Manila IPO: Ironically, Delay Could Raise Market Sentiments Higher as Philippine GGR Rises

<ul>
<li>The long, tortured legal mess between Universal and its ousted founder over control of its lucrative Manila integrated casino resort now has a clear path to its spin off IPO.</li>
<li>The Okada Manila resort is among the sector leaders in the burgeoning Philippines gaming market now ramping rapidly toward full GGR recovery.</li>
<li>At UE's current price of 2,347jpy, the stock bears a built in premium of a Spac IPO now appearing to be pointed to debut this year.</li>
</ul>


The long, tortured legal mess between Universal and its ousted founder over control of its lucrative Manila integrated casino resort now has a clear path to its spin off IPO.
The Okada Manila resort is among the sector leaders in the burgeoning Philippines gaming market now ramping rapidly toward full GGR recovery.
At UE's current price of 2,347jpy, the stock bears a built in premium of a Spac IPO now appearing to be pointed to debut this year.


Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer

<ul>
<li>The Philippine gaming market is recovering fast from covid with the future of hs biggest casino property plagued by legal battles.</li>
<li>Founder Kazuo Okada dismissed in 2017 by the Universal board over his alleged financial self dealing, is seen behind a May 31st strong arm takeover of the property.</li>
<li>The Manila government thus far remains neutral but plans for a Spac IPO by Universal and a US based hedge fund is delayed, but is scheduled to debut by September.</li>
</ul>


The Philippine gaming market is recovering fast from covid with the future of hs biggest casino property plagued by legal battles.
Founder Kazuo Okada dismissed in 2017 by the Universal board over his alleged financial self dealing, is seen behind a May 31st strong arm takeover of the property.
The Manila government thus far remains neutral but plans for a Spac IPO by Universal and a US based hedge fund is delayed, but is scheduled to debut by September.


Okada Manila Mess: How to Play This Chaotic Legal Drama Between Universal and Its Ousted Founder

<ul>
<li>Manila Entertainment Zone casinos now operating at 75% capacity in pandemic endgame that looks like the beginning of a cycle that should bring it near a run rate near 2019  baseline gross gaming revenues.</li>
<li>The property's owners Universal Entertainment of Japan have long sought to convert this property to a separate public company. That deal is now done. </li>
<li>The envisioned Spac would raise US$263m in cash. Universal will roll 100% of its equity into the deal sponsored by its partner Spring Owl Asset Management of New York</li>
</ul>


Manila Entertainment Zone casinos now operating at 75% capacity in pandemic endgame that looks like the beginning of a cycle that should bring it near a run rate near 2019  baseline gross gaming revenues.
The property's owners Universal Entertainment of Japan have long sought to convert this property to a separate public company. That deal is now done. 
The envisioned Spac would raise US$263m in cash. Universal will roll 100% of its equity into the deal sponsored by its partner Spring Owl Asset Management of New York


Okada Manila: Spac Deal Will Create a Public Gaming Company with Strong Upside

Japan

Universal Entertainment Corporation develops, manufactures, and sells pachinko, pachinko slot machines, amusement equipments & casino equipments designed for overseas use.  The Company also engages in casino hotel management.

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

Universal Entertainment (6425 JP)

TOPIX Inclusions: Who Is Ready (Mar 2023)

The recent price decline of pre-event candidate CELSYS could be seen as a new buying opportunity. Amvis and Axxzia will have their TOPIX Inclusion...

Janaghan Jeyakumar, CFA

Okada Manila IPO: Ironically, Delay Could Raise Market Sentiments Higher as Philippine GGR Rises

A lawsuit filed last week may delay Okada's IPO, but if it debuts later this year, it will do so in a very bullish revenue recovery outlook for the...

Howard J Klein

Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer

Japan's Universal Entertainment's plans to take its successful manila resort public now are past obstructions and appear ready for a spac IPO...

Howard J Klein

Okada Manila Mess: How to Play This Chaotic Legal Drama Between Universal and Its Ousted Founder

Universal Entertainment Corp (6425T) is engaged in a legal battle with its ousted CEO and founder that has broken out into a physical takeover that...

Howard J Klein

Okada Manila: Spac Deal Will Create a Public Gaming Company with Strong Upside

The proposed Okada Spac deal has bullish attributes other Spacs generally do not. Therefore its potential post issue is more likely to outperform...

Howard J Klein

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)