Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/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>
<a href="https://www.smartkarma.com/entities/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> and <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> are expected to be included in the TOPIX index at the end of January 2024</li>
<li>There are couple of other pre-event names that we have been tracking for the past few months.</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.

Furuya Metal (7826 JP) and Visional (4194 JP) are expected to be included in the TOPIX index at the end of January 2024
There are couple of other pre-event names that we have been tracking for the past few months.


TOPIX Inclusions: Who Is Ready (Jan 2024)

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<ul><li>Visional (4194 JP — US$1.9 billion) is a Japanese HR-tech company run by Soichiro Minami, also known as "Swimmy".</li><li>Minami grew up in Japan but moved to Canada at age six. He grew up in a non-Japanese environment and always felt like an outsider.</li><li>To ease his nerves, a teacher in Canada gave him a book about a fish called Swimmy, who overcame the challenges of being a minority. </li></ul>

Visional (4194 JP — US$1.9 billion) is a Japanese HR-tech company run by Soichiro Minami, also known as "Swimmy".Minami grew up in Japan but moved to Canada at age six. He grew up in a non-Japanese environment and always felt like an outsider.To ease his nerves, a teacher in Canada gave him a book about a fish called Swimmy, who overcame the challenges of being a minority. 

Visional (4194 JP) : Niche Japanese Online Recruitment Service at 12.5x 2027e P/E

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Japanese equities traded broadly flat this week, with performance shaped by sector rotation rather than index direction.</li>
<li>Investors rotated decisively into “hardware” and national security–linked sectors, reflecting policy signals from Prime Minister Sanae Takaichi</li>
<li>GS Yuasa was the top performer this week, after the company announced plans to build a new lithium-ion battery plant for energy storage systems</li>
</ul>


Japanese equities traded broadly flat this week, with performance shaped by sector rotation rather than index direction.
Investors rotated decisively into “hardware” and national security–linked sectors, reflecting policy signals from Prime Minister Sanae Takaichi
GS Yuasa was the top performer this week, after the company announced plans to build a new lithium-ion battery plant for energy storage systems


Japan Strategy Weekly | From Austerity to Strategic Investment

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Index Rebalance

<ul>
<li>Three weeks ago, I published my "final expected list" for the Nikkei 225 Sep26 Rebal. This used the new Industry/Sector created, following the Guidebook. </li>
<li>I had looked at the language of the consultation and the language and made an assumption. </li>
<li>Developments since then warrant a second look, and an exploration into what MIGHT BE possible. </li>
</ul>


Three weeks ago, I published my "final expected list" for the Nikkei 225 Sep26 Rebal. This used the new Industry/Sector created, following the Guidebook. 
I had looked at the language of the consultation and the language and made an assumption. 
Developments since then warrant a second look, and an exploration into what MIGHT BE possible. 


[Quiddity Index] Nikkei 225 Sep26 Rebal - New Rules NOW (Not Later) But 3 ADDs Remain Unchanged

Japan

Visional, Inc. develops application products. The Company develops a system that promotes industrial digital transformation and other services. Visional provides its services throughout Japan.

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Visional (4194 JP)

TOPIX Inclusions: Who Is Ready (Jan 2024)

There are currently 70 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 78 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

Visional (4194 JP) : Niche Japanese Online Recruitment Service at 12.5x 2027e P/E

Visional (4194 JP — US$1.9 billion) is a Japanese HR-tech company run by Soichiro Minami, also known as "Swimmy". Minami grew up in Japan...

Asian Century Stocks

Japan Strategy Weekly | From Austerity to Strategic Investment

Japanese equities traded flat this week, driven by sector rotation rather than index direction. Investors favored "hardware" and national security...

Mark Chadwick

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

[Quiddity Index] Nikkei 225 Sep26 Rebal - New Rules NOW (Not Later) But 3 ADDs Remain Unchanged

Nikkei 225 Index methodology changes go further than the new Guidebook reports. That makes March 2027 different. HOW different we will only learn...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TOPIX Inclusions: Who Is Ready (Jan 2024)

There are currently 70 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 78 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

Visional (4194 JP) : Niche Japanese Online Recruitment Service at 12.5x 2027e P/E

Visional (4194 JP — US$1.9 billion) is a Japanese HR-tech company run by Soichiro Minami, also known as "Swimmy". Minami grew up in Japan...

Asian Century Stocks

Japan Strategy Weekly | From Austerity to Strategic Investment

​Japanese equities traded flat this week, driven by sector rotation rather than index direction. Investors favored "hardware" and national security...

Mark Chadwick

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

[Quiddity Index] Nikkei 225 Sep26 Rebal - New Rules NOW (Not Later) But 3 ADDs Remain Unchanged

Nikkei 225 Index methodology changes go further than the new Guidebook reports. That makes March 2027 different. HOW different we will only learn...

Travis Lundy

Japanese equities traded flat this week, driven by sector rotation rather than index direction. Investors favored "hardware" and national security...