Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data observation period is done. No rank changes in the top candidates since mid-Jan. Capping for <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> is confirmed. </li>
<li>For me, it is 2 or 3 ADDs, depending. <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> is still tops. <a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">BayCurrent Consulting (6532 JP)</a> second. <a href="https://www.smartkarma.com/entities/shift-inc" target="_blank" data-smartkarma-citation="entities:7266:1" rel="noopener">Shift Inc (3697 JP)</a> third.</li>
<li>Kokusai is +26.7% in 5 weeks since I <a href="https://www.smartkarma.com/insights/kokusai-electric-6525-upcoming-lockup-expiry-and-big-index-demand" target="_blank" rel="noopener">wrote</a> bullishly, despite news/confirmation of getting the boot from a global index at end-Feb. Baycurrent is +39.7% (<a href="https://www.smartkarma.com/insights/baycurrent-consulting-6532-high-growth-ok-multiple-big-index-inclusion-coming-up" target="_blank" rel="noopener">link</a>). Now we count flows.</li>
</ul>


The data observation period is done. No rank changes in the top candidates since mid-Jan. Capping for Fast Retailing (9983 JP) is confirmed. 
For me, it is 2 or 3 ADDs, depending. Kokusai Electric (6525 JP) is still tops. BayCurrent Consulting (6532 JP) second. Shift Inc (3697 JP) third.
Kokusai is +26.7% in 5 weeks since I wrote bullishly, despite news/confirmation of getting the boot from a global index at end-Feb. Baycurrent is +39.7% (link). Now we count flows.


[Quiddity Index Feb25] Nikkei 225 Mar Rebal: 2 or 3 IN, 2 or 3 OUT, ~$3bn 1-Way, 1 Squeeze.

<ul>
<li>The Sep24 Nikkei 225 Rebal was odd. They could have done 3. They did 2. For now, I still see 2 IN and 2 OUT for the Mar25 Nikkei225 Rebal.</li>
<li>There is also a DOUBLE-capping event for Fast Retailing which on 8% outperformance could become a TRIPLE-capping event. For now, the trade is shaping up to be US$7bn a side.</li>
<li>There is still a tech bent to potential ADDs. Some Consumer Goods stocks need stock splits to get in. Longer-term, the TOPIX Methodology Rejig is an interesting problem set.</li>
</ul>


The Sep24 Nikkei 225 Rebal was odd. They could have done 3. They did 2. For now, I still see 2 IN and 2 OUT for the Mar25 Nikkei225 Rebal.
There is also a DOUBLE-capping event for Fast Retailing which on 8% outperformance could become a TRIPLE-capping event. For now, the trade is shaping up to be US$7bn a side.
There is still a tech bent to potential ADDs. Some Consumer Goods stocks need stock splits to get in. Longer-term, the TOPIX Methodology Rejig is an interesting problem set.


Quiddity Leaderboard Mar25 Nikkei 225 Rebal: 2 IN, 2 OUT, $5.5bn+ Fastie to Sell, $7bn a Side

<ul>
<li>The Sep24 Nikkei 225 Rebal was odd. They could have done 3. They did 2. For now, I <em>still</em> see 2 IN and 2 OUT for the Mar25 Nikkei225 Rebal.</li>
<li>There is also a capping event for Fast Retailing which on mild outperformance could become a double-capping event. It briefly went double, approaching triple, but is now single capping again.</li>
<li>There is still a tech bent to potential ADDs. Some Consumer Goods stocks need stock splits to get in. Longer-term, the TOPIX methodology Rejig is an interesting angle. to changes.</li>
</ul>


The Sep24 Nikkei 225 Rebal was odd. They could have done 3. They did 2. For now, I still see 2 IN and 2 OUT for the Mar25 Nikkei225 Rebal.
There is also a capping event for Fast Retailing which on mild outperformance could become a double-capping event. It briefly went double, approaching triple, but is now single capping again.
There is still a tech bent to potential ADDs. Some Consumer Goods stocks need stock splits to get in. Longer-term, the TOPIX methodology Rejig is an interesting angle. to changes.


Quiddity Mar25 Nikkei 225 Rebal: Likely 2 IN, 2 OUT; Lots of Movement but the Same Names

<ul>
<li>The Sep24 Nikkei 225 Rebal was odd. They could have done 3. They did 2. For now, I see 2 IN and 2 OUT for the Mar25 Nikkei 225 Rebal.</li>
<li>There is also a capping event for Fast Retailing which on mild outperformance could become a double-capping event. </li>
<li>There is a bit of a tech bent to potential ADDs. Some Consumer Goods stocks need stock splits to get in. The Committee will regret not adding PPIH last time.</li>
</ul>


The Sep24 Nikkei 225 Rebal was odd. They could have done 3. They did 2. For now, I see 2 IN and 2 OUT for the Mar25 Nikkei 225 Rebal.
There is also a capping event for Fast Retailing which on mild outperformance could become a double-capping event. 
There is a bit of a tech bent to potential ADDs. Some Consumer Goods stocks need stock splits to get in. The Committee will regret not adding PPIH last time.


Quiddity Mar25 Nikkei 225 Rebal: Likely 2 IN, 2 OUT, Again; Minimal Surprise Factor

<ul>
<li>The Sep24 Nikkei 225 Review Results are out, discussed in <a href="https://www.smartkarma.com/insights/sep24-nikkei-225-review-results-a-slightly-baffling-2-in-2-out" target="_blank" data-smartkarma-citation="insights:157890" rel="noopener">Sep24 Nikkei 225 Review Results:  A Slightly Baffling 2 IN, 2 OUT</a>. </li>
<li>That lets us move to Mar25 Nikkei 225 Rebal predictions. For the moment, I see 2 IN and 2 OUT, again. </li>
<li>And at the moment, another Fast Retailing capping exercise looks likely, for roughly US$3bn a side to trade.</li>
</ul>


The Sep24 Nikkei 225 Review Results are out, discussed in Sep24 Nikkei 225 Review Results:  A Slightly Baffling 2 IN, 2 OUT. 
That lets us move to Mar25 Nikkei 225 Rebal predictions. For the moment, I see 2 IN and 2 OUT, again. 
And at the moment, another Fast Retailing capping exercise looks likely, for roughly US$3bn a side to trade.


Mar25 Nikkei 225 Rebal Predictions: Likely 2 IN, 2 OUT, Again; Minimal Surprise Factor

Japan

YAKULT HONSHA CO., LTD produces and sells fermented milk products, soft drinks and food products.  The Company also manufactures pharmaceutical and cosmetic products.  Through its subsidiary, the professional baseball team, Tokyo Yakult Swallows is owned and managed.

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Yakult Honsha (2267 JP)

[Quiddity Index Feb25] Nikkei 225 Mar Rebal: 2 or 3 IN, 2 or 3 OUT, ~$3bn 1-Way, 1 Squeeze.

This is the last Nikkei rebal preview before announcement. We have capping confirmed for Fastie, and the three ADDs have been doing well. There are...

Travis Lundy

Quiddity Leaderboard Mar25 Nikkei 225 Rebal: 2 IN, 2 OUT, $5.5bn+ Fastie to Sell, $7bn a Side

The March 2025 Nikkei 225 rebal has <8 weeks to go before it is set. ADDs and DELETEs are mostly decided. The bigger question is the capping of...

Travis Lundy

Quiddity Mar25 Nikkei 225 Rebal: Likely 2 IN, 2 OUT; Lots of Movement but the Same Names

The Nikkei 225 is still likely 2 IN 2 OUT for Mar-25. Doing more would require a very large stock split for Shift (3697) or a stretch to push...

Travis Lundy

Quiddity Mar25 Nikkei 225 Rebal: Likely 2 IN, 2 OUT, Again; Minimal Surprise Factor

The Quiddity March 2025 Nikkei 225 Rebal Leaderboard. I see 2 in, 2 out. $3bn a side except if Fast Retailing outperforms N225 by 3%, in which case...

Travis Lundy

Mar25 Nikkei 225 Rebal Predictions: Likely 2 IN, 2 OUT, Again; Minimal Surprise Factor

The Sep24 Nikkei 225 Review suggests Nikkei Index Committee "discretion" hinting at the scale of the next rebalance. The most interesting bit may...

Travis Lundy

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