In today’s briefing:
- TOPIX Inclusions: Who Is Ready (Apr 2025)
- Last Week in Event SPACE: James Hardie/Azek, China’s Maritime/Shipping Sectors, CK Hutch, HKBN
TOPIX Inclusions: Who Is Ready (Apr 2025)
- 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.
- The TOPIX Inclusions of Baudroie (4413 JP) and JX Advanced Metals (5016 JP) are expected to take place at the end of April 2025.
- Separately, the 0.75x TOPIX Liquidity Factor removal event will also take place at the same time. We expect one-way flows of US$514mn for this event.
Last Week in Event SPACE: James Hardie/Azek, China’s Maritime/Shipping Sectors, CK Hutch, HKBN
- James Hardie (JHX AU)‘s merger with Azek (AZEK US) isn’t inherently a “bad” deal; but arguably risky and expensive. Yet JHX is down a massive 23% on the news.
- The Biden Administration’s USTR Report (bad data/analytics) was a disaster. But true to form, if it allows the USG to stomp on China, Trump is going to take it.
- The irony is that CKH (1 HK)‘s Panama-port sale was probably prompted, at least in part, by a desire to get out of a situation which was becoming increasingly political.
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