In today’s briefing:
- Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
- Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
- Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)
- AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows
- Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
- Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?
- Asian Bond Monitor: Asian Bonds for the Upcoming Recession
- Deutsche Lufthansa: Initiation of Coverage-Massive Turnaround Sparks Bold Profit Revival!
- Hensoldt AG: Initiation of Coverage- Soaring Ahead with Next-Gen Sensor Breakthroughs!
- Kirby Corporation Positioned to Win Big as Onshoring Trends Ignite Domestic Transport Demand; What’s The Expected Revenue Impact?
Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
- The review period for the Nikkei 225 (NKY INDEX) September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.
- There will be passive buying in BayCurrent Consulting as the PAF moves from 0.5 to 1. Fast Retailing (9983 JP)‘s index weight is below the 10% cap for now.
- ROHM Co Ltd (6963 JP) replaces NTT Data Corp (9613 JP) later this week and there will be a lot of focus on those names.
Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
- Nippon Concept (9386 JP) has recommended a J-STAR-sponsored MBO at JPY3,060, a 37.2% premium to the last close price.
- The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
- An attractive offer and irrevocables pave the way for deal completion. The tender runs from July 1 to August 13, with payment due on August 20.
Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)
- 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 annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
- Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-June 2025.
AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows
- We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
- From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
- There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.
Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
- Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
- It is a leader in the global autonomous mobile robots (AMR) market.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?
- Fortive and Ralliant began when-issued trading on June 25, 2025 under the ticker ‘FTV WI’ and ‘RAL WI’.
- The regular-way trading will begin on June 30, 2025. Ralliant will trade under the ticker ‘RAL’ and Fortive (ex Ralliant) will continue to trade under the ticker ‘FTV’.
- As part of the transaction, FTV (ex RAL) will receive $1.15 billion in dividend from Ralliant Corp. RAL will assume debt to pay the cash dividend to FTV.
Asian Bond Monitor: Asian Bonds for the Upcoming Recession
- Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
- We believe fixed rate bonds should be the instrument of choice toward the end of this year.
- Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.
Deutsche Lufthansa: Initiation of Coverage-Massive Turnaround Sparks Bold Profit Revival!
- Lufthansa Group’s Q1 2025 financial performance illustrated both challenges and progress within a complex operating environment.
- Revenues surpassed €8 billion for the first time in a first quarter, marking a 10% year over-year increase—a notable achievement as Q1 typically represents the weakest period for the airline industry.
- The growth was driven by robust demand, increased capacity, and higher yields, particularly in the North Atlantic market, a region where traveler numbers increased by 7% and yields rose by the same percentage.
Hensoldt AG: Initiation of Coverage- Soaring Ahead with Next-Gen Sensor Breakthroughs!
- Hensoldt AG has demonstrated a strong performance for the first quarter of 2025, capitalizing on the shifting geopolitical landscape and increased defense spending in Europe.
- The company has reported a solid order intake of EUR 701 million, driven by contracts like the Eurofighter Mk1 rebaselining and the Spanish Eurofighter Halcon program.
- This performance underscores Hensoldt’s strategic alignment with the increased defense budget initiatives, particularly in Germany, aimed at boosting self-sufficiency in defense capabilities.
Kirby Corporation Positioned to Win Big as Onshoring Trends Ignite Domestic Transport Demand; What’s The Expected Revenue Impact?
- Kirby Corporation’s recent quarterly results present a mixed performance across its major business segments, reflecting an interplay between favorable market conditions and some operational challenges.
- The reported earnings per share for the quarter were $1.33, indicating a year-over-year improvement from $1.19 per share.
- In the Marine Transportation segment, both inland and coastal operations faced navigational challenges.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
