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)
- Sanyo Shokai (8011 JP): Q1 FY02/26 flash update
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.
Sanyo Shokai (8011 JP): Q1 FY02/26 flash update
- Revenue decreased by 5.7% YoY to JPY14.5bn, with operating profit declining by 95.2% YoY to JPY36m.
- Net income attributable to owners fell 93.9% YoY to JPY36m, with recurring profit down 96.6% YoY to JPY25m.
- Despite reducing SG&A expenses by JPY400m, cost-control efforts failed to offset gross profit decline from lower revenue.
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