Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Quantitative Analysis

<div><p>JPX-Nikkei 400 is composed of common stocks listed in the First Section, Second Section, MOTHERS Market, and the JASDAQ Market of the Tokyo Stock Exchange (and JPX). This is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents selected based on several factors including market capitalization, trading value, operating profits, and ROE.</p></div><div><p>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. This review will be conducted using the final business day of June as the base date. </p></div><div><p>Quiddity provides quantitative research on pre-event basket strategies surrounding this Index Rebalance event and others. Below is a discussion on the latest adjustments required for the basket portfolio for the 2021 Rebalance based on June-end data. </p></div>

JPX-Nikkei 400 is composed of common stocks listed in the First Section, Second Section, MOTHERS Market, and the JASDAQ Market of the Tokyo Stock Exchange (and JPX). This is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents selected based on several factors including market capitalization, trading value, operating profits, and ROE.A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. This review will be conducted using the final business day of June as the base date. Quiddity provides quantitative research on pre-event basket strategies surrounding this Index Rebalance event and others. Below is a discussion on the latest adjustments required for the basket portfolio for the 2021 Rebalance based on June-end data. 

JPX-Nikkei 400 Rebalance 2021: Pre-Event Basket Adjustments for June-End

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

Last Week in Event SPACE:  Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

<div><p>JPX-Nikkei 400 is composed of common stocks listed in the First Section, Second Section, MOTHERS Market, and the JASDAQ Market of the Tokyo Stock Exchange. This is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents that are selected based on several factors including market capitalization, trading value, operating profits, and ROE.</p></div><div><p>A periodic review will be conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. This review will be conducted using the final business day of June as the base date. </p></div><div><p>Quiddity provides quantitative research on pre-event basket strategies surrounding this Index Rebalance event. Below is a discussion on the latest adjustments required for the basket portfolio for the 2021 Rebalance based on April-end data. </p></div>

JPX-Nikkei 400 is composed of common stocks listed in the First Section, Second Section, MOTHERS Market, and the JASDAQ Market of the Tokyo Stock Exchange. This is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents that are selected based on several factors including market capitalization, trading value, operating profits, and ROE.A periodic review will be conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. This review will be conducted using the final business day of June as the base date. Quiddity provides quantitative research on pre-event basket strategies surrounding this Index Rebalance event. Below is a discussion on the latest adjustments required for the basket portfolio for the 2021 Rebalance based on April-end data. 

JPX-Nikkei 400 Rebalance 2021: Pre-Event Basket Adjustments for April-End

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>As I have mentioned before, a long time ago I worked at Panasonic in their IR department. One day when I was bored, I went to the Accounting department to see what was in Other Assets. One of the girls gave me an itemized list and at the bottom of that list was another Other category. Yes, in Other Assets is Other Assets.</p><p>I asked to see what was in Other in Other Assets as it was 90% of the total. She just laughed and said that the Other in Other Assets was so confusing that there is no way to…</p>

As I have mentioned before, a long time ago I worked at Panasonic in their IR department. One day when I was bored, I went to the Accounting department to see what was in Other Assets. One of the girls gave me an itemized list and at the bottom of that list was another Other category. Yes, in Other Assets is Other Assets.I asked to see what was in Other in Other Assets as it was 90% of the total. She just laughed and said that the Other in Other Assets was so confusing that there is no way to…

Names with Too Much "Other" On the Balance Sheet....

<p>With approx 280 names (mkt-cap above ¥50bn) announcing earnings before Golden Week, the overall picture is starting to form up. Currently FY3/17 aggregate Sales are down 3%, OP is down 7% and Net Income is up 5%. However if we look at new Company guidance for FY3/18, aggregate Sales is expected to grow 3.4%, OP is expected to be up 4% and Net Income is expected to grow 10%.  </p><h2> Full-year Aggregate Sector Results</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/025/480/original/1.png?1493843086" class="editor-image img-responsive" data-smartkarma-image-id="25480"></figure><div class="content-caption">Source: Custom Products</div><p>Looking at new guidance for FY3/18 at the Sector level…</p>

With approx 280 names (mkt-cap above ¥50bn) announcing earnings before Golden Week, the overall picture is starting to form up. Currently FY3/17 aggregate Sales are down 3%, OP is down 7% and Net Income is up 5%. However if we look at new Company guidance for FY3/18, aggregate Sales is expected to grow 3.4%, OP is expected to be up 4% and Net Income is expected to grow 10%.   Full-year Aggregate Sector ResultsSource: Custom ProductsLooking at new guidance for FY3/18 at the Sector level…

Aggregate Japan OP Currently Down 7%, However New FY3/18 OP Expected to Increase 4%....

Japan

AEON DELIGHT CO., LTD. is a building maintenance company.  The Company provides services such as cleaning, security, and equipment management for buildings.

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Aeon Delight (9787 JP)

JPX-Nikkei 400 Rebalance 2021: Pre-Event Basket Adjustments for June-End

The JPX Nikkei 400 Rebalance of August 2021 will be based on an end-June 2021 base date (for fundamental, volume, and market cap data). Our...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

JPX-Nikkei 400 Rebalance 2021: Pre-Event Basket Adjustments for April-End

JPX Nikkei 400 2021 Rebal Pre-Event L/S Basket +2.9% in April (thru the 28th). The 30th is rebal day for readers. 2 potential deletes and 7...

Janaghan Jeyakumar, CFA

Names with Too Much "Other" On the Balance Sheet....

As I have mentioned before, a long time ago I worked at Panasonic in their IR department. One day when I was bored, I went to the Accounting...

Custom Products Group

Aggregate Japan OP Currently Down 7%, However New FY3/18 OP Expected to Increase 4%....

With approx 280 names (mkt-cap above ¥50bn) announcing earnings before Golden Week, the overall picture is starting to form up. Currently FY3/17...

Custom Products Group

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