Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In the two weeks since the announcement, Large ADDs (&gt;2d ADV, &gt;$5mm) have outperformed Large DELs by 1.3%. Smaller ADDs vs DELs (&gt;2d, &gt;$2&lt;$5mm) have outperformed by 1.3%.</li>
<li>Using only &gt;$20mm &gt;2d DELs vs Top 5 $amt &gt;2d ADDs, that's a bit better than 1%. And the really obvious large ones? Not so obvious.</li>
<li>There is still a large reverse funding trade, with some large sells. </li>
</ul>


In the two weeks since the announcement, Large ADDs (&gt;2d ADV, &gt;$5mm) have outperformed Large DELs by 1.3%. Smaller ADDs vs DELs (&gt;2d, &gt;$2&lt;$5mm) have outperformed by 1.3%.
Using only &gt;$20mm &gt;2d DELs vs Top 5 $amt &gt;2d ADDs, that's a bit better than 1%. And the really obvious large ones? Not so obvious.
There is still a large reverse funding trade, with some large sells. 


July TOPIX FFW Rebal - Update With 2 Days To Go on $3bn a Side

David Blennerhassett

<ul>
<li>According to Invest Chosun, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> plans to submit a merger registration statement to the KRX in July, with Mirae Asset Securities acting as the lead underwriter.</li>
<li>
<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> investors are in a conundrum. The stock is doing well. With one quarter to go, the company just raised its full-year EPS target by 8.3%.</li>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon (7751 JP)</a>'s most recent buyback should be done now-ish. They have been ~15-20% of volume over the past month. The Trade would be short Canon vs <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh (7752 JP)</a>.</li>
</ul>


According to Invest Chosun, Celltrion Inc (068270 KS) plans to submit a merger registration statement to the KRX in July, with Mirae Asset Securities acting as the lead underwriter.

Fast Retailing (9983 JP) investors are in a conundrum. The stock is doing well. With one quarter to go, the company just raised its full-year EPS target by 8.3%.

Canon (7751 JP)'s most recent buyback should be done now-ish. They have been ~15-20% of volume over the past month. The Trade would be short Canon vs Ricoh (7752 JP).


Last Week in Event SPACE: Celltrion, Fast Retailing, Canon, Costa, Chindata

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>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.</li>
<li>
<a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a> and <a href="https://www.smartkarma.com/entities/lifedrink-co-inc" target="_blank" data-smartkarma-citation="entities:39842:1" rel="noopener">Lifedrink (2585 JP)</a> have already confirmed their moves to the Prime Market and are expected to have TOPIX Inclusion Events at the end of July 2023.</li>
<li>More recently, <a href="https://www.smartkarma.com/entities/plus-alpha-consulting-co-ltd" target="_blank" data-smartkarma-citation="entities:33441:1" rel="noopener">Plus Alpha Consulting (4071 JP)</a> announced their move to the Prime Market and are likely to have a TOPIX Inclusion Event at the end of August 2023.</li>
</ul>


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.

Anycolor (5032 JP) and Lifedrink (2585 JP) have already confirmed their moves to the Prime Market and are expected to have TOPIX Inclusion Events at the end of July 2023.
More recently, Plus Alpha Consulting (4071 JP) announced their move to the Prime Market and are likely to have a TOPIX Inclusion Event at the end of August 2023.


TOPIX Inclusions: Who Is Ready (Jul 2023)

<ul>
<li>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.</li>
<li>
<a href="https://www.smartkarma.com/entities/zuiko-corp" target="_blank" data-smartkarma-citation="entities:5568:1" rel="noopener">Zuiko Corp (6279 JP)</a>, <a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a>, and <a href="https://www.smartkarma.com/entities/lifedrink-co-inc" target="_blank" data-smartkarma-citation="entities:39842:1" rel="noopener">Lifedrink (2585 JP)</a> will have TOPIX Inclusion events at the end of June (Zuiko) or July 2023 (the other two).</li>
<li>One of our pre-event TOPIX Inclusion candidates <a href="https://www.smartkarma.com/entities/celsys-inc" target="_blank" data-smartkarma-citation="entities:20774:1" rel="noopener">CELSYS (3663 JP)</a> has experienced sharp price moves over the last few weeks.</li>
</ul>


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.

Zuiko Corp (6279 JP), Anycolor (5032 JP), and Lifedrink (2585 JP) will have TOPIX Inclusion events at the end of June (Zuiko) or July 2023 (the other two).
One of our pre-event TOPIX Inclusion candidates CELSYS (3663 JP) has experienced sharp price moves over the last few weeks.


TOPIX Inclusions: Who Is Ready (Jun 2023)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a> IPOed a year ago, rose several-fold, saw the underwriting broker offer a huge target price, then it fell. There was an offering. And then the murders began.*
</li>
<li>The offering in January, discussed <a href="https://www.smartkarma.com/insights/anycolor-5032-overseas-offering-pre-ipo-vcs-selling-this-high-growth-name" target="_blank" rel="noopener">here</a>, created overhang, and the stock fell sharply in the next 6 weeks. Blowout earnings came in mid-March. Along with a TSE Prime transfer application.</li>
<li>Now we have the Prime promotion on 8 June, which leads to a TOPIX inclusion on 28 July. </li>
</ul>



Anycolor (5032 JP) IPOed a year ago, rose several-fold, saw the underwriting broker offer a huge target price, then it fell. There was an offering. And then the murders began.*

The offering in January, discussed here, created overhang, and the stock fell sharply in the next 6 weeks. Blowout earnings came in mid-March. Along with a TSE Prime transfer application.
Now we have the Prime promotion on 8 June, which leads to a TOPIX inclusion on 28 July. 


Anycolor (5032 JP) - Moving to Prime Next Week, TOPIX Inclusion Next Month

Japan

Anycolor Inc. operates animation production businesses. The Company produces anime and other products. Anycolor conducts businesses in Japan.

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Anycolor (5032 JP)

July TOPIX FFW Rebal - Update With 2 Days To Go on $3bn a Side

The TOPIX July FFW rebalance has gone "right way" so far. But it hasn't been huge, and it has been a better basket trade than single stock trade.

Travis Lundy

Last Week in Event SPACE: Celltrion, Fast Retailing, Canon, Costa, Chindata

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

TOPIX Inclusions: Who Is Ready (Jul 2023)

There could be 11 days of volume to buy in Plus Alpha Consulting at the end of August but the secondary offering could create a large overhang...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Jun 2023)

There are currently 59 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 72 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

Anycolor (5032 JP) - Moving to Prime Next Week, TOPIX Inclusion Next Month

Anycolor (5032 JP) is moving to TSE Prime, and therefore to TOPIX. Big news, but not unexpected. Perhaps more importantly, earnings are next week.

Travis Lundy

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