Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 15 stocks in Japan that will be sold by passive trackers at the close on 31 May.</li>
<li>Short interest has been increasing in these stocks over the last few months and there will be covering on implementation date.</li>
<li>Cumulative excess volume on all stocks has risen in the last couple of months though the pace of the increase has varied.</li>
</ul>


There are 15 stocks in Japan that will be sold by passive trackers at the close on 31 May.
Short interest has been increasing in these stocks over the last few months and there will be covering on implementation date.
Cumulative excess volume on all stocks has risen in the last couple of months though the pace of the increase has varied.


Japan - Another Big Round of Passive Selling

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don't replace the CEO.</li>
<li>After 4+mos  of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an "MBO" at ¥3,300/share.</li>
<li>Unusually, the lower limit is 50.1%. This is an OK exit for the "<a href="https://www.smartkarma.com/insights/thinking-about-topcon-7732-and-the-new-meti-enabled-bad-cop-good-cop-routine" target="_blank" rel="noopener">Bad Cops</a>" but not a great one. It should be higher. Start delayed for 4 months.</li>
</ul>


The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don't replace the CEO.
After 4+mos  of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an "MBO" at ¥3,300/share.
Unusually, the lower limit is 50.1%. This is an OK exit for the "Bad Cops" but not a great one. It should be higher. Start delayed for 4 months.


[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Good numbers from Analog Devices pointing to a bottom should help likes of Rohm and Fuji Electric.</li>
<li>SMCI tear continues, will Nidec keep moving up after yesterdays gains?</li>
<li>Sanken Electric +10.45% yesterday finally starting to catch a bid on ALGM gains.</li>
</ul>


Good numbers from Analog Devices pointing to a bottom should help likes of Rohm and Fuji Electric.
SMCI tear continues, will Nidec keep moving up after yesterdays gains?
Sanken Electric +10.45% yesterday finally starting to catch a bid on ALGM gains.


Japan Morning Connection: Power/Analog Names Drive SOX Higher, Defence Down

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.</li>
<li>In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.</li>
<li>FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&amp;V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.</li>
</ul>



Terumo Corp (4543 JP) reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.
In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.
FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&amp;V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.


Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

<ul>
<li>Japan SPE names starting to stir day 1 of trading.</li>
<li>Watch oversold previous winners for renewed interest such as Disco, Screen and TEL now China concerns are priced in.</li>
<li>A good read for photoresist/semi-chem plays after TOK's better than expected MTP yesterday.</li>
</ul>


Japan SPE names starting to stir day 1 of trading.
Watch oversold previous winners for renewed interest such as Disco, Screen and TEL now China concerns are priced in.
A good read for photoresist/semi-chem plays after TOK's better than expected MTP yesterday.


AI Related Plays Out of the Gates Strong for 2025

Japan

ASAHI INTECC CO., LTD. manufactures medical tools as well as both medical and industrial-use stainless wire rope.  The Company's main products include catheters, guidewires, and miniature coils for endoscopic devices.

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Asahi Intecc (7747 JP)

Japan - Another Big Round of Passive Selling

The close tomorrow should see huge volumes trade on these stocks. Shorts will be covered and longs will be selectively put on.

Brian Freitas

Japan Morning Connection: Power/Analog Names Drive SOX Higher, Defence Down

Analog Devices' positive numbers should help the likes of Rohm and Fuji Electric. SMCI continues to move up. Sanken Electric sees gains following...

Andrew Jackson

Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan - Another Big Round of Passive Selling

The close tomorrow should see huge volumes trade on these stocks. Shorts will be covered and longs will be selectively put on.

Brian Freitas

[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

The Topcon Deal is out. ¥3,300/share. This may or may not please activists. It is light given extreme confidence in the eyecare biz. But if...

Travis Lundy

Japan Morning Connection: Power/Analog Names Drive SOX Higher, Defence Down

​Analog Devices' positive numbers should help the likes of Rohm and Fuji Electric. SMCI continues to move up. Sanken Electric sees gains following...

Andrew Jackson

Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

​Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tina Banerjee

AI Related Plays Out of the Gates Strong for 2025

​Watch JP SPE oversold previous winners like Disco, Screen, and TEL gaining renewed interest. A good read for photoresist/semi-chem plays after...

Andrew Jackson

Analog Devices' positive numbers should help the likes of Rohm and Fuji Electric. SMCI continues to move up. Sanken Electric sees gains following...

Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Watch JP SPE oversold previous winners like Disco, Screen, and TEL gaining renewed interest. A good read for photoresist/semi-chem plays after...