Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<div><p>JPX-Nikkei 400 is composed of common stocks whose main market is the TSE1, TSE2, JASDAQ, and Mothers sections (which will become the Prime Market, Standard Market, or Growth Market next April) of the Tokyo Stock Exchange. 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 is 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 look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-October 2021.</p></div>

JPX-Nikkei 400 is composed of common stocks whose main market is the TSE1, TSE2, JASDAQ, and Mothers sections (which will become the Prime Market, Standard Market, or Growth Market next April) of the Tokyo Stock Exchange. 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 is 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 look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-October 2021.

JPX-Nikkei 400 Rebalance 2022: Leader Board End-Oct 2021

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

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

<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>
<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 based on March-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 based on March-end data. 


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

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<p>A <a href="https://www.smartkarma.com/entities/familymart-co-ltd" target="_blank" data-smartkarma-citation="entities:320:1" rel="noopener">Familymart (8028 JP)</a> store installed the first set of Amazon Hub Locker delivery lockers in September. <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> will roll out its new lockers to other Familymarts, supermarkets and some railway stations in Tokyo in the coming months.</p><p>The growing level of competition between Amazon and Seven Eleven and, to some extent, <a href="https://www.smartkarma.com/entities/yamato-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2:1" rel="noopener">Yamato Holdings (9064 JP)</a>, should lead to a rapid roll out of lockers from multiple providers.</p>

A Familymart (8028 JP) store installed the first set of Amazon Hub Locker delivery lockers in September. Amazon.com Inc (AMZN US) will roll out its new lockers to other Familymarts, supermarkets and some railway stations in Tokyo in the coming months.The growing level of competition between Amazon and Seven Eleven and, to some extent, Yamato Holdings (9064 JP), should lead to a rapid roll out of lockers from multiple providers.

Familymart Installs First Amazon Delivery Lockers

Japan

Konoike Transport Co Ltd operates production and distribution processes and plant equipment installation service at clients' work cites. Clients range from the basic materials industry to consumer staples, airline and medical industries. The company also operates logistics business domestically and intern ationally.

MITSUI-SOKO Holdings Co., Ltd. provides warehousing and marine, land, and air freight transportation services.  The Company also operates a real estate business of leasing its own land and buildings.

SBS Holdings, Inc. provides integrated logistic services. The Company's services include one-stop marketing such as logistic consulting, logistic management and logistic development, special transportation, and low-temperature logistic. SBS Holdings also offers human resources and information technologies services.

Yasuda Logistics Corp operates warehouses in Tokyo, Yokohama, and their surrounding areas.  The Company also provides trucking services, handles marine cargo, and leases real estate.  The Yasuda Warehouse operates international air, land, and sea intermodal transportation as well.

The Shibusawa Warehouse Co., Ltd. provides warehousing and inland and marine transportation services.  The Company also provides moving services and international transportation services.  The Shibusawa Warehouse operates real estate leasing businesses as well.

AIT CORPORATION provides comprehensive international cargo and container booking services.  The Company mainly operates its business in Japan, China and other major Asian cities.

Chuo Warehouse Co., Ltd., based in Kyoto prefecture, is a warehouse operator specializing in storage of synthetic textiles.  The Company handles imported cargo and operates its business in the Tokai and Tokyo areas as well.

LOGINET JAPAN Co., LTD. is a holding company established jointly by Sapporo Express and Chuo Express.  The Group operates freight trucking transportation services.  Loginet Japan also sells vehicles and office equipment and provides car repair services.

ALPS LOGISTICS CO., LTD., a subsidiary of Alps Electric Co., Ltd., is a trucking and courier transportation company that works closely with Alps Electric. The Company also provides warehousing and storage services,  Alps Logistics distributes and sells various personal care goods and packaging materials as well.

SENKO Group Holdings Co., Ltd. mainly provides van truckload, logistics, warehousing, freight rail and marine transportation, cargo handling, supply chain management, and moving services around the world.  The Company transports construction materials, housing unit, commodity, textile products, and food stuffs.  Senko's customers include Asahi Kasei, Sekisui Chemical, and Sekisui House.

Air Transport Services Group, Inc. provides air cargo transportation services. The Company offers aircraft leasing, airport ground services, fuel management, specialized transportation management, and air charter brokerage services. Air Transport Services Group serves customers in the United States, Canada, and Puerto Rico.

Air Transport Services Group Inc (ATSG US)

Jiangsu Aucksun Co., Ltd. manufactures and distributes rolled steel sheets and aluminum sheets.

CTS International Logistics Corporation Limited provides cross-border integrated logistics services and supply chain trading businesses. The Company's cross-border integrated logistics services mainly include contracting and subcontracting international air and sea transport operations.

Cts International Logistics Corp (603128 CH)

Freightways Limited provides express package services throughout New Zealand along with providing information management and business mail services.  The Company's courier services includes same day and overnight national and international deliveries, freight forwarding services, computer media transport and payroll data deliveries.

Wincanton plc provides a variety of consumer and industrial logistics services. The Group's business consists of the operation, design and procurement of automated warehouses and storage systems.  Wincanton also provides fleet management services, which encompass the planning, operation and maintenance of customer distribution networks and vehicle fleets.

Aramex PJSC (formerly Arab International Logistics) provides transportation services. The Company invests in the freight, express, logistics and supply chain management business through acquiring and owning stakes in one or more existing companies in the Middle East, particularly the UAE.

Singapore Post Limited is the national postal service provider in Singapore. The Company provides domestic and international postal and courier services including end-to-end integrated mail solutions covering data printing, letter-shopping, delivery and mailroom management, and others. Singapore Post also offers end-to-end e-commerce logistics solutions.

Transport Corporation of India Limited provides integrated cargo transportation and logistics services. The Company provides handling of heavy-duty cargo through surface movement, door-to-door distribution for time committed cargo, and coastal shipping. The Company moves a variety of products, including raw materials, industrial products, pharmaceuticals, and agricultural products.

Allcargo Logistics Limited is a full service logistics company. The Company offers specialized logistics services across multimodal transport operations, container freight station operations and project and engineering solutions.

PostNL NV collects, transports, stores, sorts, and distributes letters, printed matter, parcels, documents, and freight items.  The Company provides mail and logistics services domestically and internationally.

Maruwa Unyu Kikan Co. Ltd. provides logistical transportation services. The Company conducts normal temperature logistics, low-temperature food distribution, and pharmaceuticals and medical logistics. Maruwa Unyu Kikan also provides logistics consulting and warehousing services.

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AZ-Com Maruwa Holdings (9090 JP)

JPX-Nikkei 400 Rebalance 2022: Leader Board End-Oct 2021

In this insight, we take a look at the potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading...

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

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

JPX Nikkei 400 Pre-Event Basket Bets - Every month-end we publish updated estimates for the August 2021 JPX Nikkei 400 Rebalance based on updated...

Janaghan Jeyakumar, CFA

Familymart Installs First Amazon Delivery Lockers

A Familymart (8028 JP) store installed the first set of Amazon Hub Locker delivery lockers in September. Amazon.com Inc (AMZN US) will roll out its...

Michael Causton

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