Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Skincare/Cosmetics company <a href="https://www.smartkarma.com/entities/i-ne-co-ltd" target="_blank" data-smartkarma-citation="entities:40117:1" rel="noopener">I-NE (4933 JP)</a> on 31 August (¥2947) announced it would move to TSE Prime on 19 September, and announced a Secondary Offering by CEO Onishi-san to get there.</li>
<li>There was no greenshoe provided. The stock popped. Then drifted back to ¥3025 and the Offering priced today at ¥2,934/share. </li>
<li>75% went to Asian/European (non-US) offshore investors, and the rest to onshore institutions, which is unusual. But now we look to the TOPIX inclusion.</li>
</ul>


Skincare/Cosmetics company I-NE (4933 JP) on 31 August (¥2947) announced it would move to TSE Prime on 19 September, and announced a Secondary Offering by CEO Onishi-san to get there.
There was no greenshoe provided. The stock popped. Then drifted back to ¥3025 and the Offering priced today at ¥2,934/share. 
75% went to Asian/European (non-US) offshore investors, and the rest to onshore institutions, which is unusual. But now we look to the TOPIX inclusion.


I-Ne (4933) Offering Priced, Now to a TOPIX Inclusion

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation.</li>
<li>For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation.</li>
<li>Every April, the application of this liquidity factor is reviewed by the TSE. In this insight, we take an early look at what could happen in April 2024.</li>
</ul>


The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation.
For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation.
Every April, the application of this liquidity factor is reviewed by the TSE. In this insight, we take an early look at what could happen in April 2024.


TOPIX "Big April Basket" 2024 Expectations: More High-Conviction Names; Better Trade Ideas

<ul>
<li>The TOPIX October Free Float Weight Review details are out. This is the biggest FFW review of the year. This year, it's $11.3bn a side. </li>
<li>As discussed in <a href="https://www.smartkarma.com/insights/japan-post-bank-7182-the-october-topix-ffw-adjustment" target="_blank" data-smartkarma-citation="insights:110290" rel="noopener">Japan Post Bank (7182) - The October TOPIX FFW Adjustment</a>, JPB is the big buy. $2bn/23d of ADV. There is $2bn to buy of trading cos too.</li>
<li>There are lots of large names to trade in both directions. If you have interests to sell the buys and vice versa, it is good to know the flows.</li>
</ul>


The TOPIX October Free Float Weight Review details are out. This is the biggest FFW review of the year. This year, it's $11.3bn a side. 
As discussed in Japan Post Bank (7182) - The October TOPIX FFW Adjustment, JPB is the big buy. $2bn/23d of ADV. There is $2bn to buy of trading cos too.
There are lots of large names to trade in both directions. If you have interests to sell the buys and vice versa, it is good to know the flows.


October 2023 TOPIX Free Float Review - $22.6bn to Trade and JPB (7182) The Biggie

David Blennerhassett

<ul>
<li>Should the nominated directors, to be voted on by <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a>'s shareholders at the November EGM, include <a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> executives, then game on.</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> STILL has a Nikkei 225 problem, which means it probably has to underperform Nikkei 225 slightly between now and the Base Date (31 July 2024).</li>
<li>
<a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> has been one of the more annoying partial tenders out there. Even post-facto, it is tough to know what the disposition was. This is extraordinarily vexing.</li>
</ul>


Should the nominated directors, to be voted on by EOFlow (294090 KS)'s shareholders at the November EGM, include Medtronic Plc (MDT US) executives, then game on.

Fast Retailing (9983 JP) STILL has a Nikkei 225 problem, which means it probably has to underperform Nikkei 225 slightly between now and the Base Date (31 July 2024).

JMDC (4483 JP) has been one of the more annoying partial tenders out there. Even post-facto, it is tough to know what the disposition was. This is extraordinarily vexing.


Last Week In Event SPACE: EOFlow, Fast Retailing, JMDC, Origin Energy

<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>Since my last insight, <a href="https://www.smartkarma.com/entities/cellsource-co-ltd" target="_blank" data-smartkarma-citation="entities:40144:1" rel="noopener">CellSource (4880 JP)</a> and <a href="https://www.smartkarma.com/entities/kasumigaseki-capital-co-ltd" target="_blank" data-smartkarma-citation="entities:40162:1" rel="noopener">Kasumigaseki Capital (3498 JP)</a> have confirmed they will move to TSE Prime which means they will be included in TOPIX at end-November.</li>
<li>
<a href="https://www.smartkarma.com/entities/fp-partner-inc" target="_blank" data-smartkarma-citation="entities:40040:1" rel="noopener">FP Partner (7388 JP)</a> and <a href="https://www.smartkarma.com/entities/i-ne-co-ltd" target="_blank" data-smartkarma-citation="entities:40117:1" rel="noopener">I-NE (4933 JP)</a> will get included in TOPIX at the end of October.</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.
Since my last insight, CellSource (4880 JP) and Kasumigaseki Capital (3498 JP) have confirmed they will move to TSE Prime which means they will be included in TOPIX at end-November.

FP Partner (7388 JP) and I-NE (4933 JP) will get included in TOPIX at the end of October.


TOPIX Inclusions: Who Is Ready (Oct 2023)

Japan

ARTNATURE INC. manufactures and sells custom-made wigs for men and women.  The Company also provides hair implants as well as hair care products including hair restoration products.  Artnature operates salons as well.

Kitano Tatsujin Corporation sells their original health foods, cosmetics and miscellaneous goods on their website.

AFC-HD AMS Life Science Co Ltd. mainly develops, manufactures, and sells supplements and cosmetics.  The Company also sells furniture and living room accessories, and other accessories via mail-order.

YA-MAN LTD. is a manufacturer of home facial equipment, and also sells its facial massager, cosmetics and laundry.

COTA CO., LTD. manufactures and sells hair care products.  The Company offers an extensive line of perm, coloring, styling, and treatment products.

SAGAMI RUBBER INDUSTRIES CO., LTD. manufactures and sells plastic/rubber products which include condoms and wrapping films.  The Company exports its products to Southeast Asia and Europe.

MORISHITA JINTAN CO., LTD. produces and sells mouthwash under the Jintan brand name.  The Company also develops other oral hygiene products and healthcare foods.

HABA Laboratories, Inc. develops, manufactures, and distributes natural cosmetics and nutritional supplements.  The Company sells its products via mail and through shops under the direct management of Haba.  Haba also wholesales its products to retailers and department stores.

C'BON COSMETICS Co., Ltd. manufactures a wide range of skin care products. The company's products include facial cleansing and massage creams.

SHO-BI Corporation designs, imports, and wholesales beauty supply, apparel accessories, and sundries.

Medifast, Inc. combines physician-supervised weight loss programs with nutritional supplements and multidisciplinary patient education programs.  The Company provides an Internet-based physician and medical practitioner network to consumers.  Medifast also provides a corporate wellness program for large corporations, associations, and their health insurance carriers.

S & J International Enterprises Public Company Limited manufactures cosmetics and related products under licenses from Kolmar Inc, USA.  The Company produces make-up, hair care, skin care, nail care and toiletries under Shaldan, Mood in Love, Catalina, and Absorba brand names.

Kolmar Korea Holdings Co.,Ltd operates as a holding company. The Company through its subsidiaries, provide cosmetics manufacturing, health food manufacturing, pharmaceuticals development, and other services. Kolmar Korea Holdings offers services in Korea.

Karex Berhad is involved in the manufacturing of condoms, lubricating jelly and other medical devices such as catheters and probe covers.

Kohinoor Chemical Company (Bangladesh) Limited manufactures and markets soaps, cosmetics, and toiletries in Bangladesh and internationally. The company offers bath and washing soaps, snows and creams, powders, shaving creams, hair oils, glycerin, and attars. It also provides toilet cleaners, tooth pastes and powders, dish wash powders, and hand wash products, as well as glass, liquid toilet, and surface cleaners. The company sells its products under the Tibet, Sandalina, Ice Cool, Fair & Care, AM PM, Bactrol, Fruity, Clean Master, Xpert, Genstar, Heel Guard, and Wiper brands. Kohinoor Chemical Company (Bangladesh) Limited was founded in 1956 and is based in Dhaka, Bangladesh.

Kohinoor Chemical Co Banglades (KOHINO BD)

It's Hanbul Co., Ltd. manufactures and markets personal care items. The Company produces cosmetics, make-up tools, hair & body products, and skin care products.

Tonymoly Co., Ltd. manufactures, markets, and distributes beauty products.  The Company produces cosmetics, skin care, hair care, and body care products.

Hankook Cosmetics Manufacturing Co Ltd manufactures and sells a variety of cosmetics and toiletries, such as makeup, skin care, body care, and hair care products for menand women.  The Company markets its products under the brand names Calli, Idem, Elesis, Ossion, and Pamess.

Hankook Cosmetics Manufacturing (003350 KS)

NeoPharm Co., Ltd. develops and manufactures skin care goods for dried skin and atopic dermatitis.  The Company's main products include skin cleaning cream, body lotion, and skin care cosmetics.

Able C&C Co., Ltd. develops and manufactures cosmetic products. The Company's products include makeup, skin care, and hair care, and body care.

I-ne CO.,LTD. operates as a cosmetics company. The Company produces and sells cosmetics, beauty appliances, beauty products, and other products. I-ne provides electronic commerce services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

I-NE (4933 JP)

I-Ne (4933) Offering Priced, Now to a TOPIX Inclusion

I-ne is a growth-y skincare CPG co listed since late 2020. An offering solved the tradable share problem. Now the TOPIX inclusion. If the offering...

Travis Lundy

TOPIX "Big April Basket" 2024 Expectations: More High-Conviction Names; Better Trade Ideas

The TOPIX 0.75x LF removal results were announced after the close on Friday. There will be 22 LF removals. All 18 names in the High Conviction...

Janaghan Jeyakumar, CFA

October 2023 TOPIX Free Float Review - $22.6bn to Trade and JPB (7182) The Biggie

The TOPIX FFW trade approaches. 4+ trading days left. So far the Top 40 Buys vs Sells are +1+% since I wrote two weeks ago. Shin-Etsu/Ibiden is...

Travis Lundy

Last Week In Event SPACE: EOFlow, Fast Retailing, JMDC, Origin Energy

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 (Oct 2023)

There are currently 67 names that satisfy all 6 key Segment Transfer requirements based on current data. Celsys (3663 JP) continues to be the top...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)