Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.</li>
<li>These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.</li>
<li>In this insight, we take a look at Quiddity's final predictions for the names that are likely to see their Liquidity Factors removed in April 2025 and their flow implications.</li>
</ul>


In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.
These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.
In this insight, we take a look at Quiddity's final predictions for the names that are likely to see their Liquidity Factors removed in April 2025 and their flow implications.


TOPIX Index Upweights: Final Expectations For "The Big April Basket" 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

<p>On November 8th, TSE2-listed regional (Kyushu area) leasing business <a href="https://www.smartkarma.com/entities/11695" target="_blank" data-smartkarma-citation="entities:11695:1">Kyushu Leasing Service Co (8596 JP)</a><a href="http://www.k-lease.co.jp/pdf/ir20171108050337.pdf" target="_blank">announced</a> upbeat H1 revenue numbers. Revenues were up 17+%yoy for H1, and OP was down 9% and Net Profit was up 4%yoy. The full-year forecast for revenues up 9%, OP +1.7%, and Net Profit +26%yoy was maintained. </p><h2>The Good News - TSE1 Reassignment</h2><p>Eight days later on the 16th, the leasing company <a href="http://www.k-lease.co.jp/pdf/ir20171116070758.pdf" target="_blank">announced</a> the TSE had reassigned the stock effective December 8th. That event came when the stock…</p>

On November 8th, TSE2-listed regional (Kyushu area) leasing business Kyushu Leasing Service Co (8596 JP)announced upbeat H1 revenue numbers. Revenues were up 17+%yoy for H1, and OP was down 9% and Net Profit was up 4%yoy. The full-year forecast for revenues up 9%, OP +1.7%, and Net Profit +26%yoy was maintained. The Good News - TSE1 ReassignmentEight days later on the 16th, the leasing company announced the TSE had reassigned the stock effective December 8th. That event came when the stock…

Kyushu Leasing (8596 JP) - Offering and TOPIX Inclusion

Japan

KYUSHU LEASING SERVICE CO., LTD. is a comprehensive leasing firm in the Kyushu region.  The Company leases industrial equipment such as information related equipment, office device, and construction machinery.  The Company also provides installment sales.

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Kyushu Leasing Service Co (8596 JP)

TOPIX Index Upweights: Final Expectations For "The Big April Basket" 2025

Tokyo Metro (9023 JP) is likely to be the biggest winner of the TOPIX April 2025 Liquidity Factor removal event. The stock could continue to...

Janaghan Jeyakumar, CFA

Kyushu Leasing (8596 JP) - Offering and TOPIX Inclusion

On November 8th, TSE2-listed regional (Kyushu area) leasing business Kyushu Leasing Service Co (8596 JP)announced upbeat H1 revenue numbers....

Travis Lundy

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