Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>Profit continues to expand at Mitsui E&amp;S after its transition to a holding company, now reporting over 400% profit growth for 9 months YTD. </li>
<li>The company is doing well to keep its operating costs down, with an improving funding structure and balance, as its revenue grows more than COGs.</li>
<li>We wonder if there will be more revisions upward to profit, with new initiatives and with a more proven recent track record.</li>
</ul>


Profit continues to expand at Mitsui E&amp;S after its transition to a holding company, now reporting over 400% profit growth for 9 months YTD. 
The company is doing well to keep its operating costs down, with an improving funding structure and balance, as its revenue grows more than COGs.
We wonder if there will be more revisions upward to profit, with new initiatives and with a more proven recent track record.


Mitsui E&S - Near Record ROE as Profit Continues to Expand From Multiple Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Early predictions for the March 2023 Nikkei rebalance (TBA early Feb) are little changed. One way turnover would still be about 1.4%. I see 3 ADDs and 3 DELETEs.</li>
<li>The 3 ADDs should be <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661)</a>, <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723)</a>, and <a href="https://www.smartkarma.com/entities/japan-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1184:1" rel="noopener">Japan Airlines (9201)</a>.  The 3 DELETES <a href="https://www.smartkarma.com/entities/toho-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:2796:1" rel="noopener">Toho Zinc (5707)</a>, <a href="https://www.smartkarma.com/entities/toyobo-co-ltd" target="_blank" data-smartkarma-citation="entities:6187:1" rel="noopener">Toyobo (3101)</a>, and <a href="https://www.smartkarma.com/entities/nippon-light-metal-holdings" target="_blank" data-smartkarma-citation="entities:1485:1" rel="noopener">Nippon Light Metal (5703)</a>. </li>
<li>Oriental Land is the one to watch in March. The Sep 2023 rebalance and subsequent ones are smaller in size but more interesting in impact.</li>
</ul>


Early predictions for the March 2023 Nikkei rebalance (TBA early Feb) are little changed. One way turnover would still be about 1.4%. I see 3 ADDs and 3 DELETEs.
The 3 ADDs should be Oriental Land (4661), Renesas Electronics (6723), and Japan Airlines (9201).  The 3 DELETES Toho Zinc (5707), Toyobo (3101), and Nippon Light Metal (5703). 
Oriental Land is the one to watch in March. The Sep 2023 rebalance and subsequent ones are smaller in size but more interesting in impact.


Nikkei 225 March 2023 Review Quiddity Leaderboard (Nov 2022)

Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Independent Financial Broker

<ul>
<li>Rebalancing Candidates ADD: Kokusai Electric Corp (6525.T): High Liquidity Group TOP 75, BayCurrent Inc (6532.T), Shift Inc (3697.T)</li>
<li>Rebalancing Candidates DEL: Mitsubishi Logistics Corp. (9301.T), Okuma Corp. (6103.T), Tokuyama Corp (4043.T)</li>
<li>Capping Ratio: Fast Retailing Co Ltd (9983.T)’s Price Adjustment Factor from 2.7 to 2.4</li>
</ul>


Rebalancing Candidates ADD: Kokusai Electric Corp (6525.T): High Liquidity Group TOP 75, BayCurrent Inc (6532.T), Shift Inc (3697.T)
Rebalancing Candidates DEL: Mitsubishi Logistics Corp. (9301.T), Okuma Corp. (6103.T), Tokuyama Corp (4043.T)
Capping Ratio: Fast Retailing Co Ltd (9983.T)’s Price Adjustment Factor from 2.7 to 2.4


Nikkei 225 Stock Average Rebalancing – January 2025

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-January 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-January 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-December 2024.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-December 2024.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Dec 2024 Ranks

Japan

Mitsui E&S Holdings Co., Ltd. engineers, builds, and repairs ships.  The Company also manufactures industrial machinery and equipment and builds power plants.  Mitsui Engineering & Shipbuilding also operates information systems services and real estate business.

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Mitsui E&S Holdings (7003 JP)

Mitsui E&S - Near Record ROE as Profit Continues to Expand From Multiple Drivers

Mitsui E&S is recording strong expansion in profit from multiple drivers which can continue and there is room for the company and the market to...

Daniel Tabbush

Nikkei 225 March 2023 Review Quiddity Leaderboard (Nov 2022)

Updated Nikkei 225 Leaderboard for the March 2023 review. 10 weeks of data left til the cutoff. The top 3 ADDs are unch'd since Sep. The 3rd-ranked...

Travis Lundy

Nikkei 225 Stock Average Rebalancing – January 2025

As per the “Periodic Review” conducted twice a year by Nikkei Inc. (Nikkei), the constituents of Nikkei 225 will be reviewed and changed at the end...

François-Xavier Pustoc'h

Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks

There are 42 Potential ADDs and 45 Potential DELs (unique names) presented in the current Quiddity Leaderboard. I expect the HIGH & MED Potential...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2025: End-Dec 2024 Ranks

The LONGs have outperformed the SHORTs by 3.1% in December 2024. The HIGH and MED potential ADDs could continue to outperform the HIGH and MED...

Janaghan Jeyakumar, CFA

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