Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Quantitative Analysis

About 18 months ago, <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> set up an interesting framework to look at TOPIX Inclusions over time, showing how different size categories performed in the run-up to inclusion then after inclusion. That was in <a href="https://www.smartkarma.com/insights/historical-topix-inclusions-how-do-they-do-around-inclusion-date" target="_blank" data-smartkarma-citation="insights:26751" rel="noopener">Historical TOPIX Inclusions:  How Do They Do Around Inclusion Date?</a> I published <a href="https://www.smartkarma.com/insights/historical-topix-inclusions-what-flavor-performs-best" target="_blank" data-smartkarma-citation="insights:39523" rel="noopener">Historical TOPIX Inclusions:  What Flavor Performs Best?</a> last month to enhance and update the analysis to include combination inclusion event size and impact size as parameters by which to understand reward: risk characteristics. This month I published <a href="https://www.smartkarma.com/insights/topix-inclusion-pre-events-recent-tachiaigai-bunbai-round-up" target="_blank" data-smartkarma-citation="insights:40509" rel="noopener">TOPIX Inclusion Pre-Events: Recent "Tachiaigai Bunbai" Round-Up</a> which discussesThere are currently 10 live pre-events, 5 live inclusion events, and a half dozen just-post-inclusion names from May 2020.This insight provides a recap of what has happened this month in each category, and the charts can show you where each category of live event situates itself on its historical pattern.The three TOPIX inclusions for May in the non-AVOID category outperformed TOPIX by an average of just over 50% from announcement to inclusion. We wrote on all three, being <a href="https://www.smartkarma.com/insights/topix-inclusion-retail-partners-8167-jp" target="_blank" rel="noopener">especially bullish on the one which went up 80%</a>. This category of event trade can offer significantly interesting trading opportunities. We encourage investors to track them.

About 18 months ago, Travis Lundy set up an interesting framework to look at TOPIX Inclusions over time, showing how different size categories performed in the run-up to inclusion then after inclusion. That was in Historical TOPIX Inclusions:  How Do They Do Around Inclusion Date? I published Historical TOPIX Inclusions:  What Flavor Performs Best? last month to enhance and update the analysis to include combination inclusion event size and impact size as parameters by which to understand reward: risk characteristics. This month I published TOPIX Inclusion Pre-Events: Recent "Tachiaigai Bunbai" Round-Up which discussesThere are currently 10 live pre-events, 5 live inclusion events, and a half dozen just-post-inclusion names from May 2020.This insight provides a recap of what has happened this month in each category, and the charts can show you where each category of live event situates itself on its historical pattern.The three TOPIX inclusions for May in the non-AVOID category outperformed TOPIX by an average of just over 50% from announcement to inclusion. We wrote on all three, being especially bullish on the one which went up 80%. This category of event trade can offer significantly interesting trading opportunities. We encourage investors to track them.

Event-Driven

TSE Mothers-listed <a href="https://www.smartkarma.com/entities/toumei-co-ltd" target="_blank" data-smartkarma-citation="entities:29146:1" rel="noopener">Toumei (4439 JP)</a> announced (<a href="https://ssl4.eir-parts.net/doc/4439/tdnet/1848087/00.pdf" target="_blank" rel="noopener">J-only</a>) on 11th June they had received approval for a potential TSE1 reassignment.In conjunction, they also announced (<a href="https://ssl4.eir-parts.net/doc/4439/tdnet/1848088/00.pdf" target="_blank" rel="noopener">J-only</a>) Share Offerings in order to satisfy some of the requirements for a TSE1 move. The company's TSE1 promotion was contingent on the successful execution of these Offerings. On 23rd June, <a href="https://www.smartkarma.com/entities/toumei-co-ltd" target="_blank" data-smartkarma-citation="entities:29146:1" rel="noopener">Toumei (4439 JP)</a> confirmed (<a href="https://ssl4.eir-parts.net/doc/4439/tdnet/1851685/00.pdf" target="_blank" rel="noopener">J-only</a>) they had received approval to move from the MOTHERS Section to the First Section of the Tokyo Stock Exchange as of 3rd July 2020.TSE1 reassignment triggers inclusion into the TOPIX Index and I expect the inclusion event to be at the close of trading 28th August 2020.In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event.

TSE Mothers-listed Toumei (4439 JP) announced (J-only) on 11th June they had received approval for a potential TSE1 reassignment.In conjunction, they also announced (J-only) Share Offerings in order to satisfy some of the requirements for a TSE1 move. The company's TSE1 promotion was contingent on the successful execution of these Offerings. On 23rd June, Toumei (4439 JP) confirmed (J-only) they had received approval to move from the MOTHERS Section to the First Section of the Tokyo Stock Exchange as of 3rd July 2020.TSE1 reassignment triggers inclusion into the TOPIX Index and I expect the inclusion event to be at the close of trading 28th August 2020.In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event. 

Japan

Toumei Co., Ltd. offers optical line services. The Company provides optical line internet connection, optical line internet supporting, and other services. Toumei also operates electric power sales agency, information terminal equipment sales, financial planning, and other services. Toumei serves customers in Japan.

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Toumei (4439 JP)

TOPIX Inclusion Trade Summary: June 2020

About 18 months ago, Travis Lundy set up an interesting framework to look at TOPIX Inclusions over time, showing how different size categories...

Janaghan Jeyakumar, CFA

TOPIX Inclusion (4439 JP): Toumei Co

TSE Mothers-listed Toumei (4439 JP) announced (J-only) on 11th June they had received approval for a potential TSE1 reassignment.In conjunction,...

Janaghan Jeyakumar, CFA

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