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

<ul>
<li>Quiddity's "<strong>Who is Ready</strong>" 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>In the last few days, <a href="https://www.smartkarma.com/entities/sunwels-co-ltd" target="_blank" data-smartkarma-citation="entities:43702:1" rel="noopener">SUNWELS Co (9229 JP)</a> and <a href="https://www.smartkarma.com/entities/macbee-planet-inc" target="_blank" data-smartkarma-citation="entities:39863:1" rel="noopener">Macbee Planet (7095 JP)</a> have announced their moves to TSE prime which would eventually trigger a TOPIX Inclusion event.</li>
<li>
<a href="https://www.smartkarma.com/entities/macbee-planet-inc" target="_blank" data-smartkarma-citation="entities:39863:1" rel="noopener">Macbee Planet</a> was in our highest conviction list but <a href="https://www.smartkarma.com/entities/sunwels-co-ltd" target="_blank" data-smartkarma-citation="entities:43702:1" rel="noopener">SUNWELS Co</a> was not. In this insight, we have made some modifications to our methodology to improve future hit rates.</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.
In the last few days, SUNWELS Co (9229 JP) and Macbee Planet (7095 JP) have announced their moves to TSE prime which would eventually trigger a TOPIX Inclusion event.

Macbee Planet was in our highest conviction list but SUNWELS Co was not. In this insight, we have made some modifications to our methodology to improve future hit rates.


TOPIX Inclusions: Who Is Ready (July 2024)

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

Universal Entertainment / Equity Bottom-Up

<ul>
<li>Japan's Universal Entertainment's Okada Manila casino unit removes another obstacle to its long quest to transform into a NASDAQ traded IPO.</li>
<li>Judge rules that Okada is free of any obligations to US Space 26 Capital Partners.</li>
<li>UE's goal to take the casino public, despite expectations that the Spac will appeal, is likely to move forward toward identifying a new partner.</li>
</ul>


Japan's Universal Entertainment's Okada Manila casino unit removes another obstacle to its long quest to transform into a NASDAQ traded IPO.
Judge rules that Okada is free of any obligations to US Space 26 Capital Partners.
UE's goal to take the casino public, despite expectations that the Spac will appeal, is likely to move forward toward identifying a new partner.


US Judge Rules Favorably for Okada Manila Dispute with Former Spac Partner

<ul>
<li>We have been covering UE for five years principally because we were bullish about its intentions to bring its Manila casino business public.</li>
<li>Our focus has shifted. We see the casino IPO as inevitable but we like the stock now because it has performed well in its core Pachinko and media businesses post-covid. </li>
<li>If the Okada casino deal gest past current legal issues it would be a catalyst "bonus" to holders who come into the stock now, on a slight dip.</li>
</ul>


We have been covering UE for five years principally because we were bullish about its intentions to bring its Manila casino business public.
Our focus has shifted. We see the casino IPO as inevitable but we like the stock now because it has performed well in its core Pachinko and media businesses post-covid. 
If the Okada casino deal gest past current legal issues it would be a catalyst "bonus" to holders who come into the stock now, on a slight dip.


Universal Entertainment: Pivoting Our Bullish Focus to Basic Verticals from Okada Casino Only

<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>
<a href="https://www.smartkarma.com/entities/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> and <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> are expected to be included in the TOPIX index at the end of January 2024</li>
<li>There are couple of other pre-event names that we have been tracking for the past few months.</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.

Furuya Metal (7826 JP) and Visional (4194 JP) are expected to be included in the TOPIX index at the end of January 2024
There are couple of other pre-event names that we have been tracking for the past few months.


TOPIX Inclusions: Who Is Ready (Jan 2024)

<ul>
<li>Quiddity's "<strong>Who is Ready</strong>" 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>There have been no TOPIX Inclusions in 2024 so far although dozens of companies have been able to meet the key Section Transfer requirements on paper for several months.</li>
<li>However, there are some pre-event candidates we believe are worth monitoring as they have previously confirmed their desire to move to the Prime Market.</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.
There have been no TOPIX Inclusions in 2024 so far although dozens of companies have been able to meet the key Section Transfer requirements on paper for several months.
However, there are some pre-event candidates we believe are worth monitoring as they have previously confirmed their desire to move to the Prime Market.


TOPIX Inclusions: Who Is Ready (June 2024)

Japan

FIELDS CORPORATION mainly acts as an agent and sells pinball machines to pachinko parlors.

SUN CORPORATION operates mainly Pachinko related business, information and communication business.  Pachinko related business includes developing, manufacturing and selling a system to control and monitor pachinko machine, and manage business operation.  Sun Corp. also manufactures Pachinko and household appliances and develops game software for family use.

Mars Engineering Corporation manufactures equipment used in the operation of gambling houses called pachinko parlors. The Company manufactures pre-paid card vending machines, ticket readers, prize distribution systems, ball counters, and centralized data monitoring and control systems.  The Company also manages business hotels.

DAIKOKU DENKI Co., LTD. develops, manufactures and sells computer system used in the operation of pachinko parlor.  The Company also develops, manufactures and sells pachinko slot machines, related parts, and other peripheral devices.

GLOBERIDE, Inc. manufactures sporting and athletic goods.  The Company specializes in fishing tackle and diversifies into golf gear and tennis. The Company operates subsidiaries in the United States, Taiwan, and Europe. GLOBERIDE has sales agreement with Marubeni Corp.

Snow Peak Inc. designs, manufactures, and retails camping equipment and outdoor lifestyle goods.

YONEX CO., LTD. produces and sells sporting goods.  The Company's main products include goods and equipment for badminton, golf, tennis, and softball.  Yonex also produces sportswear and sports shoes.

Heiwa Corporation develops, produces, and sells pachinko machines.  The Company produces pachinko peripheral equipment and provides engineering service as well. Heiwa also sells pachisuro slot machines and operates pachinko parlors and golf courses.

FUJISHOJI CO,. LTD. develops, manufactures, and sells pachinko and pachinko slot machines mainly featuring popular characters.

Mizuno Corporation manufactures and sells sporting goods including gear, clothing, and footwear.  The Company has brand recognition, specializing in baseball, ski, tennis, and golf gear.  Mizuno also constructs sport facilities such as track field, tennis court, and golf practice field.

Guangzhou Pearl River Piano Group Company Limited develops, manufactures, sells pianos and provides related services. The Company's main products include upright pianos, grand pianos, and digital pianos.

Guangzhou Pearl River Piano Group (002678 CH)

Smith & Wesson Brands, Inc. manufactures firearms. The Company offers pistols, revolvers, rifles, handcuffs, and other related products and accessories for consumers, law enforcement, and security agencies. Smith & Wesson Brands serves customers in the United States.

Malibu Boats, Inc. designs, manufactures and markets sport boats. The Company produces sport boats used for water sports including water skiing, wakeboarding, and wake surfing, as well as for general recreational boating use. Malibu Boats offers its products in the United States.

Sturm Ruger & Company Inc. designs, manufactures, sells, and exports firearms. The Company produces rifles, shotguns, pistols, and revolvers. The Company also manufactures titanium and ferrous investment castings utilized in a wide variety of markets including sporting goods and other military uses.

Yotrio Group Company Ltd. designs and manufactures outdoor furniture.  The Company produces patio furniture, patio umbrellas, and gazebos.  Yotrio exports its products to the United States, Germany, France, the Netherlands, Canada, Australia, Hong Kong, and other countries.

Toread Holdings Group Company Limited designs, manufactures, and retails camping and outdoor equipment.

Topkey Corp's main business include manufacturing and trading sports and leisure products, aerospace medical products, carbon and glass fiber products and compos ite materials.

KMC Kuei Meng International, Inc. manufactures and sells bicycle chains, accessories and parts.

Sunbird Yacht Company Limited designs, develops, produces, and sales composite yachts and vessels. The Company also provides maintenance services for the composite yachts and vessels. The Company's products include private yachts, commercial yachts, and special purpose vessels.

Beneteau SA designs, manufactures and sells sailboats and motorboats.  The Company's products are used for recreational and racing purposes.

Universal Entertainment Corporation develops, manufactures, and sells pachinko, pachinko slot machines, amusement equipments & casino equipments designed for overseas use.  The Company also engages in casino hotel management.

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Universal Entertainment (6425 JP)

TOPIX Inclusions: Who Is Ready (July 2024)

We have revised our framework to improve the weightings for the key factors in the TSE Prime transfer requirements. Now we see 81 names that can...

Janaghan Jeyakumar, CFA

US Judge Rules Favorably for Okada Manila Dispute with Former Spac Partner

Japan's Okada Manila casino unit clears hurdle in its bid to become a NASDAQ IPO, as judge releases it from obligations to US Space 26 Capital...

Howard J Klein

Universal Entertainment: Pivoting Our Bullish Focus to Basic Verticals from Okada Casino Only

Universal's valuation presently is below recent highs but its core businesses are doing well. Its proposed IPO for its Manila casino is in legal...

Howard J Klein

TOPIX Inclusions: Who Is Ready (Jan 2024)

There are currently 70 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 78 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (June 2024)

The Long Basket A - SHORT Basket B trade is yet to deliver strong positive results but the trend is intact and Basket A could outperform Basket B...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TOPIX Inclusions: Who Is Ready (July 2024)

We have revised our framework to improve the weightings for the key factors in the TSE Prime transfer requirements. Now we see 81 names that can...

Janaghan Jeyakumar, CFA

US Judge Rules Favorably for Okada Manila Dispute with Former Spac Partner

​Japan's Okada Manila casino unit clears hurdle in its bid to become a NASDAQ IPO, as judge releases it from obligations to US Space 26 Capital...

Howard J Klein

Universal Entertainment: Pivoting Our Bullish Focus to Basic Verticals from Okada Casino Only

Universal's valuation presently is below recent highs but its core businesses are doing well. Its proposed IPO for its Manila casino is in legal...

Howard J Klein

TOPIX Inclusions: Who Is Ready (Jan 2024)

There are currently 70 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 78 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (June 2024)

The Long Basket A - SHORT Basket B trade is yet to deliver strong positive results but the trend is intact and Basket A could outperform Basket B...

Janaghan Jeyakumar, CFA

Japan's Okada Manila casino unit clears hurdle in its bid to become a NASDAQ IPO, as judge releases it from obligations to US Space 26 Capital...