An overview of a feature ranking the top 50 growth stocks with potential for future inclusion and a comeback, based on the large number of potential exclusions among TOPIX transition-period stocks.
On 7 October 2026, JPX announced the TOPIX reshuffle. Of the 1,634 constituents, 683 are transition-period stocks that may be excluded, many of which are Prime Market stocks. The inclusion weights of transition-period stocks are expected to be reduced in stages, with their exclusion from TOPIX expected in 2 years.
At the same time, the inclusion of several loss-making Growth Market stocks has drawn attention to free-float market capitalization as a factor that could determine their future performance. The next regular reshuffle is scheduled for October 2028, and a significant number of companies among the transition-period stocks continue to report higher earnings and raise dividends consecutively.
This feature focuses on “borderline stocks” with relatively low dividend payout ratios and a certain level of free-float market capitalization, ranking companies from the highest based on their projected earnings growth rate for the current fiscal year. Although near-term risks include lower inclusion weights and new share offerings, the view is that these stocks may offer room for a comeback over the medium term.
PHCホールディングス ranks first and is reportedly showing a high earnings growth rate in diabetes-related products, clinical testing and medical systems.