Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>At the September rebalance, we expect changes to the S&amp;P/ASX 100 Index, <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and S&amp;P/ASX 300 Index. Announcement is on 2 September with implementation on 16 September.</li>
<li>Potential adds/deletes with large flow and impact include <a href="https://www.smartkarma.com/entities/shopping-centres-australasia" target="_blank" data-smartkarma-citation="entities:20100:1" rel="noopener">Shopping Cntrs Austrls (SCP AU)</a>, <a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona Mining (SYA AU)</a>, <a href="https://www.smartkarma.com/entities/charter-hall-social-infrastructure-reit" target="_blank" data-smartkarma-citation="entities:8288:1" rel="noopener">Charter Hall Social Infrastructure REIT (CQE AU)</a> and <a href="https://www.smartkarma.com/entities/capricorn-metals-ltd" target="_blank" data-smartkarma-citation="entities:10775:1" rel="noopener">Capricorn Metals (CMM AU)</a>.</li>
<li>Shorts have increased significantly on a few stocks over the last few weeks, indicating that there could be some pre-positioning on these stocks.</li>
</ul>


At the September rebalance, we expect changes to the S&amp;P/ASX 100 Index, S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Index. Announcement is on 2 September with implementation on 16 September.
Potential adds/deletes with large flow and impact include Shopping Cntrs Austrls (SCP AU), Sayona Mining (SYA AU), Charter Hall Social Infrastructure REIT (CQE AU) and Capricorn Metals (CMM AU).
Shorts have increased significantly on a few stocks over the last few weeks, indicating that there could be some pre-positioning on these stocks.


S&P/​​​ASX Index Rebalance Preview: Busy Rebalance With Lots of Changes Expected

<ul>
<li>There could be one change to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in July following the privatisation of <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>. </li>
<li>Then there will be a whole bunch of changes to the S&amp;P/ASX 100 Index, <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and S&amp;P/ASX 300 Index in September as part of the regular rebalance. </li>
<li>There is large short interest on a couple of the potential adds and a lot of the potential deletes. That will drive stock price moves closer to implementation.</li>
</ul>


There could be one change to the S&amp;P/ASX 200 (AS51 INDEX) in July following the privatisation of Uniti Group Ltd (UWL AU). 
Then there will be a whole bunch of changes to the S&amp;P/ASX 100 Index, S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Index in September as part of the regular rebalance. 
There is large short interest on a couple of the potential adds and a lot of the potential deletes. That will drive stock price moves closer to implementation.


S&P/​​ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

<div><p>S&amp;P Dow Jones Indices will announce changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> as part of the September index review on 3 September and the changes will be effective after the close of trading on 17 September.</p></div><div>We are almost three quarters of the way through the review period. There are 3 potential inclusions at the review - <a href="https://www.smartkarma.com/entities/centuria-capital-group" target="_blank" data-smartkarma-citation="entities:15546:1" rel="noopener">Centuria Capital (CNI AU)</a>, <a href="https://www.smartkarma.com/entities/pinnacle-investment-manageme" target="_blank" data-smartkarma-citation="entities:20624:1" rel="noopener">Wilson (PNI AU)</a> and <a href="https://www.smartkarma.com/entities/sealink-travel-group-ltd" target="_blank" data-smartkarma-citation="entities:6400:1" rel="noopener">Sealink Travel (SLK AU)</a> while the potential deletions are <a href="https://www.smartkarma.com/entities/nuix-limited" target="_blank" data-smartkarma-citation="entities:31040:1" rel="noopener">Nuix Limited (NXL AU)</a>, <a href="https://www.smartkarma.com/entities/nrw-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9271:1" rel="noopener">NRW Holdings (NWH AU)</a> and <a href="https://www.smartkarma.com/entities/g8-education-ltd" target="_blank" data-smartkarma-citation="entities:581:1" rel="noopener">G8 Education (GEM AU)</a>.</div><div></div><div>
<a href="https://www.smartkarma.com/entities/galaxy-resources-ltd" target="_blank" data-smartkarma-citation="entities:13914:1" rel="noopener">Galaxy Resources (GXY AU)</a> is placed in the inclusion zone but is unlikely to be added to the index given its pending merger with <a href="https://www.smartkarma.com/entities/orocobre-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Orocobre Ltd (ORE AU)</a>.</div><div></div><div>
<a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> is a close add and the corresponding deletion is <a href="https://www.smartkarma.com/entities/westgold-resources-ltd" target="_blank" data-smartkarma-citation="entities:24269:1" rel="noopener">Westgold Resources (WGX AU)</a>.</div><div></div><div>There is a large impact expected on the inclusions while the impact on the deletions is lower.</div><div></div><div>For <a href="https://www.smartkarma.com/entities/g8-education-ltd" target="_blank" data-smartkarma-citation="entities:581:1" rel="noopener">G8 Education (GEM AU)</a>, the short interest is close to the estimated passive selling. For the other two deletes, short interest is a lot smaller than the estimated passive selling and there will be more shorts created from now to rebalance implementation day.</div>

S&amp;P Dow Jones Indices will announce changes to the S&amp;P/ASX 200 (AS51 INDEX) as part of the September index review on 3 September and the changes will be effective after the close of trading on 17 September.We are almost three quarters of the way through the review period. There are 3 potential inclusions at the review - Centuria Capital (CNI AU), Wilson (PNI AU) and Sealink Travel (SLK AU) while the potential deletions are Nuix Limited (NXL AU), NRW Holdings (NWH AU) and G8 Education (GEM AU).
Galaxy Resources (GXY AU) is placed in the inclusion zone but is unlikely to be added to the index given its pending merger with Orocobre Ltd (ORE AU).
De Grey Mining (DEG AU) is a close add and the corresponding deletion is Westgold Resources (WGX AU).There is a large impact expected on the inclusions while the impact on the deletions is lower.For G8 Education (GEM AU), the short interest is close to the estimated passive selling. For the other two deletes, short interest is a lot smaller than the estimated passive selling and there will be more shorts created from now to rebalance implementation day.

ASX200 Sep21 Index Rebalance Preview: Large Impact Names

<p>Post market close today, S&amp;P Dow Jones Indices announced the list of changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> as part of the June index review that will be effective after the close of trading on 18 June.</p><p>There are 3 sets of the changes to the index at the June review.</p><p>The inclusions are <a href="https://www.smartkarma.com/entities/chalice-gold-mines-ltd" target="_blank" data-smartkarma-citation="entities:20193:1" rel="noopener">Chalice Gold Mines (CHN AU)</a>, <a href="https://www.smartkarma.com/entities/orocobre-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Orocobre Ltd (ORE AU)</a> and <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>. </p><p>The deletions are <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>, <a href="https://www.smartkarma.com/entities/perenti-global-ltd" target="_blank" data-smartkarma-citation="entities:20505:1" rel="noopener">Perenti Global (PRN AU)</a> and <a href="https://www.smartkarma.com/entities/resolute-mining-ltd" target="_blank" data-smartkarma-citation="entities:1960:1" rel="noopener">Resolute Mining (RSG AU)</a>. </p><p>There are only 5 trading days to implementation of the changes and quite a lot to trade for passive funds. There are no real surprises and there will be pre-positioning in some of the names.</p><p>Short interest has been dropping on the inclusions and rising on the deletions, another sign of pre-positioning prior to the announcement of the changes. We estimate more than half the passive flow has already been positioned for.</p>

Post market close today, S&amp;P Dow Jones Indices announced the list of changes to the S&amp;P/ASX 200 (AS51 INDEX) as part of the June index review that will be effective after the close of trading on 18 June.There are 3 sets of the changes to the index at the June review.The inclusions are Chalice Gold Mines (CHN AU), Orocobre Ltd (ORE AU) and Uniti Group Ltd (UWL AU). The deletions are Austal Ltd (ASB AU), Perenti Global (PRN AU) and Resolute Mining (RSG AU). There are only 5 trading days to implementation of the changes and quite a lot to trade for passive funds. There are no real surprises and there will be pre-positioning in some of the names.Short interest has been dropping on the inclusions and rising on the deletions, another sign of pre-positioning prior to the announcement of the changes. We estimate more than half the passive flow has already been positioned for.

ASX200 Index Rebalance: A Lot of Pre-Positions Built Up

Australia

Resolute Mining Limited explores for, produces and develops gold in Mali and Queensland, Australia. The Company's gold exploration projects include Syama and Ravenswood.

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Resolute Mining (RSG AU)

S&P/ASX Index Rebalance Preview: Busy Rebalance With Lots of Changes Expected

There are no changes expected for the ASX20 & ASX50, maybe a couple for the ASX100, more for the ASX200 and many more for the ASX300 index at the...

Brian Freitas

S&P/ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes

There are a lot of potential changes to the S&P/ASX family of indices over the next few months. Passive trading impact is high on a lot of stocks...

Brian Freitas

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

ASX200 Sep21 Index Rebalance Preview: Large Impact Names

We see 3 potential changes to the ASX200 at the Sep rebalance with CNI, PNI and SLK being included and NXL, NRW and GEM being deleted. Passive...

Brian Freitas

ASX200 Index Rebalance: A Lot of Pre-Positions Built Up

There are 2 sets of changes to the ASX200 with CHN, ORE and UWL replacing ASB, PRN and RSG. There are 5 trading days to implementation, significant...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P/​​​ASX Index Rebalance Preview: Busy Rebalance With Lots of Changes Expected

There are no changes expected for the ASX20 & ASX50, maybe a couple for the ASX100, more for the ASX200 and many more for the ASX300 index at the...

Brian Freitas

S&P/​​ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes

There are a lot of potential changes to the S&P/ASX family of indices over the next few months. Passive trading impact is high on a lot of stocks...

Brian Freitas

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

ASX200 Sep21 Index Rebalance Preview: Large Impact Names

We see 3 potential changes to the ASX200 at the Sep rebalance with CNI, PNI and SLK being included and NXL, NRW and GEM being deleted. Passive...

Brian Freitas

ASX200 Index Rebalance: A Lot of Pre-Positions Built Up

There are 2 sets of changes to the ASX200 with CHN, ORE and UWL replacing ASB, PRN and RSG. There are 5 trading days to implementation, significant...

Brian Freitas

S&P/ASX Index Rebalance Preview: Busy Rebalance With Lots of Changes Expected

S&P/ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes