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>
<a href="https://www.smartkarma.com/entities/saigon-thuong-tin-commercial" target="_blank" data-smartkarma-citation="entities:650:1" rel="noopener">Saigon Thuong Tin Commercial (STB VN)</a> will be deleted from the MVIS Vietnam Index at the close of trading on 17 March.</li>
<li>One-Way turnover is 4.2% and the one-way trade is US$21m. There are two stocks where passive trackers need to buy over 1 day of ADV.</li>
<li>There have been big inflows to the <a href="https://www.smartkarma.com/entities/market-vectors-vietnam-etf" target="_blank" data-smartkarma-citation="entities:648:1" rel="noopener">Market Vectors Vietnam ETF (VNM US)</a> over the last three months as the index has traded near its lows.</li>
</ul>



Saigon Thuong Tin Commercial (STB VN) will be deleted from the MVIS Vietnam Index at the close of trading on 17 March.
One-Way turnover is 4.2% and the one-way trade is US$21m. There are two stocks where passive trackers need to buy over 1 day of ADV.
There have been big inflows to the Market Vectors Vietnam ETF (VNM US) over the last three months as the index has traded near its lows.


MVIS Vietnam Index Rebalance: One Deletion; Float & Capping Changes

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>In 4Q22, VNM's consolidated net revenue and NPAT recorded VND15,069bn (-4.7% YoY) and VND1,869bn (-15.5% YoY), respectively.</li><li>Domestic net revenue, including MCM (Moc Chau Milk), decreased by 1.7% YoY to VND12,800bn due to the decreasing consumption in the low-end segment and the short-term impact of restructuring the distribution system.</li><li>Meanwhile, MCM’s net revenue recorded VND787bn (+9.5% YoY), the highest growth rate of the year thanks to the effectiveness of marketing campaigns in urban areas. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In 4Q22, VNM's consolidated net revenue and NPAT recorded VND15,069bn (-4.7% YoY) and VND1,869bn (-15.5% YoY), respectively.Domestic net revenue, including MCM (Moc Chau Milk), decreased by 1.7% YoY to VND12,800bn due to the decreasing consumption in the low-end segment and the short-term impact of restructuring the distribution system.Meanwhile, MCM’s net revenue recorded VND787bn (+9.5% YoY), the highest growth rate of the year thanks to the effectiveness of marketing campaigns in urban areas. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Dairy Products JSC (VNM VN/Trading Buy)_Update_Slow recovery in 1H23

<ul><li>In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.</li><li>In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.</li><li>The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock recommendations (Vietnam Market)_March 2023

<ul><li>According to Rabobank, global milk powder prices may have peaked in 1Q22 and are expected to decline in 2H22 (to the 2021 average level), thanks to the recovery of global milk supply and slowing demand from China as a result of lockdown policies.</li><li>Since March, Vietnam Dairy Products JSC (VNM) has fixed the price of milk powder until end-August 2022, and input costs are expected to decline from 4Q22 onwards.</li><li>In addition, the company has raised selling prices by 4%–10% YTD for certain products.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

According to Rabobank, global milk powder prices may have peaked in 1Q22 and are expected to decline in 2H22 (to the 2021 average level), thanks to the recovery of global milk supply and slowing demand from China as a result of lockdown policies.Since March, Vietnam Dairy Products JSC (VNM) has fixed the price of milk powder until end-August 2022, and input costs are expected to decline from 4Q22 onwards.In addition, the company has raised selling prices by 4%–10% YTD for certain products.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Dairy Products JSC (VNM VN Equity/ Trading Buy) - Initiation - Recovery in sight

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hagl-jsc" target="_blank" data-smartkarma-citation="entities:6632:1" rel="noopener">Hagl Jsc (HAG VN)</a> is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.</li>
<li>There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.</li>
<li>There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.</li>
</ul>



Hagl Jsc (HAG VN) is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.
There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.
There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.


MVIS Vietnam Index Rebalance: One Add, Two Deletes

Vietnam

Vinamilk, formally Vietnam Dairy Products Joint Stock Company, is Vietnam's largest dairy company, specializing in the production and distribution of a wide range of dairy products including liquid milk, powdered milk, condensed milk, yogurt, ice cream, and infant cereal. The company also offers soy drinks, fruit juices, and tea. Vinamilk's headquarters are in Ho Chi Minh City, Vietnam, and it was established in 1976.

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Vinamilk (VNM VN)

MVIS Vietnam Index Rebalance: One Deletion; Float & Capping Changes

There is one deletion from the index, plus a bunch of changes to float and capping factors. One-way turnover is 4.2% and passives need to buy over...

Brian Freitas

Vietnam Dairy Products JSC (VNM VN/Trading Buy)_Update_Slow recovery in 1H23

In 4Q22, VNM's consolidated net revenue and NPAT recorded VND15,069bn (-4.7% YoY) and VND1,869bn (-15.5% YoY), respectively.

Mirae Asset Securities

Stock recommendations (Vietnam Market)_March 2023

In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.

Mirae Asset Securities

Vietnam Dairy Products JSC (VNM VN Equity/ Trading Buy) - Initiation - Recovery in sight

Since March, Vietnam Dairy Products JSC (VNM) has fixed the price of milk powder until end-August 2022, and input costs are expected to decline...

Mirae Asset Securities

MVIS Vietnam Index Rebalance: One Add, Two Deletes

There is 1 addition and 2 deletions for the MVIS Vietnam Index. There are a lot of float and capping changes that will result in one-way turnover...

Brian Freitas

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52-week Range

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