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/baf-vietnam-agriculture-joint-stock-company" target="_blank" data-smartkarma-citation="entities:45291" rel="noopener">BAF Vietnam Agriculture (BAF VN)</a> will be added to the MarketVector Vietnam Local Index at the close on 20 June.</li>
<li>Estimated one-way turnover is 9% and that results in a round-trip trade of US$74m. There are 5 stocks with more than 1x ADV to trade from passives.</li>
<li>
<a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a> and <a href="https://www.smartkarma.com/entities/vinhomes-jsc" target="_blank" data-smartkarma-citation="entities:27079:1" rel="noopener">Vinhomes (VHM VN)</a> stock prices have soared over the last few months and capping results in selling at this rebalance.</li>
</ul>



BAF Vietnam Agriculture (BAF VN) will be added to the MarketVector Vietnam Local Index at the close on 20 June.
Estimated one-way turnover is 9% and that results in a round-trip trade of US$74m. There are 5 stocks with more than 1x ADV to trade from passives.

Vingroup Jsc (VIC VN) and Vinhomes (VHM VN) stock prices have soared over the last few months and capping results in selling at this rebalance.


MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Jardine Matheson Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener"><strong>Jardine Matheson (JM SP)</strong></a>'s 77.8%-held <strong><a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group (DFI SP)</a></strong> has sold its entire 22.2% stake in <strong><a href="https://www.smartkarma.com/entities/robinsons-retail-holdings-inc" target="_blank" data-smartkarma-citation="entities:10598:1" rel="noopener">Robinsons Retail Holdings (RRHI PM)</a></strong> for ~US$283mn to "<em>support its capital allocation strategy</em>".</li>
<li>Preceding my comments on Matheson are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Jardine Matheson (JM SP)'s 77.8%-held DFI Retail Group (DFI SP) has sold its entire 22.2% stake in Robinsons Retail Holdings (RRHI PM) for ~US$283mn to "support its capital allocation strategy".
Preceding my comments on Matheson are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.</li><li>A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).</li><li>Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). </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>

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). 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)_April 2025

<ul>
<li>Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.</li>
<li>Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.</li>
<li>Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.</li>
<li>While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. </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>


Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.
Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.
Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.
While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. 

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 2025

<ul><li>On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.</li><li>As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.</li><li>Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.</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>

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes, effective from February 3, 2025.As a result, January 24, 2024 will be the last trading day for ETFs, following the rebalancing ofthese indexes’ portfolios.Based on our data, we note that LPB is eligible to become a new entrantinthe VN30 basketin the next review,thanks to: 1) its 20th -ranked market capitalization, which makes LPB a must-have component; and 2) the fact that all other criteria meet the requirements.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.

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

Vietnam

Vietnam Dairy Products JSC produces dairy foods. The Company produces milk, condensed milk, milk powder, yoghurt, ice cream and cheese. Vietnam Dairy Products also produces cookies, coffee and tea and bottled water.

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Vietnam Dairy Products JSC (VNM VN)

MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

One add and large capping changes result in one-way turnover of 9% and a round-trip trade of US$74m. Vingroup and Vinhomes stock prices have soared...

Brian Freitas

StubWorld: DFI Exits Robinson Retail

Often it pays to invest where the Keswick invest - or Matheson. At the NAV ave., and below the implied stub ave,, that 's my bet. Outright, or set...

David Blennerhassett

Stock recommendations (Vietnam Market)_April 2025

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit...

Mirae Asset Securities

Stock Recommendations (Vietnam Market)_March 2025

Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including...

Mirae Asset Securities

Forecast – VN30 and VNFin Lead Indexes Review in 1Q25

On January 20,the Ho Chi Minh City Stock Exchange (HSX) will officially release the semi-annual review for both the VN30 and VNFin LEAD indexes,...

Mirae Asset Securities

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