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

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Korea banned all short selling in March 2020 and resumed short selling only on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> index constituents in May 2021.</li>
<li>News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.</li>
<li>There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.</li>
</ul>


Korea banned all short selling in March 2020 and resumed short selling only on KOSPI 200 and KOSDAQ 150 index constituents in May 2021.
News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.
There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.


Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.</li>
<li>Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.</li>
<li>Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.</li>
</ul>


Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.
Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.
Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.


APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported 1Q26 revenue of KRW1.3T, up 26% YoY. Operating profit increased 35% YoY to KRW581B, leading to 320bps margin improvement to 46.2%.</li>
<li>The solid performance was mainly driven by full utilization across Plants 1 through 4 and continued project execution. Cumulative contract value exceeding $21B, reflecting continued demand from global clients.</li>
<li>Samsung Biologics remains firmly on track to deliver its previously announced annual target, supported by year-round full operation of Plants 1 to 4 and Plant 5 ramp-up.</li>
</ul>



Samsung Biologics (207940 KS) reported 1Q26 revenue of KRW1.3T, up 26% YoY. Operating profit increased 35% YoY to KRW581B, leading to 320bps margin improvement to 46.2%.
The solid performance was mainly driven by full utilization across Plants 1 through 4 and continued project execution. Cumulative contract value exceeding $21B, reflecting continued demand from global clients.
Samsung Biologics remains firmly on track to deliver its previously announced annual target, supported by year-round full operation of Plants 1 to 4 and Plant 5 ramp-up.


Samsung Biologics (207940 KS): Starts 2026 with Double-Digit Revenue Growth; FY Guidance Reaffirmed

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

<ul><li>GA-Courtenay Special Situations Fund declined 13.8% in July, taking its year-to-date return to -10.0%, as an unusual liquidity-driven dislocation hit higher-growth equities.</li><li>Ex-Odey star and fund manager Adrian Courtenay said the sell-off showed no corresponding deterioration in the fundamentals of the hedge fund’s holdings, while the merger arbitrage book contributed positively during the month.</li><li>The fund responded cautiously by reducing equity gross exposure while increasing its merger arbitrage allocation and adding selectively to SpaceX and Tesla.</li></ul>

GA-Courtenay Special Situations Fund declined 13.8% in July, taking its year-to-date return to -10.0%, as an unusual liquidity-driven dislocation hit higher-growth equities.Ex-Odey star and fund manager Adrian Courtenay said the sell-off showed no corresponding deterioration in the fundamentals of the hedge fund’s holdings, while the merger arbitrage book contributed positively during the month.The fund responded cautiously by reducing equity gross exposure while increasing its merger arbitrage allocation and adding selectively to SpaceX and Tesla.

Courtenay Special Situations Fund Falls 14% in July, Adds to Elon Musk-Linked Stakes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> achieved 2025 revenue of KRW4,557B, up 30% YoY. Consistent operations across the existing plants and successful ramp-up of Plant 4 aided the performance.</li>
<li>2025 annual order intake surpassed KRW6T mark, including three contracts valued at over KRW1T each. Cumulative contract value exceeded $21B, including 107 CMO projects and 164 for CDO projects.</li>
<li>Excluding potential contributions from the planned acquisition of the U.S. site, Samsung Biologics projected 15–20% annual revenue growth for 2026, with an estimated revenue figure of KRW5,240–5,468B.</li>
</ul>



Samsung Biologics (207940 KS) achieved 2025 revenue of KRW4,557B, up 30% YoY. Consistent operations across the existing plants and successful ramp-up of Plant 4 aided the performance.
2025 annual order intake surpassed KRW6T mark, including three contracts valued at over KRW1T each. Cumulative contract value exceeded $21B, including 107 CMO projects and 164 for CDO projects.
Excluding potential contributions from the planned acquisition of the U.S. site, Samsung Biologics projected 15–20% annual revenue growth for 2026, with an estimated revenue figure of KRW5,240–5,468B.


Samsung Biologics (207940 KS): 2025 Revenue Meet Guidance; Big Fat Order Book Lends Visibility Ahead

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samsung Biologics (207940 KS)

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas

APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee