Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 30th (reported today) which has an aggregated short interest worth USD15.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in CAB, Fortescue Metals, Westpac, NAB, CSL, Yancoal, Washington H.Soul, Blackmores, De Grey Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 30th (reported today) which has an aggregated short interest worth USD15.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in CAB, Fortescue Metals, Westpac, NAB, CSL, Yancoal, Washington H.Soul, Blackmores, De Grey Mining.


ASX Short Interest Weekly (Dec 30th):CAB, Fortescue Metals, Westpac, NAB, CSL

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for S&amp;P ASX 300, 200, 100, 50, and 20 in the run up to the March 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>'s deletion is expected in early-January 2023 and this could trigger an intra-review addition to the ASX 200 index. </li>
<li>I expect there to be one, two, and four changes, respectively, for the ASX 20, ASX 100, and ASX 200 indices in the March 2023 Rebalance. </li>
</ul>


In this insight, we take a look at the potential index changes for S&amp;P ASX 300, 200, 100, 50, and 20 in the run up to the March 2023 Rebalance.

Pendal Group (PDL AU)'s deletion is expected in early-January 2023 and this could trigger an intra-review addition to the ASX 200 index. 
I expect there to be one, two, and four changes, respectively, for the ASX 20, ASX 100, and ASX 200 indices in the March 2023 Rebalance. 


S&P/​​​​​​​​ASX Quiddity Leaderboard Mar 23: Index Changes Galore

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

<ul>
<li>There are 4 trading days to go in the review period for the September rebalance of the S&amp;P/ASX indices. Announcement is on 2 September with implementation on 16 September.</li>
<li>There could be 6 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>, increasing to 8 if <a href="https://www.smartkarma.com/entities/avz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:6148:1" rel="noopener">AVZ Minerals (AVZ AU)</a> continues to be halted and if <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK)</a> is privatised.</li>
<li>The potential adds have outperformed the potential deletes over the last month. Short interest has increased on a few potential deletes. There will be pre-positions built up.</li>
</ul>


There are 4 trading days to go in the review period for the September rebalance of the S&amp;P/ASX indices. Announcement is on 2 September with implementation on 16 September.
There could be 6 changes to the S&amp;P/ASX 200 (AS51 INDEX), increasing to 8 if AVZ Minerals (AVZ AU) continues to be halted and if Link Administration (LNK) is privatised.
The potential adds have outperformed the potential deletes over the last month. Short interest has increased on a few potential deletes. There will be pre-positions built up.


S&P/​​​​ASX Index Rebalance Preview: Adds Outperform Deletes As Review Period End Nears

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>BHP launched a bid for <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals (OZL AU)</a>. OZ has rejected it as being too low. BHP said the Offer provides certainty of funding growth. They are both right</li>
<li>This Offer price for <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a> is probably sufficient to get up. It has been declared final for that reason. Optically $6/share was a more reasonable level.</li>
<li>
<a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a> announced another ¥100bn buyback over three years. However, the buyback is too small to pay back the Kim family inheritance tax obligations. </li>
</ul>


BHP launched a bid for OZ Minerals (OZL AU). OZ has rejected it as being too low. BHP said the Offer provides certainty of funding growth. They are both right
This Offer price for Lifestyle International Holdings (1212 HK) is probably sufficient to get up. It has been declared final for that reason. Optically $6/share was a more reasonable level.

Nexon (3659 JP) announced another ¥100bn buyback over three years. However, the buyback is too small to pay back the Kim family inheritance tax obligations. 


Last Week in Event SPACE: Softbank, OZ Minerals, Lifestyle, Nexon, Magic Empire, Swire Pacific

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon.</li>
<li>GQG is a global investment boutique with a focus on managing active equity portfolios.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon.
GQG is a global investment boutique with a focus on managing active equity portfolios.
In this note, we will talk about the lock-up dynamics and updates since our last note.


GQG Partners IPO Lock-Up - Tightly Held by Founders, PAC Could Exit

Australia

Yancoal Australia Ltd. provides mining services. The Company mines, sells, exports, and markets clean and coking coal. Yancoal operates internationally.

Price Gauge
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Yancoal Australia (YAL AU)

ASX Short Interest Weekly (Dec 30th):CAB, Fortescue Metals, Westpac, NAB, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in CAB, Fortescue Metals, Westpac, NAB, CSL, Yancoal,...

Ke Yan, CFA, FRM

S&P/ASX Quiddity Leaderboard Mar 23: Index Changes Galore

Collectively there could be 20+ ADDs/DELs for the S&P ASX 300, 200, 100, 50, and 20 indices between now and the March 2023 Rebalance.

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview: Adds Outperform Deletes As Review Period End Nears

There are a LOT of potential changes to the S&P/ASX indices as we near the end of the review period. The potential adds have outperformed the...

Brian Freitas

Last Week in Event SPACE: Softbank, OZ Minerals, Lifestyle, Nexon, Magic Empire, Swire Pacific

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

GQG Partners IPO Lock-Up - Tightly Held by Founders, PAC Could Exit

GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon, soon after it reports its results.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Dec 30th):CAB, Fortescue Metals, Westpac, NAB, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in CAB, Fortescue Metals, Westpac, NAB, CSL, Yancoal,...

Ke Yan, CFA, FRM

S&P/​​​​​​​​ASX Quiddity Leaderboard Mar 23: Index Changes Galore

Collectively there could be 20+ ADDs/DELs for the S&P ASX 300, 200, 100, 50, and 20 indices between now and the March 2023 Rebalance.

Janaghan Jeyakumar, CFA

S&P/​​​​ASX Index Rebalance Preview: Adds Outperform Deletes As Review Period End Nears

There are a LOT of potential changes to the S&P/ASX indices as we near the end of the review period. The potential adds have outperformed the...

Brian Freitas

Last Week in Event SPACE: Softbank, OZ Minerals, Lifestyle, Nexon, Magic Empire, Swire Pacific

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

GQG Partners IPO Lock-Up - Tightly Held by Founders, PAC Could Exit

GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon, soon after it reports its results.

Sumeet Singh

S&P/ASX Quiddity Leaderboard Mar 23: Index Changes Galore

S&P/ASX Index Rebalance Preview: Adds Outperform Deletes As Review Period End Nears