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

Hygon Information Technology C / Index Rebalance

<ul>
<li>The changes for the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index were announced post market close on Friday.</li>
<li>The coming week is a full one with capping cutoffs, review cutoffs, announcements and implementations apart from futures expiries.</li>
<li>With China open after Lunar New Year, the National Team is back pouring money into ETFs with the largest inflows to the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext</a> and <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a> indices.</li>
</ul>


The changes for the SSE STAR50 (STAR50 INDEX) and STAR100 Index were announced post market close on Friday.
The coming week is a full one with capping cutoffs, review cutoffs, announcements and implementations apart from futures expiries.
With China open after Lunar New Year, the National Team is back pouring money into ETFs with the largest inflows to the CSI 300, CSI 500, ChiNext and STAR50 indices.


Index Rebalance & ETF Flow Recap: HSCEI, HSCI, HSTECH, HSIII, STTF, Top50, Div+, FXI, FnGuide

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
Macro data points: Chinese tourism and interest rates, Thailand GDP growth, South Korea exports</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a>, <a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

Macro data points: Chinese tourism and interest rates, Thailand GDP growth, South Korea exports

 Companies mentioned:JD.com (9618 HK), XPeng (9868 HK), Vodafone Idea (IDEA IN)



GEMWeekly (23 Feb 2024): China, Thailand, South Korea Macro; JD.com, Xpeng, Vodafone Idea

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Both Elliott (62p/share prospective offer) and <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> are interested in <a href="https://www.smartkarma.com/entities/currys-plc" target="_blank" data-smartkarma-citation="entities:21892:1" rel="noopener">Currys PLC (CURY LN)</a> a battered (but with long history) UK retailer of electronics and appliances.</li>
<li>Currys has been reshaping since 2008, without the market giving credit by the looks of the share price. This time might be different with focus on higher-margin services and credit.</li>
<li>On a comparables EV/EBITDA basis, my fair value estimate is 76p/share (£861 million implied equity value), 23% above Elliot's offer. The Board may be willing to engage around that figure.</li>
</ul>


Both Elliott (62p/share prospective offer) and JD.com (9618 HK) are interested in Currys PLC (CURY LN) a battered (but with long history) UK retailer of electronics and appliances.
Currys has been reshaping since 2008, without the market giving credit by the looks of the share price. This time might be different with focus on higher-margin services and credit.
On a comparables EV/EBITDA basis, my fair value estimate is 76p/share (£861 million implied equity value), 23% above Elliot's offer. The Board may be willing to engage around that figure.


JD.com and Elliott Interested in Unloved Currys

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Overseas traveling revenue recovered strongly in China during the Chinese New Year.</li>
<li>Great Wall Motor’s vehicle deliveries increased by 69% in January 2024.</li>
<li>JD.com plans to raise the salaries for customer service employees by 30% in 2024.</li>
</ul>


Overseas traveling revenue recovered strongly in China during the Chinese New Year.
Great Wall Motor’s vehicle deliveries increased by 69% in January 2024.
JD.com plans to raise the salaries for customer service employees by 30% in 2024.


China Consumption Weekly (19 Feb 2024): Ant Group, Great Wall Motor, JD.com, Baidu, Autohome

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> was back in the market, a year after ditching its previous attempt, while <a href="https://www.smartkarma.com/entities/juniper-hotels" target="_blank" data-smartkarma-citation="entities:40186:1" rel="noopener">Juniper Hotels</a> is trying to ride the India wave.</li>
<li>For placements, more signs of REIT coming back to life, this time in Japan. A relatively large deal in <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a> as well was launched.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) was back in the market, a year after ditching its previous attempt, while Juniper Hotels is trying to ride the India wave.
For placements, more signs of REIT coming back to life, this time in Japan. A relatively large deal in Toei Animation (4816 JP) as well was launched.


ECM Weekly (19th Feb 2024) - Toei Ani, KB Fin, IIF, Trial, Juniper, Bharti Hexacom, Octillion Energy

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, HSTECH, HSIII, STTF, Top50, Div+, FXI, FnGuide

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

Brian Freitas

GEMWeekly (23 Feb 2024): China, Thailand, South Korea Macro; JD.com, Xpeng, Vodafone Idea

The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

JD.com and Elliott Interested in Unloved Currys

Both Elliott and JD.com are interested in unloved UK retailer Currys PLC, with shows some potential for reshaping and higher-margin services....

Jesus Rodriguez Aguilar

China Consumption Weekly (19 Feb 2024): Ant Group, Great Wall Motor, JD.com, Baidu, Autohome

Overseas traveling recovered strongly during the Chinese New Year. Great Wall Motor’s vehicle deliveries increased by 69% in Jan 2024. JD.com plans...

Ming Lu

ECM Weekly (19th Feb 2024) - Toei Ani, KB Fin, IIF, Trial, Juniper, Bharti Hexacom, Octillion Energy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, HSTECH, HSIII, STTF, Top50, Div+, FXI, FnGuide

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

Brian Freitas

GEMWeekly (23 Feb 2024): China, Thailand, South Korea Macro; JD.com, Xpeng, Vodafone Idea

The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

JD.com and Elliott Interested in Unloved Currys

Both ​Elliott and JD.com are interested in unloved UK retailer Currys PLC, with shows some potential for reshaping and higher-margin services....

Jesus Rodriguez Aguilar

China Consumption Weekly (19 Feb 2024): Ant Group, Great Wall Motor, JD.com, Baidu, Autohome

Overseas traveling recovered strongly during the Chinese New Year. Great Wall Motor’s vehicle deliveries increased by 69% in Jan 2024. JD.com plans...

Ming Lu

ECM Weekly (19th Feb 2024) - Toei Ani, KB Fin, IIF, Trial, Juniper, Bharti Hexacom, Octillion Energy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Both Elliott and JD.com are interested in unloved UK retailer Currys PLC, with shows some potential for reshaping and higher-margin services....