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

<ul>
<li>The FRTIB has decided to switch its benchmark for the International Stock Index Investment Fund from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index.</li>
<li>With around US$68bn invested in the I Fund, this will set off churn among the constituent stocks in 2024. One-way trade is around US$28bn with DM outflows and EM inflows.</li>
<li>The benchmark shift could be done over a 4 month period with higher trading during periods where liquidity opportunities arise.</li>
</ul>


The FRTIB has decided to switch its benchmark for the International Stock Index Investment Fund from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index.
With around US$68bn invested in the I Fund, this will set off churn among the constituent stocks in 2024. One-way trade is around US$28bn with DM outflows and EM inflows.
The benchmark shift could be done over a 4 month period with higher trading during periods where liquidity opportunities arise.


FRTIB Switches Benchmarks: +EM/-DM; US$56bn Trade as Asia EM Benefits & HK Loses Out

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul>
<li>Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.</li>
<li>Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls</li>
<li>Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.</li>
</ul>


Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.
Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls
Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.


Steno Signals #73 – An Abysmal Impulse for 2024

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Royal Bank Of Canada / Equity Capital Markets

<ul><li>This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country.</li><li>This quarter's performance included significant capital markets revenue, led by excellent Global Markets results, as well as market share improvements in Investment Banking and origination operations across the sector.</li><li>We initiate coverage on the stock of the Royal Bank of Canada with a 'Buy' rating.</li></ul>

This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country.This quarter's performance included significant capital markets revenue, led by excellent Global Markets results, as well as market share improvements in Investment Banking and origination operations across the sector.We initiate coverage on the stock of the Royal Bank of Canada with a 'Buy' rating.

Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

<div>
<div>
<div>
<div>
<h2>ROYAL BANK OF CANADA</h2>
<h3>Equity Research Flash Note</h3>
<div>
<div>
<div>
<div>
<p>Corporate &amp; Investment Highlights</p>
<div>
<div>
<div>
<div>
<p>Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. The Company serves personal, business, public sector and institutional clients in Canada, and the United States. The Company's business segments include Personal &amp; Commercial Banking, Wealth Management, Insurance, Investor &amp; Treasury Services, Capital Markets, and Corporate Support. The Compa- ny, through its segments, serves various lines of businesses, which include personal financial services, busi- ness financial services, cards and payment solutions, and United States banking, Canadian wealth manage- ment, United States and international wealth management, global asset management, Canadian insurance, in- ternational insurance, corporate and investment banking, global markets and other. [Source: Reuters]</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/297/485/original/image_99299969941662949335368.png?1662949337" class="editor-image img-responsive" data-smartkarma-image-id="297485"></figure>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>





ROYAL BANK OF CANADA
Equity Research Flash Note




Corporate &amp; Investment Highlights




Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. The Company serves personal, business, public sector and institutional clients in Canada, and the United States. The Company's business segments include Personal &amp; Commercial Banking, Wealth Management, Insurance, Investor &amp; Treasury Services, Capital Markets, and Corporate Support. The Compa- ny, through its segments, serves various lines of businesses, which include personal financial services, busi- ness financial services, cards and payment solutions, and United States banking, Canadian wealth manage- ment, United States and international wealth management, global asset management, Canadian insurance, in- ternational insurance, corporate and investment banking, global markets and other. [Source: Reuters]














Royal Bank of Canada - Equity Research Flash Note

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brewin-dolphin-holdings-plc" target="_blank" data-smartkarma-citation="entities:21853:1" rel="noopener">Brewin Dolphin Holdings (BRW LN)</a> has agreed to be acquired by RBC (scheme of arrangement). Consideration is 515p/share in cash, cum dividend; it represents a 62% premium.</li>
<li>The offer represents 3.2x forward sales vs. 2.9x for the median of comparables (source: Capital IQ consensus). The offer also represents 2.8% of AuM (vs. a common multiple of 2.5%).</li>
<li>Consideration looks fair. The market believes there will be a deal; <strong>gross spread</strong> is an unexciting (in my view) <strong>0.58%</strong>, <strong>1.19% annualised</strong> (assuming settlement on 30 September).</li>
</ul>



Brewin Dolphin Holdings (BRW LN) has agreed to be acquired by RBC (scheme of arrangement). Consideration is 515p/share in cash, cum dividend; it represents a 62% premium.
The offer represents 3.2x forward sales vs. 2.9x for the median of comparables (source: Capital IQ consensus). The offer also represents 2.8% of AuM (vs. a common multiple of 2.5%).
Consideration looks fair. The market believes there will be a deal; gross spread is an unexciting (in my view) 0.58%, 1.19% annualised (assuming settlement on 30 September).


Royal Bank of Canada/Brewin Dolphin Holdings: Agreed Offer

United States

Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. Royal Bank offers its services to personal, business, public sector and institutional clients with operations worldwide.

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

Royal Bank Of Canada (RY CN)

FRTIB Switches Benchmarks: +EM/-DM; US$56bn Trade as Asia EM Benefits & HK Loses Out

The FRTIB has decided to switch investment benchmarks leading to inflows for Emerging Markets and Small Caps at the expense of Developed Markets...

Brian Freitas

Steno Signals #73 – An Abysmal Impulse for 2024

The credit impulse for 2024 looks abysmal; Rates volatility is likely going to rise sharply again; Equities still look (too) expensive on most...

Steno Research

Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics

This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country. This quarter's performance included significant...

Baptista Research

Royal Bank of Canada - Equity Research Flash Note

ROYAL BANK OF CANADA Equity Research Flash Note Corporate & Investment Highlights Royal Bank of Canada is a diversified financial...

VRS (Valuation & Research Specialists)

Royal Bank of Canada/Brewin Dolphin Holdings: Agreed Offer

Brewin Dolphin has agreed to a £1.6 billion takeover offer by RBC to be implemented by a Scheme of Arrangement. Consideration looks fair. Gross...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)