Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & 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 ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.</li>
<li>Currently, a market consultation is being conducted and there could be several significant changes made to the index selection process.</li>
<li>The official index changes will be announced after the close on Friday 5th September 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.
Currently, a market consultation is being conducted and there could be several significant changes made to the index selection process.
The official index changes will be announced after the close on Friday 5th September 2025.


Quiddity Leaderboard ASX Sep25: Exp ADDs Down Vs Exp DELs Since Methodology Change; Time to Reverse?

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 Bottom-Up

<ul><li>REA Group Limited has reported strong growth in its third quarter of the fiscal year, underscored by significant yield increases across its operations.</li><li>The company posted a 12% rise in revenue to $374 million, alongside a 12% boost in EBITDA, excluding associates, reaching $199 million.</li><li>These results reflect favorable market conditions and strategic initiatives implemented by the company.</li></ul>

REA Group Limited has reported strong growth in its third quarter of the fiscal year, underscored by significant yield increases across its operations.The company posted a 12% rise in revenue to $374 million, alongside a 12% boost in EBITDA, excluding associates, reaching $199 million.These results reflect favorable market conditions and strategic initiatives implemented by the company.

REA Group: Initiation of Coverage- Yield Gains

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group Ltd (REA AU)</a> vs. <a href="https://www.smartkarma.com/entities/news-corp" target="_blank" data-smartkarma-citation="entities:26926:1" rel="noopener">News Corp (NWS AU)</a> Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity. </li>
<li>
Highlights: Statistical mean reversion suggests going long <a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group Ltd (REA AU)</a> and short <a href="https://www.smartkarma.com/entities/news-corp" target="_blank" data-smartkarma-citation="entities:26926:1" rel="noopener">News (NWS AU)</a>. A target return is provided. News Corp is the majority owner of REA.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The REA Group Ltd (REA AU) vs. News Corp (NWS AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity. 

Highlights: Statistical mean reversion suggests going long REA Group Ltd (REA AU) and short News (NWS AU). A target return is provided. News Corp is the majority owner of REA.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


REA Group (REA AU) Vs. News Corp (NWS AU): Owner Diverges From Its Growth Engine

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.</li>
<li>We tabulate league tables 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 Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.
We tabulate league tables 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 Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.


ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>A double dose of StubWorld this week: <a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group Ltd (REA AU)</a>'s rolls over as <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">CoStar Group (CSGP US)</a> bets big on key rival <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>.</li>
<li>Preceding my comments on REA and <a href="https://www.smartkarma.com/entities/news-corp-class-a" target="_blank" data-smartkarma-citation="entities:5543:1" rel="noopener">News Corp (NWSA US)</a> 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>


A double dose of StubWorld this week: REA Group Ltd (REA AU)'s rolls over as CoStar Group (CSGP US) bets big on key rival Domain Holdings Australia (DHG AU).
Preceding my comments on REA and News Corp (NWSA US) 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%.


StubWorld: REA Group Dives As CoStar Muscles Into Turf

Australia

REA Group Limited provides online property listings, web development and internet related technology services to the real estate industry along with providing advertising services to Australian companies.  The Company also offers online real estate search services to the Australian public.

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REA Group Ltd (REA AU)

Quiddity Leaderboard ASX Sep25: Exp ADDs Down Vs Exp DELs Since Methodology Change; Time to Reverse?

We believe the newly proposed methodology would be implemented during the September 2025 index review. The expected ADDs have been underperforming...

Janaghan Jeyakumar, CFA

REA Group: Initiation of Coverage- Yield Gains

REA Group Limited has reported strong growth in its third quarter of the fiscal year, underscored by significant yield increases across its...

Baptista Research

REA Group (REA AU) Vs. News Corp (NWS AU): Owner Diverges From Its Growth Engine

News Corp has most recently outperformed its own growth subsidiary REA Group. Mean reversion suggests going long REA Group Ltd and short News Corp.

Gaudenz Schneider

ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earths, James Hardie Industries,...

Ke Yan, CFA, FRM

StubWorld: REA Group Dives As CoStar Muscles Into Turf

REA's forwards valuations are punchy. The entrance of CoStar will shake-up REA's two decade long dominance. If News Corp materially sells off on...

David Blennerhassett

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