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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-vectors-australian-equal-weight-etf" target="_blank" data-smartkarma-citation="entities:24297:1" rel="noopener">VanEck Vectors Australian Equal Weight (MVW AU)</a> while <a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> and <a href="https://www.smartkarma.com/entities/treasury-wine-estates-ltd" target="_blank" data-smartkarma-citation="entities:710:1" rel="noopener">Treasury Wine Estates (TWE AU)</a> will be deleted.</li>
<li>The one inclusion, two deletions, capping and float changes result in a one-way turnover of 8% at the rebalance. That leads to a round-trip trade of A$350m.</li>
<li>There will be bigger passive flows in some stocks from the S&amp;P/ASX and global index passive trackers. <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> gets the biggest same-way flow.</li>
</ul>



Ramelius Resources (RMS AU) will be added to the VanEck Vectors Australian Equal Weight (MVW AU) while Telix Pharmaceuticals (TLX AU) and Treasury Wine Estates (TWE AU) will be deleted.
The one inclusion, two deletions, capping and float changes result in a one-way turnover of 8% at the rebalance. That leads to a round-trip trade of A$350m.
There will be bigger passive flows in some stocks from the S&amp;P/ASX and global index passive trackers. Ramelius Resources (RMS AU) gets the biggest same-way flow.


MV Australia Equal Weight Index Rebalance: More Inflows for RMS; TLX, TWE Deleted

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 Mar 6th (reported today). The aggregated short interest was USD37.1bn.</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 Qantas Airways, Santos, Ramsay Health Care, Coles, Aristocrat Leisure.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 6th (reported today). The aggregated short interest was USD37.1bn.
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 Qantas Airways, Santos, Ramsay Health Care, Coles, Aristocrat Leisure.


ASX Short Interest Weekly (Mar 6th): Qantas Airways, Santos, Ramsay Health Care, Coles

Vulcan Energy Resources / Index Rebalance

<ul>
<li>There is 1 change for the ASX20, 2 for the ASX50, 3 for the ASX100, 3 for 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</a> and 16 adds/9 deletes for the ASX300 in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources</a> and Greatland Resources are potential inclusions to the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in March and those passive trackers will need to buy stock on the same day.</li>
<li>The adds have outperformed the deletes for all indices over the last few months, though performance has been flat over the last few weeks for most indices.</li>
</ul>


There is 1 change for the ASX20, 2 for the ASX50, 3 for the ASX100, 3 for the S&amp;P/ASX 200 and 16 adds/9 deletes for the ASX300 in March.

Regis Resources and Greatland Resources are potential inclusions to the VanEck Gold Miners ETF/USA (GDX US) in March and those passive trackers will need to buy stock on the same day.
The adds have outperformed the deletes for all indices over the last few months, though performance has been flat over the last few weeks for most indices.


S&P/​​​​ASX Index Rebalance (Mar 2026): 43 Changes Across Indices as Adds Outperform Deletes

Focused on the Climate–Nature Nexus., Carbon Tracker Initiative

Carbon Tracker Initiative

Focused on the Climate–Nature Nexus.

Carbon Tracker and Planet Tracker - part of the Tracker Group - are award-winning, non-profit financial think tanks focused on the climate–nature nexus.

Equity Bottom-Up

<ul><li>What Lies Beneath delivers a clear warning investors cannot afford to overlook: asset retirement obligations (AROs) represent a financially material, fast‑evolving risk for oil and gas companies—and current disclosures fall far short of what is needed to judge that exposure.</li><li>This research provides a rigorous, data‑driven assessment showing that, across 38 companies in Australia, Canada, and the UK, transparency around AROs is deeply inadequate—despite the obligations often reaching levels comparable to, or even exceeding, shareholders’ equity.</li><li>The report reveals that most companies provide only fragmentary insight into the estimated costs, timing, discount rates, and inflation assumptions underpinning their ARO liabilities, leaving investors unable to assess liquidity impacts or the risk of abrupt increases in decommissioning costs as the energy transition accelerates.</li></ul>

What Lies Beneath delivers a clear warning investors cannot afford to overlook: asset retirement obligations (AROs) represent a financially material, fast‑evolving risk for oil and gas companies—and current disclosures fall far short of what is needed to judge that exposure.This research provides a rigorous, data‑driven assessment showing that, across 38 companies in Australia, Canada, and the UK, transparency around AROs is deeply inadequate—despite the obligations often reaching levels comparable to, or even exceeding, shareholders’ equity.The report reveals that most companies provide only fragmentary insight into the estimated costs, timing, discount rates, and inflation assumptions underpinning their ARO liabilities, leaving investors unable to assess liquidity impacts or the risk of abrupt increases in decommissioning costs as the energy transition accelerates.

Energy Transition: Asset Retirement Obligations: What Lies Beneath?

<ul>
<li>We analysed the earning revision of component stocks of MS-Australia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Santos, Westpac, ANZ, National Australia Bank, Transurban, Origin Energy, Commonwealth Bank Of Australia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Australia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Santos, Westpac, ANZ, National Australia Bank, Transurban, Origin Energy, Commonwealth Bank Of Australia.


MS-Australia Index Earning Revision (Feb): Santos, Westpac, ANZ, National Australia Bank, Transurban

Australia

Santos Limited explores for and produces natural gas, crude oil, condensate, naphtha and liquid petroleum gas.  The Company conducts major onshore and offshore petroleum exploration activities at oil and gas fields in Australia (Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and Papua New Guinea. The Company also transports crude oil by pipeline.

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Santos Ltd (STO AU)

MV Australia Equal Weight Index Rebalance: More Inflows for RMS; TLX, TWE Deleted

Ramelius Resources will be added while Telix Pharma and Treasury Wine will be deleted. Many stocks have bigger flows from other index trackers at...

Brian Freitas

ASX Short Interest Weekly (Mar 6th): Qantas Airways, Santos, Ramsay Health Care, Coles

We analyzed ASX short interest report for the past week and highlight short interest changes in Qantas Airways, Santos, Ramsay Health Care, Coles,...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance (Mar 2026): 43 Changes Across Indices as Adds Outperform Deletes

There are 43 changes across the ASX changes in March. Couple of the adds could also be added to the GDX in March. The adds have outperformed the...

Brian Freitas

Energy Transition: Asset Retirement Obligations: What Lies Beneath?

What Lies Beneath delivers a clear warning investors cannot afford to overlook: asset retirement obligations (AROs) represent a financially...

Carbon Tracker Initiative

MS-Australia Index Earning Revision (Feb): Santos, Westpac, ANZ, National Australia Bank, Transurban

We analyzed MS-Australia's consensus for Feb 2026 and highlighted changes of EPS in Santos, Westpac, ANZ, National Australia Bank, Transurban,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MV Australia Equal Weight Index Rebalance: More Inflows for RMS; TLX, TWE Deleted

Ramelius Resources will be added while Telix Pharma and Treasury Wine will be deleted. Many stocks have bigger flows from other index trackers at...

Brian Freitas

ASX Short Interest Weekly (Mar 6th): Qantas Airways, Santos, Ramsay Health Care, Coles

We analyzed ASX short interest report for the past week and highlight short interest changes in Qantas Airways, Santos, Ramsay Health Care, Coles,...

Ke Yan, CFA, FRM

S&P/​​​​ASX Index Rebalance (Mar 2026): 43 Changes Across Indices as Adds Outperform Deletes

There are 43 changes across the ASX changes in March. Couple of the adds could also be added to the GDX in March. The adds have outperformed the...

Brian Freitas

Energy Transition: Asset Retirement Obligations: What Lies Beneath?

What Lies Beneath delivers a clear warning investors cannot afford to overlook: asset retirement obligations (AROs) represent a financially...

Carbon Tracker Initiative

MS-Australia Index Earning Revision (Feb): Santos, Westpac, ANZ, National Australia Bank, Transurban

We analyzed MS-Australia's consensus for Feb 2026 and highlighted changes of EPS in Santos, Westpac, ANZ, National Australia Bank, Transurban,...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance (Mar 2026): 43 Changes Across Indices as Adds Outperform Deletes