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>The review period for the March rebalance of the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> ended on 31 December.</li>
<li>There could be one constituent change in March. With capping changes, that could lead to a one-way turnover of 2.6% resulting in a round-trip trade of HK$6.88bn (US$884m).</li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is also a potential inclusion to the HSCI Index in March, though inclusion in Southbound Stock Connect will only come through in May.</li>
</ul>


The review period for the March rebalance of the Hang Seng TECH Index (HSTECH INDEX) ended on 31 December.
There could be one constituent change in March. With capping changes, that could lead to a one-way turnover of 2.6% resulting in a round-trip trade of HK$6.88bn (US$884m).

Horizon Robotics (9660 HK) is also a potential inclusion to the HSCI Index in March, though inclusion in Southbound Stock Connect will only come through in May.


HSTECH Index Rebalance Preview: One Constituent Change & US$884m Trade

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts are bullish on FEHT due to strong second half fiscal year 2024 hotel revenue per available room (RevPAR) and merger and acquisition (M&amp;A) prospects. </li><li>DBS is cautious about the long-term market gains from China's AI breakthrough, expressing skepticism about its potential impact on boosting the market. </li><li>CGSI has upgraded ISDN to 'add' and raised their target price to 35 cents, citing an industrial automation-led recovery as the reason for the upgrade.</li></ul>

Analysts are bullish on FEHT due to strong second half fiscal year 2024 hotel revenue per available room (RevPAR) and merger and acquisition (M&amp;A) prospects. DBS is cautious about the long-term market gains from China's AI breakthrough, expressing skepticism about its potential impact on boosting the market. CGSI has upgraded ISDN to 'add' and raised their target price to 35 cents, citing an industrial automation-led recovery as the reason for the upgrade.

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>We believe in 2025 HK/China shall outperform EM. While the undervalued and under-owned characteristic of the China market is well-known, monetizability of China’s technological capabilities has become apparent only recently.</li>
<li>Policy stimuli during the upcoming NPC could catalyze consumer sentiment and market performance. China’s structural hurdles, Debt, Demographics and Deflation, remain. But correct stock and sector selection can generate alpha.</li>
<li>We prefer the internet platforms, consumer discretionary and high dividend yield, the latter largely SOEs. Our “China Twelve” are mostly reasonably valued (low teen PE), with double digit EPS growth.</li>
</ul>


We believe in 2025 HK/China shall outperform EM. While the undervalued and under-owned characteristic of the China market is well-known, monetizability of China’s technological capabilities has become apparent only recently.
Policy stimuli during the upcoming NPC could catalyze consumer sentiment and market performance. China’s structural hurdles, Debt, Demographics and Deflation, remain. But correct stock and sector selection can generate alpha.
We prefer the internet platforms, consumer discretionary and high dividend yield, the latter largely SOEs. Our “China Twelve” are mostly reasonably valued (low teen PE), with double digit EPS growth.


Asian Equities: It's China's Year - Our "China Twelve" In the Year of the Snake

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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.</li>
</ul>



Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>China listed HK shares continue to lead the pack in Asia</li>
<li>India's rate cuts, tax cuts and election wins are not supporting the market</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
China listed HK shares continue to lead the pack in Asia
India's rate cuts, tax cuts and election wins are not supporting the market


Overview #15 – Who's Afraid of the USD?

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

Price Gauge
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Alibaba (BABA US)

HSTECH Index Rebalance Preview: One Constituent Change & US$884m Trade

One week to go to the announcement of the index changes. Horizon Robotics is up 63% over the last 5 week and East Buy is down 17%. Time to take...

Brian Freitas

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

FEHT is favored by analysts for strong hotel RevPAR, DBS is skeptical of China's AI breakthrough, and CGSI upgrades ISDN on industrial automation...

Singapore Market Roundup

Asian Equities: It's China's Year - Our "China Twelve" In the Year of the Snake

In 25 HK/China should outperform. Monetization of China's tech capability, policy stimulus during NPC are catalysts. Structural issues- Debt,...

Manishi Raychaudhuri

CATL A/H Listing - IPO Filing Updates

Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share...

Sumeet Singh

Overview #15 – Who's Afraid of the USD?

A review of recent events/data impacting our investment themes and outlook. We takea quick tour around China, India and Japan

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSTECH Index Rebalance Preview: One Constituent Change & US$884m Trade

One week to go to the announcement of the index changes. Horizon Robotics is up 63% over the last 5 week and East Buy is down 17%. Time to take...

Brian Freitas

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

FEHT is favored by analysts for strong hotel RevPAR, DBS is skeptical of China's AI breakthrough, and CGSI upgrades ISDN on industrial automation...

Singapore Market Roundup

Asian Equities: It's China's Year - Our "China Twelve" In the Year of the Snake

​In 25 HK/China should outperform. Monetization of China's tech capability, policy stimulus during NPC are catalysts. Structural issues- Debt,...

Manishi Raychaudhuri

CATL A/H Listing - IPO Filing Updates

Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share...

Sumeet Singh

Overview #15 – Who's Afraid of the USD?

A review of recent events/data impacting our investment themes and outlook. We takea quick tour around China, India and Japan

Rikki Malik

In 25 HK/China should outperform. Monetization of China's tech capability, policy stimulus during NPC are catalysts. Structural issues- Debt,...