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>There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.</li>
<li>Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).</li>
<li>The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.</li>
</ul>


There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.
Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).
The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.


JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

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 margin trading positions of JPX stocks as of Aug 1st. The aggregated net margin trading position is USD16,072m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura, Japan Tobacco, Sumitomo Mitsui Financial, IHI, Shimano, Capcom, Tokyo Electron, Advantest, Hitachi, Softbank, Fujikura, Japan Tobacco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 1st. The aggregated net margin trading position is USD16,072m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura, Japan Tobacco, Sumitomo Mitsui Financial, IHI, Shimano, Capcom, Tokyo Electron, Advantest, Hitachi, Softbank, Fujikura, Japan Tobacco.


JPX Margin Trading Weekly (Aug 1st): Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 25th. The aggregated net margin trading position is USD15,503m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Mitsubishi Heavy Industries, Fast Retailing, Mitsubishi UFJ Financial, Toyota Motor, Lasertec, Sumitomo Mitsui Financial, Marui, Sanrio, Disco, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 25th. The aggregated net margin trading position is USD15,503m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Mitsubishi Heavy Industries, Fast Retailing, Mitsubishi UFJ Financial, Toyota Motor, Lasertec, Sumitomo Mitsui Financial, Marui, Sanrio, Disco, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Jul 25th): Mitsubishi Heavy Industries, Fast Retailing

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.</li>
<li>Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.</li>
<li>Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.</li>
</ul>


Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.
Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.
Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.


Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 11th. The aggregated net margin trading position is USD17,320m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio, Lasertec, Kawasaki Heavy Industries, Ntt Data, Fujikura, Nintendo, Tokyo Electric Power Company.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 11th. The aggregated net margin trading position is USD17,320m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio, Lasertec, Kawasaki Heavy Industries, Ntt Data, Fujikura, Nintendo, Tokyo Electric Power Company.


JPX Margin Trading Weekly (Jul 11th): Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio

Japan

Kawasaki Heavy Industries, Ltd. designs, develops, and manufactures transport equipment and industrial heavy machinery for military and commercial use.  The Company produces ships, railroad cars, aircraft engines and parts, hydraulic and gas turbines, submarine engines, boilers, and industrial robots.  Kawasaki Heavy Industries offers engineering and construction services to industrial plants.

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Kawasaki Heavy Industries (7012 JP)

JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

There are 39 adds/34 deletes for the JPX Nikkei 400 Index resulting in a one-way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn)....

Brian Freitas

JPX Margin Trading Weekly (Aug 1st): Tokyo Electron, Advantest, Hitachi, SoftBank, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Tokyo Electron (8035 JP), Advantest (6857 JP), Hitachi (6501 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jul 25th): Mitsubishi Heavy Industries, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi Heavy Industries (7011 JP), Fast Retailing (9983 JP),...

Ke Yan, CFA, FRM

Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

With reversal from momentum and Ishiba's resignation, defense names may drop further. Autos may have plenty more upside despite big moves yesterday.

Andrew Jackson

JPX Margin Trading Weekly (Jul 11th): Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted Fast Retailing (9983 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)