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

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Despite ongoing recovery and fading effect of the COVID-19, 2023 was not a smooth sailing for the healthcare companies. All the countries and sub-sectors did not perform equally.</li>
<li>As we are heading into 2024, let us look back on the performance of some of our global healthcare stocks recommended throughout 2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/lianbio" target="_blank" data-smartkarma-citation="entities:34478:1" rel="noopener">LianBio (LIAN US)</a> remained the best performer with 93% return in nearly eight months. <a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a>, top pick for March 2023, generated 79% return in nine months.     </li>
</ul>


Despite ongoing recovery and fading effect of the COVID-19, 2023 was not a smooth sailing for the healthcare companies. All the countries and sub-sectors did not perform equally.
As we are heading into 2024, let us look back on the performance of some of our global healthcare stocks recommended throughout 2023.

LianBio (LIAN US) remained the best performer with 93% return in nearly eight months. Global Health (Medanta) (MEDANTA IN), top pick for March 2023, generated 79% return in nine months.     


2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>KOSDAQ→KOSPI transfers have never seen KQ150 outflows near 4% of market cap. No trading halt means ETFs must fully unwind pre listing, creating a concentrated one day sell flow shock.</li>
<li>Offsetting KOSPI inflows are delayed due to 15 day market cap screening and uncertain fast track inclusion, likely pushing KS200 demand into December rebalance, creating a 2-month passive mismatch window.</li>
<li>KQ150 ETFs face about 2.2 million share sell, roughly 6.8x ADV, top tier passive flow. Expect pre positioning, then elevated volatility on rebalance, with downside bias into the event window.</li>
</ul>


KOSDAQ→KOSPI transfers have never seen KQ150 outflows near 4% of market cap. No trading halt means ETFs must fully unwind pre listing, creating a concentrated one day sell flow shock.
Offsetting KOSPI inflows are delayed due to 15 day market cap screening and uncertain fast track inclusion, likely pushing KS200 demand into December rebalance, creating a 2-month passive mismatch window.
KQ150 ETFs face about 2.2 million share sell, roughly 6.8x ADV, top tier passive flow. Expect pre positioning, then elevated volatility on rebalance, with downside bias into the event window.


Estimating Alteogen’s KOSDAQ Delisting Driven Passive Outflows Using KOSCOM Data

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> has announced two licensing agreements with global pharmaceutical companies for ALT-B4 within the first quarter of this year itself, thereby enhancing the conviction on the platform.</li>
<li>Thus far, Alteogen has signed eight global pharmaceutical licensing agreements for SC formulation conversion. More deals are believed to be lined up for ALT-B4 platform.</li>
<li>The company expects its mid-to-long-term financial stability and growth visibility to be further strengthened as the commercialization of products incorporating the Hybrozyme platform technology accelerates starting in 2026.</li>
</ul>



Alteogen Inc (196170 KS) has announced two licensing agreements with global pharmaceutical companies for ALT-B4 within the first quarter of this year itself, thereby enhancing the conviction on the platform.
Thus far, Alteogen has signed eight global pharmaceutical licensing agreements for SC formulation conversion. More deals are believed to be lined up for ALT-B4 platform.
The company expects its mid-to-long-term financial stability and growth visibility to be further strengthened as the commercialization of products incorporating the Hybrozyme platform technology accelerates starting in 2026.


Alteogen (196170 KS): ALT-B4 Deals Keep on Coming; Number of Commercialized Products to Expand

<ul>
<li>Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.</li>
<li>Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.</li>
<li>Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.</li>
</ul>


Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.
Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.
Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.


APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

South Korea

Alteogen Inc. is a pharmaceutical research company.  The Company researches and develops bio-medicines such as bio-better and bio-similar.

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Alteogen Inc (196170 KS)

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Tina Banerjee

Estimating Alteogen’s KOSDAQ Delisting Driven Passive Outflows Using KOSCOM Data

This post takes a look at another major passive flow concentration event in Korea: Alteogen’s KOSDAQ delisting date and the associated index driven...

Sanghyun Park

Alteogen (196170 KS): ALT-B4 Deals Keep on Coming; Number of Commercialized Products to Expand

Alteogen secured two licensing deals for ALT-B4, boosting confidence in the platform and paving the way for future deals and financial stability....

Tina Banerjee

APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

Simcere and Hutchmend inked outlicensing deals with Roche and GSK, respectively. Akeso’s ivonescimab extends lives vs Keytruda. Alteogen inked...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

2023 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

​Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Tina Banerjee

Estimating Alteogen’s KOSDAQ Delisting Driven Passive Outflows Using KOSCOM Data

This post takes a look at another major passive flow concentration event in Korea: Alteogen’s KOSDAQ delisting date and the associated index driven...

Sanghyun Park

Alteogen (196170 KS): ALT-B4 Deals Keep on Coming; Number of Commercialized Products to Expand

​Alteogen secured two licensing deals for ALT-B4, boosting confidence in the platform and paving the way for future deals and financial stability....

Tina Banerjee

APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

Simcere and Hutchmend inked outlicensing deals with Roche and GSK, respectively. Akeso’s ivonescimab extends lives vs Keytruda. Alteogen inked...

Tina Banerjee

Despite ongoing recovery and fading effect of the COVID-19, healthcare companies had varying performances in 2023. From my coverage, the top...

Alteogen secured two licensing deals for ALT-B4, boosting confidence in the platform and paving the way for future deals and financial stability....