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>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and sell the deletes, further increasing flow for the stocks.</li>
<li>The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.</li>
</ul>


Constituent changes to the S&amp;P500 INDEX and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the S&amp;P500 INDEX and sell the deletes, further increasing flow for the stocks.
The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.


Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Over the last 25 months, there's been a steady stream of bad news for DTC platform SHEIN</li>
<li>The latest challenges: US tariff chaos &amp; Amazon's launch of its competing platform, <em>Haul </em>
</li>
<li>Tariff changes &amp; growth of <em>Haul</em> could mean SHEIN IPO gets done at fraction of 2023 valuation</li>
</ul>


Over the last 25 months, there's been a steady stream of bad news for DTC platform SHEIN
The latest challenges: US tariff chaos &amp; Amazon's launch of its competing platform, Haul 

Tariff changes &amp; growth of Haul could mean SHEIN IPO gets done at fraction of 2023 valuation


It's Been a Tough Two+ Years for SHEIN & Its Investors, & Things Don't Get Easier From Here

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.

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.


JX Advance Metals IPO - Digestable, but Not Really Attractive

Equity Bottom-Up

<ul>
<li>January air cargo activity moderated; timing of LNY holiday also made for tough comps</li>
<li>January Int'l air cargo tons at US gateways grew far less than inbound (ocean) TEUs</li>
<li>Data from Asian carriers &amp; US gateways indicates low utilization, softening growth</li>
</ul>


January air cargo activity moderated; timing of LNY holiday also made for tough comps
January Int'l air cargo tons at US gateways grew far less than inbound (ocean) TEUs
Data from Asian carriers &amp; US gateways indicates low utilization, softening growth


Monthly Air Cargo Tracker | January: Soft Demand, Low LFs | Ocean Growth > Air Growth (March 2025)

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Despite the chip market's 19% overall 2024 Y/Y increase, the only real growth was in semiconductors for AI applications.  A turn in the AI business could cause a collapse.</li>
<li>Outside of AI, growth was significantly more modest at 4.8%, which is good compared to the industry's historical growth rate of 3.9%, but is nowhere near the 19% overall number.</li>
<li>The US' trade sanctions appear to be having some impact on chip shipments to China vs. the Americas, but this may be an illusion.</li>
</ul>


Despite the chip market's 19% overall 2024 Y/Y increase, the only real growth was in semiconductors for AI applications.  A turn in the AI business could cause a collapse.
Outside of AI, growth was significantly more modest at 4.8%, which is good compared to the industry's historical growth rate of 3.9%, but is nowhere near the 19% overall number.
The US' trade sanctions appear to be having some impact on chip shipments to China vs. the Americas, but this may be an illusion.


What Do Detailed 2024 Semi Stats Tell Us?

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

Constituent changes to the S&P500 and capping changes result in a round-trip trade of US$16.3bn for the Select Sector. ECE, DASH, AMZN, TKO, TSLA,...

Brian Freitas

It's Been a Tough Two+ Years for SHEIN & Its Investors, & Things Don't Get Easier From Here

Over the past two+ years, SHEIN has faced a deluge of developments that threaten its future growth and profitability, especially in the US.

Tracking Traffic

JX Advance Metals IPO - Digestable, but Not Really Attractive

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in...

Sumeet Singh

Monthly Air Cargo Tracker | January: Soft Demand, Low LFs | Ocean Growth > Air Growth (March 2025)

Air cargo demand in January 2025 softened, although some of this may be attributed to timing of the LNY holiday. Air cargo utilization is low (and...

Tracking Traffic

What Do Detailed 2024 Semi Stats Tell Us?

The chip market saw 19% 2024 growth driven by AI semiconductors, but growth outside AI is modest. This is cause for concern. Meanwhile US trade...

Jim Handy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

Constituent changes to the S&P500 and capping changes result in a round-trip trade of US$16.3bn for the Select Sector. ECE, DASH, AMZN, TKO, TSLA,...

Brian Freitas

It's Been a Tough Two+ Years for SHEIN & Its Investors, & Things Don't Get Easier From Here

Over the past two+ years, SHEIN has faced a deluge of developments that threaten its future growth and profitability, especially in the US.

Tracking Traffic

JX Advance Metals IPO - Digestable, but Not Really Attractive

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in...

Sumeet Singh

Monthly Air Cargo Tracker | January: Soft Demand, Low LFs | Ocean Growth > Air Growth (March 2025)

Air cargo demand in January 2025 softened, although some of this may be attributed to timing of the LNY holiday. Air cargo utilization is low (and...

Tracking Traffic

What Do Detailed 2024 Semi Stats Tell Us?

​The chip market saw 19% 2024 growth driven by AI semiconductors, but growth outside AI is modest. This is cause for concern. Meanwhile US trade...

Jim Handy

The chip market saw 19% 2024 growth driven by AI semiconductors, but growth outside AI is modest. This is cause for concern. Meanwhile US trade...