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

Haidilao International Holding / Index Rebalance

<ul>
<li>It was a busy Friday with the implementation of the December rebalance for multiple indices. The Yuanta/P-shares Taiwan Dividend Plus ETF will continue to rebalance over the next 4 days.</li>
<li>The coming week should be relatively quiet with the announcement of the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> changes expected.</li>
<li>There were large inflows to ETFs focused on China, Korea, Japan, Taiwan. There were inflows to <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share Index ETF</a> and outflows from <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong</a>.</li>
</ul>


It was a busy Friday with the implementation of the December rebalance for multiple indices. The Yuanta/P-shares Taiwan Dividend Plus ETF will continue to rebalance over the next 4 days.
The coming week should be relatively quiet with the announcement of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) changes expected.
There were large inflows to ETFs focused on China, Korea, Japan, Taiwan. There were inflows to Hang Seng H Share Index ETF and outflows from Tracker Fund of Hong Kong.


Index Rebalance & ETF Flow Recap: S&P/ASX, HSCEI, HSTECH, Haidilao/Super Hi, CSI REIT

<ul>
<li>We currently see one change each for the ASX20 and ASX100 indices, 4 changes 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 10 adds/ 6 deletes for the ASX300 Index in March.</li>
<li>There could be an addition to 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 (AS51 INDEX)</a> in January following <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>'s acquisition by <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> is a potential inclusion to 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 (AS51 INDEX)</a> if <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>'s in-specie distribution of PEXA shares to its shareholders is approved.</li>
</ul>


We currently see one change each for the ASX20 and ASX100 indices, 4 changes for the S&amp;P/ASX 200 and 10 adds/ 6 deletes for the ASX300 Index in March.
There could be an addition to the S&amp;P/ASX 200 (AS51 INDEX) in January following Pendal Group (PDL AU)'s acquisition by Perpetual Ltd (PPT AU).

PEXA Group (PXA AU) is a potential inclusion to the S&amp;P/ASX 200 (AS51 INDEX) if Link Administration (LNK AU)'s in-specie distribution of PEXA shares to its shareholders is approved.


S&P/​​​​​ASX Index Rebalance Preview: A Busy March (Maybe January and February Too)

<ul>
<li>Volatile stock prices could mean one change for the S&amp;P/ASX 50 Index and one change 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 (AS51 INDEX)</a> at the December rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> could replace <a href="https://www.smartkarma.com/entities/lendlease-group" target="_blank" data-smartkarma-citation="entities:11248:1" rel="noopener">Lendlease Group (LLC AU)</a> in the S&amp;P/ASX 50 Index, while <a href="https://www.smartkarma.com/entities/monadelphous-group-ltd" target="_blank" data-smartkarma-citation="entities:553:1" rel="noopener">Monadelphous (MND AU)</a> could replace <a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara Ltd (SBM AU)</a> in 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>.</li>
<li>Short interest on <a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara Ltd (SBM AU)</a> has spiked in the last few weeks and there could be short covering ahead of implementation of the changes.</li>
</ul>


Volatile stock prices could mean one change for the S&amp;P/ASX 50 Index and one change for the S&amp;P/ASX 200 (AS51 INDEX) at the December rebalance.

Atlas Arteria (ALX AU) could replace Lendlease Group (LLC AU) in the S&amp;P/ASX 50 Index, while Monadelphous (MND AU) could replace St Barbara Ltd (SBM AU) in the S&amp;P/ASX 200.
Short interest on St Barbara Ltd (SBM AU) has spiked in the last few weeks and there could be short covering ahead of implementation of the changes.


S&P/​​​​​​ASX Index Rebalance Preview: Shrinking Number of Changes in Dec

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 short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.</li>
<li>We tabulate league table 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 Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.
We tabulate league table 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 Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.


ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 28th (reported today) which has an aggregated short interest worth USD18.0bn.</li>
<li>We tabulate league table 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 CSL, Woodside, Macquarie, Rio Tinto, New Hope, South32, Medibank.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 28th (reported today) which has an aggregated short interest worth USD18.0bn.
We tabulate league table 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 CSL, Woodside, Macquarie, Rio Tinto, New Hope, South32, Medibank.


ASX Short Interest Weekly (Oct 28th): CSL, Woodside, Macquarie, Rio Tinto

Australia

ARB Corporation Ltd. distributes and sells motor vehicles accessories and light metal engineering works for four wheel drive vehicles.  ARB produces bull bars, rear step tow bars, turbochargers, winches and related recovery equipment. ARB's main export product is the 'Air Locker', a lockable 4-wheel drive pneumatic differential system.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ARB Corp Ltd (ARB AU)

Index Rebalance & ETF Flow Recap: S&P/ASX, HSCEI, HSTECH, Haidilao/Super Hi, CSI REIT

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

S&P/ASX Index Rebalance Preview: A Busy March (Maybe January and February Too)

There could be an adhoc ASX200 inclusion in Jan. Then there could be 1 change each for the ASX20 and ASX100 indices, 4 changes for the ASX200...

Brian Freitas

S&P/ASX Index Rebalance Preview: Shrinking Number of Changes in Dec

With 3 days left in the review period, we forecast one change each for the ASX50 & ASX200 indices. The largest impact of passive trading will be on...

Brian Freitas

ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in Telstra, Macquarie, Wesfarmers, BHP, Newcrest...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 28th): CSL, Woodside, Macquarie, Rio Tinto

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, Woodside, Macquarie, Rio Tinto, New Hope,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Index Rebalance & ETF Flow Recap: S&P/ASX, HSCEI, HSTECH, Haidilao/Super Hi, CSI REIT

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

S&P/​​​​​ASX Index Rebalance Preview: A Busy March (Maybe January and February Too)

There could be an adhoc ASX200 inclusion in Jan. Then there could be 1 change each for the ASX20 and ASX100 indices, 4 changes for the ASX200...

Brian Freitas

S&P/​​​​​​ASX Index Rebalance Preview: Shrinking Number of Changes in Dec

With 3 days left in the review period, we forecast one change each for the ASX50 & ASX200 indices. The largest impact of passive trading will be on...

Brian Freitas

ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in Telstra, Macquarie, Wesfarmers, BHP, Newcrest...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 28th): CSL, Woodside, Macquarie, Rio Tinto

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, Woodside, Macquarie, Rio Tinto, New Hope,...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance Preview: A Busy March (Maybe January and February Too)

S&P/ASX Index Rebalance Preview: Shrinking Number of Changes in Dec