Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jan 30th (reported today). The aggregated short interest was USD33.1bn.</li>
<li>We tabulate league tables 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 Northern Star Resources, Lotus Resources, National Australia Bank, BHP, Perseus Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jan 30th (reported today). The aggregated short interest was USD33.1bn.
We tabulate league tables 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 Northern Star Resources, Lotus Resources, National Australia Bank, BHP, Perseus Mining.


ASX Short Interest Weekly (Jan 30th): Northern Star Resources, Lotus Resources

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 5th (reported today). The aggregated short interest was USD28.4bn.</li>
<li>We tabulate league tables 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 Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 5th (reported today). The aggregated short interest was USD28.4bn.
We tabulate league tables 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 Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths.


ASX Short Interest Weekly (Dec 5th): Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths

<ul>
<li>We analysed the earning revision of component stocks of M-Australia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ANZ, Rio Tinto, Qbe Insurance, Woodside Energy, Santos, Qbe Insurance, Woodside Energy, Anz, Santos, Rio Tinto.</li>
</ul>


We analysed the earning revision of component stocks of M-Australia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ANZ, Rio Tinto, Qbe Insurance, Woodside Energy, Santos, Qbe Insurance, Woodside Energy, Anz, Santos, Rio Tinto.


M-Australia Index Earning Revision (Nov): ANZ, Rio Tinto, Qbe Insurance, Woodside Energy, Santos

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In August, <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a> / <a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a> announced that the company would give up its US listing and move to an ASX Primary Listing.</li>
<li>The NASDAQ delisting has been confirmed (as expected) for 12 November. October saw significant CDI conversions. More have come in the last few days. </li>
<li>This creates a significant, and interesting set of index events to track. </li>
</ul>


In August, Light &amp; Wonder (LNW AU) / Light &amp; Wonder (LNW US) announced that the company would give up its US listing and move to an ASX Primary Listing.
The NASDAQ delisting has been confirmed (as expected) for 12 November. October saw significant CDI conversions. More have come in the last few days. 
This creates a significant, and interesting set of index events to track. 


[Quiddity Index] Light & Wonder (LNW US/AU) US Delisting / ASX Relisting Index Event

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>
<a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a> will stop trading on the NASDAQ after the close on 12 November and the sole primary listing will move to <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a>. </li>
<li>Index trackers will need to sell a lot of <a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light&amp;Wonder (LNW US)</a> at the close on 12 November. The buying in <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light&amp;Wonder (LNW AU)</a> is a lot smaller.</li>
<li>
<a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a> trades at a much lower forward PE compared to <a href="https://www.smartkarma.com/entities/aristocrat-leisure-ltd" target="_blank" data-smartkarma-citation="entities:10303:1" rel="noopener">Aristocrat Leisure (ALL AU)</a> and there could be a re-rating over the medium-term.</li>
</ul>



Light &amp; Wonder (LNW US) will stop trading on the NASDAQ after the close on 12 November and the sole primary listing will move to Light &amp; Wonder (LNW AU). 
Index trackers will need to sell a lot of Light&amp;Wonder (LNW US) at the close on 12 November. The buying in Light&amp;Wonder (LNW AU) is a lot smaller.

Light &amp; Wonder (LNW AU) trades at a much lower forward PE compared to Aristocrat Leisure (ALL AU) and there could be a re-rating over the medium-term.


Light & Wonder (LNW AU): Index Implications of NASDAQ Delisting & ASX Primary Listing

Australia

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia and internationally.  The Company also supplies gaming systems, software, table gaming equipment and other gaming related products and services to casinos, clubs and hotels.

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Aristocrat Leisure (ALL AU)

ASX Short Interest Weekly (Jan 30th): Northern Star Resources, Lotus Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources, Lotus Resources, National...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 5th): Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global,...

Ke Yan, CFA, FRM

M-Australia Index Earning Revision (Nov): ANZ, Rio Tinto, Qbe Insurance, Woodside Energy, Santos

We analyzed M-Australia's consensus for Nov 2025 and highlighted changes of EPS in ANZ, Rio Tinto, Qbe Insurance, Woodside Energy, Santos, Qbe...

Ke Yan, CFA, FRM

[Quiddity Index] Light & Wonder (LNW US/AU) US Delisting / ASX Relisting Index Event

Light & Wonder in August announced plans to delist from the US and move its primary listing to Australia where it has a secondary CDI listing. That...

Travis Lundy

Light & Wonder (LNW AU): Index Implications of NASDAQ Delisting & ASX Primary Listing

Light&Wonder stops trading on the NASDAQ after 12 Nov and becomes an ASX primary listing. Big passive selling in November followed by smaller...

Brian Freitas

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