Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2023 Rebalance.</li>
<li>There could be up to seven index  changes including a couple of potential intra-review index changes that could be triggered by M&amp;A events.</li>
<li>I expect the regular Inclusion/Exclusion events to take place at the market close on Friday 15th December 2023.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2023 Rebalance.
There could be up to seven index  changes including a couple of potential intra-review index changes that could be triggered by M&amp;A events.
I expect the regular Inclusion/Exclusion events to take place at the market close on Friday 15th December 2023.


Quiddity Leaderboard F100/​​​250 Dec 23: CAB Payments Could Be Deleted from F250

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Empiric Student Property / Index Rebalance

<ul>
<li>In this insight, we take a look at Quiddity's final predictions for index changes for the  F100 and F250 indices for the June 2023 Rebalance.</li>
<li>The index changes are likely to be confirmed after market close today.</li>
<li>We expect one change for the F100 index and six changes for the F250 index.</li>
</ul>


In this insight, we take a look at Quiddity's final predictions for index changes for the  F100 and F250 indices for the June 2023 Rebalance.
The index changes are likely to be confirmed after market close today.
We expect one change for the F100 index and six changes for the F250 index.


Quiddity Final Thoughts for F100/​250 June 23: Multiple High-Impact Changes Likely

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/forter-inc" target="_blank" data-smartkarma-citation="entities:35955:1" rel="noopener">Forter (1397978D LN)</a> uses machine learning to detect fraud and approve online transactions in real-time.</li>
<li>With the surge in online shopping with COVID-19, the amount of online fraud increased, allowing Forter to experience strong revenue growth.</li>
<li>New product innovations and a number of strong partnerships will continue to drive the company forward.</li>
</ul>



Forter (1397978D LN) uses machine learning to detect fraud and approve online transactions in real-time.
With the surge in online shopping with COVID-19, the amount of online fraud increased, allowing Forter to experience strong revenue growth.
New product innovations and a number of strong partnerships will continue to drive the company forward.


Forter: New Products and Strong Partnerships Driving Growth for Fraud Solutions

Supun Walpola

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1" rel="noopener">ZOZO Inc (3092 JP)</a>’s growth has quickly returned to its decelerating trend post-lockdowns and we believe this will become more evident from 3Q FY03/21 when the impact of the stay-at-home demand further subsides. The underlying reasons for this collapsing growth such as, the saturation of the under-25 segment, weak penetration among the middle-aged demographic, and falling average price levels, does not seem to be improving, hence, we believe ZOZO’s consignment business growth should not be much higher than the overall online fashion market growth of 5%-10% going forward.In the meantime, there is still a lot of uncertainty surrounding ZOZO’s longer-term growth drivers such as the new ZOZOSUIT 2 and the private label business which are still in their experimental phase. ZOZO is already down 20% from early October, however, we believe a further correction is required to justify ZOZO’s single-digit growth in the medium-term, until the new initiatives start making meaningful contributions to the results.

ZOZO Inc (3092 JP)’s growth has quickly returned to its decelerating trend post-lockdowns and we believe this will become more evident from 3Q FY03/21 when the impact of the stay-at-home demand further subsides. The underlying reasons for this collapsing growth such as, the saturation of the under-25 segment, weak penetration among the middle-aged demographic, and falling average price levels, does not seem to be improving, hence, we believe ZOZO’s consignment business growth should not be much higher than the overall online fashion market growth of 5%-10% going forward.In the meantime, there is still a lot of uncertainty surrounding ZOZO’s longer-term growth drivers such as the new ZOZOSUIT 2 and the private label business which are still in their experimental phase. ZOZO is already down 20% from early October, however, we believe a further correction is required to justify ZOZO’s single-digit growth in the medium-term, until the new initiatives start making meaningful contributions to the results.

2021 High Conviction: ZOZO – Good Times Are Zo Far Away

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This bullish price action combined with market dynamics which remain mostly healthy lead us to believe the lows of this recent correction are in. Consumer Discretionary and Manufacturing Sectors continue to be two attractive Sectors that are outperforming globally; we highlight numerous actionable names in today's report.

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This bullish price action combined with market dynamics which remain mostly healthy lead us to believe the lows of this recent correction are in. Consumer Discretionary and Manufacturing Sectors continue to be two attractive Sectors that are outperforming globally; we highlight numerous actionable names in today's report.

United Kingdom

ASOS PLC is a global, internet, fashion, retail business aimed at a client base aged between 20-30 years. The Company offers branded and own label products across womenswear and menswear. ASOS operates and distributes their product globally.

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ASOS PLC (ASC LN)

Quiddity Leaderboard F100/250 Dec 23: CAB Payments Could Be Deleted from F250

I suggest having a look at the 888 holdings (888 LN) / Playtech Plc (PTEC LN) pair as a sector-neutral fundamental relative value bet with a...

Janaghan Jeyakumar, CFA

Quiddity Final Thoughts for F100/250 June 23: Multiple High-Impact Changes Likely

The F100 and F250 data cutoff has passed. The announcement of changes should come today after the London close. We see multiple high-impact...

Travis Lundy

Forter: New Products and Strong Partnerships Driving Growth for Fraud Solutions

Forter uses machine learning to detect fraud and approve online transactions in real-time. With surge in online shopping with COVID-19, the amount...

Shifara Samsudeen, FCMA, CGMA

2021 High Conviction: ZOZO – Good Times Are Zo Far Away

ZOZO is already down 20% from early October, however, we believe a further correction is required to justify ZOZO’s single-digit growth in the...

Supun Walpola

Global Equity Strategy:

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard F100/​​​250 Dec 23: CAB Payments Could Be Deleted from F250

I suggest having a look at the 888 holdings (888 LN) / Playtech Plc (PTEC LN) pair as a sector-neutral fundamental relative value bet with a...

Janaghan Jeyakumar, CFA

Quiddity Final Thoughts for F100/​250 June 23: Multiple High-Impact Changes Likely

The F100 and F250 data cutoff has passed. The announcement of changes should come today after the London close. We see multiple high-impact...

Travis Lundy

Forter: New Products and Strong Partnerships Driving Growth for Fraud Solutions

Forter uses machine learning to detect fraud and approve online transactions in real-time. With surge in online shopping with COVID-19, the amount...

Shifara Samsudeen, FCMA, CGMA

2021 High Conviction: ZOZO – Good Times Are Zo Far Away

ZOZO is already down 20% from early October, however, we believe a further correction is required to justify ZOZO’s single-digit growth in the...

Supun Walpola

Global Equity Strategy:

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This...

Vermilion Research

Quiddity Leaderboard F100/250 Dec 23: CAB Payments Could Be Deleted from F250

Quiddity Final Thoughts for F100/250 June 23: Multiple High-Impact Changes Likely