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 analysed the earning revision of component stocks of MS-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 Santos, Westpac, ANZ, National Australia Bank, Transurban, Origin Energy, Commonwealth Bank Of Australia.</li>
</ul>


We analysed the earning revision of component stocks of MS-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 Santos, Westpac, ANZ, National Australia Bank, Transurban, Origin Energy, Commonwealth Bank Of Australia.


MS-Australia Index Earning Revision (Feb): Santos, Westpac, ANZ, National Australia Bank, Transurban

<ul>
<li>We analysed the earning revision of component stocks of MS-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 Woodside Energy, BHP, Evolution Mining, South32, Santos, CSL.</li>
</ul>


We analysed the earning revision of component stocks of MS-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 Woodside Energy, BHP, Evolution Mining, South32, Santos, CSL.


MS-Australia Index Earning Revision (Jan): Woodside Energy, BHP, Evolution Mining, South32, Santos

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.

Event-Driven

National Securities Depository / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>AS51 broke out of a tight multi day range Friday with one of the strongest moves of the year.</li>
<li>Relative performance versus SPX has begun to improve, hinting at a potential shift after prolonged underperformance.</li>
<li>SPASX200 1-month implied vol remains pinned near historic lows which could provide an interesting setup into year end.</li>
</ul>


AS51 broke out of a tight multi day range Friday with one of the strongest moves of the year.
Relative performance versus SPX has begun to improve, hinting at a potential shift after prolonged underperformance.
SPASX200 1-month implied vol remains pinned near historic lows which could provide an interesting setup into year end.


Australia Single Stock Options (Dec 08–12): AS51 Escapes Range as Relative Performance Vs SPX Turns

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

ASX Ltd is a demutualized company which operates Australia's primary national stock exchange and equity derivatives market. The ASX operates markets for equities, derivatives, fixed-interest securities and capital-raising for unlisted companies using advanced computer systems for both trading and settlement.

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

ASX Ltd (ASX AU)

MS-Australia Index Earning Revision (Feb): Santos, Westpac, ANZ, National Australia Bank, Transurban

We analyzed MS-Australia's consensus for Feb 2026 and highlighted changes of EPS in Santos, Westpac, ANZ, National Australia Bank, Transurban,...

Ke Yan, CFA, FRM

MS-Australia Index Earning Revision (Jan): Woodside Energy, BHP, Evolution Mining, South32, Santos

We analyzed MS-Australia's consensus for Jan 2026 and highlighted changes of EPS in Woodside Energy, BHP, Evolution Mining, South32, Santos, CSL.

Ke Yan, CFA, FRM

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

Australia Single Stock Options (Dec 08–12): AS51 Escapes Range as Relative Performance Vs SPX Turns

AS51 shows strong breakout, improving relative performance against SPX, low volatility may set up interesting year-end opportunity.

John Ley

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-Australia Index Earning Revision (Feb): Santos, Westpac, ANZ, National Australia Bank, Transurban

We analyzed MS-Australia's consensus for Feb 2026 and highlighted changes of EPS in Santos, Westpac, ANZ, National Australia Bank, Transurban,...

Ke Yan, CFA, FRM

MS-Australia Index Earning Revision (Jan): Woodside Energy, BHP, Evolution Mining, South32, Santos

We analyzed MS-Australia's consensus for Jan 2026 and highlighted changes of EPS in Woodside Energy, BHP, Evolution Mining, South32, Santos, CSL.

Ke Yan, CFA, FRM

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

Australia Single Stock Options (Dec 08–12): AS51 Escapes Range as Relative Performance Vs SPX Turns

​AS51 shows strong breakout, improving relative performance against SPX, low volatility may set up interesting year-end opportunity.

John Ley

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

AS51 shows strong breakout, improving relative performance against SPX, low volatility may set up interesting year-end opportunity.