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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a> has announced an underwritten placement of NZ$1.2bn and a non-underwritten retail offer to raise NZ$200m.</li>
<li>The stock is trading near the low end of its range over the last few years and the 7% discount from the last close should attract investor interest.</li>
<li>We estimate passive trackers will need to buy around 13.5% of the placement shares coinciding with the settlement date on 20 September.</li>
</ul>



Auckland Intl Airport (AIA NZ) has announced an underwritten placement of NZ$1.2bn and a non-underwritten retail offer to raise NZ$200m.
The stock is trading near the low end of its range over the last few years and the 7% discount from the last close should attract investor interest.
We estimate passive trackers will need to buy around 13.5% of the placement shares coinciding with the settlement date on 20 September.


Auckland Airport (AIA NZ) Placement: Index Impact

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a> is looking to raise NZ$1.4bn (US$863m) in its primary follow-on offering. The offering includes a NZ$1.2bn underwritten placement, together with a NZ$200m non-underwritten retail offer.</li>
<li>The underwritten placement alone is a large one for the stock to digest at 168 days of three month ADV.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Auckland Intl Airport (AIA NZ) is looking to raise NZ$1.4bn (US$863m) in its primary follow-on offering. The offering includes a NZ$1.2bn underwritten placement, together with a NZ$200m non-underwritten retail offer.
The underwritten placement alone is a large one for the stock to digest at 168 days of three month ADV.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Auckland Airport Placement - Large NZ$1.4bn Raising, with ACC’s Overhang to Contend With

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> and <a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a>, which are two relatively large listings coming up. </li>
<li>Placement were flowing through again this week, across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at Midea Group Co Ltd A (000333 CH) and Bajaj Housing Finance (BHF IN), which are two relatively large listings coming up. 
Placement were flowing through again this week, across the region.


ECM Weekly (9th Sep 2024) - Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

<ul>
<li>Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>.</li>
<li>ACC still has an 11% stake left, which it now plans to transfer to a future fund, which will be free to sell the shares</li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>


Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in Auckland Intl Airport (AIA NZ).
ACC still has an 11% stake left, which it now plans to transfer to a future fund, which will be free to sell the shares
In this note, we will talk about the possible placement and other deal dynamics.


Auckland Airport Possible Placement - Getting Closer to a US$800m Cleanup

<ul>
<li>
<a href="https://www.smartkarma.com/entities/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>, a chemical and ingredients distributor, raised US$270m in its IPO in Jun 2023. Some of its founding family shareholders will be released from their IPO lockup soon.</li>
<li>Redox primarily serves the ANZ market, and it has a presence in Malaysia and the US. It is one of the largest chemicals and ingredients distributors in Australia.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Redox (RDX AU), a chemical and ingredients distributor, raised US$270m in its IPO in Jun 2023. Some of its founding family shareholders will be released from their IPO lockup soon.
Redox primarily serves the ANZ market, and it has a presence in Malaysia and the US. It is one of the largest chemicals and ingredients distributors in Australia.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Redox IPO Lock-Up Expiry - Limited Liquidity Might Provide a Good Excuse to Sell

New Zealand

Auckland International Airport Limited owns and operates the Auckland International Airport.  The Airport includes a single runway, an international terminal and two domestic terminals.  The Airport also has commercial facilities which includes airfreight operations, car rental services, commercial banking center and office buildings.

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Auckland International Airport (AIA AU)

Auckland Airport (AIA NZ) Placement: Index Impact

Auckland Intl Airport has announced an underwritten placement of NZ$1.2bn and a non-underwritten retail offer to raise NZ$200m. We estimate passive...

Brian Freitas

Auckland Airport Placement - Large NZ$1.4bn Raising, with ACC’s Overhang to Contend With

Auckland Intl Airport is looking to raise NZ$1.4bn in its primary follow-on offering. The offering includes a NZ$1.2bn underwritten placement,...

Clarence Chu

ECM Weekly (9th Sep 2024) - Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Auckland Airport Possible Placement - Getting Closer to a US$800m Cleanup

Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in Auckland Intl Airport (AIA NZ)....

Sumeet Singh

Redox IPO Lock-Up Expiry - Limited Liquidity Might Provide a Good Excuse to Sell

Redox (RDX AU), a chemical and ingredients distributor, raised US$270m in its IPO in Jun 2023. Some of its founding family shareholders will be...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)