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>At the upcoming AGM, <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd</a> and <a href="https://www.smartkarma.com/entities/rio-tinto-plc" target="_blank" data-smartkarma-citation="entities:22114:1" rel="noopener">Rio Tinto PLC</a> shareholders will vote on the company commencing a review on the benefits vs costs of Unification.</li>
<li>Palliser Capital has been pushing for Unification while the Rio Tinto Board has recommended that shareholders vote against Resolution 21/24 citing tax costs among other reasons.</li>
<li>If the Unification completes, S&amp;P/ASX trackers will need to buy <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> while <a href="https://www.smartkarma.com/entities/ftse-100-index-ukx" target="_blank" data-smartkarma-citation="entities:22904:1" rel="noopener">UKX Index (UKX INDEX)</a> trackers will sell <a href="https://www.smartkarma.com/entities/rio-tinto-plc" target="_blank" data-smartkarma-citation="entities:22114:1" rel="noopener">Rio Tinto PLC (RIO LN)</a>. Net positive.</li>
</ul>


At the upcoming AGM, Rio Tinto Ltd and Rio Tinto PLC shareholders will vote on the company commencing a review on the benefits vs costs of Unification.
Palliser Capital has been pushing for Unification while the Rio Tinto Board has recommended that shareholders vote against Resolution 21/24 citing tax costs among other reasons.
If the Unification completes, S&amp;P/ASX trackers will need to buy Rio Tinto Ltd (RIO AU) while UKX Index (UKX INDEX) trackers will sell Rio Tinto PLC (RIO LN). Net positive.


Rio Tinto (RIO AU/RIO LN): Unification Index Flows

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Iron Ore Dominance: Pilbara contributes 15% of Western Australia’s economic output, with iron ore exports supported by major operations like Mount Newman and global trade hubs such as Port Hedland.</li>
<li>Diversification into Green Energy: The region is expanding into lithium, manganese, and vanadium mining while advancing hydrogen projects like the A$140 million Pilbara Hydrogen Hub to drive renewable energy leadership.</li>
<li>Economic and Employment Impact: Pilbara has A$170 billion in active projects, supporting 40,000 construction jobs and 12,000 permanent roles.</li>
</ul>


Iron Ore Dominance: Pilbara contributes 15% of Western Australia’s economic output, with iron ore exports supported by major operations like Mount Newman and global trade hubs such as Port Hedland.
Diversification into Green Energy: The region is expanding into lithium, manganese, and vanadium mining while advancing hydrogen projects like the A$140 million Pilbara Hydrogen Hub to drive renewable energy leadership.
Economic and Employment Impact: Pilbara has A$170 billion in active projects, supporting 40,000 construction jobs and 12,000 permanent roles.


Pilbara Mineral Hub – Part 3: Emerging Green Energy Hub

<ul>
<li>Mining Disruptions: Cyclones in Pilbara can disrupt mining and port operations, affecting global iron ore supply and pricing, as seen with Cyclone Veronica (2019) and Cyclone Zelia (2025).</li>
<li>Impact on Miners and Iron Ore: Post-cyclone stocks for major miners decline, with Rio Tinto showing increased volatility, iron ore prices tend to rise from weather impact. </li>
<li>Economic Risks: Cyclone-related damage leads to higher operational costs and recovery expenses, impacting company revenues and reinforcing the financial risks of extreme weather in resource-dependent regions.</li>
</ul>


Mining Disruptions: Cyclones in Pilbara can disrupt mining and port operations, affecting global iron ore supply and pricing, as seen with Cyclone Veronica (2019) and Cyclone Zelia (2025).
Impact on Miners and Iron Ore: Post-cyclone stocks for major miners decline, with Rio Tinto showing increased volatility, iron ore prices tend to rise from weather impact. 
Economic Risks: Cyclone-related damage leads to higher operational costs and recovery expenses, impacting company revenues and reinforcing the financial risks of extreme weather in resource-dependent regions.


Pilbara Mineral Hub – Part 2: Weather Risk From Cyclones

<ul>
<li>The Pilbara is a globally significant mining region, known for its vast iron ore reserves, economic importance, and evolving role in renewable energy development.</li>
<li>BHP, Rio Tinto, and Fortescue drive Pilbara’s mining industry, with BHP and Fortescue increasing output by 2.1% and 5.5% over five years, while Rio Tinto's production declined by 0.6%.</li>
<li>Mining costs have surged, with Rio Tinto's unit costs rising 10.8% annually, the highest among the three, while Fortescue’s capital expenditure has grown 13% per year, outpacing competitors.</li>
</ul>


The Pilbara is a globally significant mining region, known for its vast iron ore reserves, economic importance, and evolving role in renewable energy development.
BHP, Rio Tinto, and Fortescue drive Pilbara’s mining industry, with BHP and Fortescue increasing output by 2.1% and 5.5% over five years, while Rio Tinto's production declined by 0.6%.
Mining costs have surged, with Rio Tinto's unit costs rising 10.8% annually, the highest among the three, while Fortescue’s capital expenditure has grown 13% per year, outpacing competitors.


Pilbara Mineral Hub – Part 1: Iron Ore and Mining Giants

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Equity Bottom-Up

<ul>
<li>BP will increase oil and gas spending to USD 10 billion annually through 2027, comprising 66%-70% of total capex, while slashing renewable energy investments by over USD 5 billion. </li>
<li>BP reduced its quarterly buybacks to USD 0.75–1 billion from USD 1.75 billion and lowered annual capex to USD 13–15 billion through 2027.  </li>
<li>Elliott Investment Management is reportedly dissatisfied with BP’s strategy reset, criticizing it for lacking urgency and ambition, potentially prompting further strategic adjustments from the company. </li>
</ul>


BP will increase oil and gas spending to USD 10 billion annually through 2027, comprising 66%-70% of total capex, while slashing renewable energy investments by over USD 5 billion. 
BP reduced its quarterly buybacks to USD 0.75–1 billion from USD 1.75 billion and lowered annual capex to USD 13–15 billion through 2027.  
Elliott Investment Management is reportedly dissatisfied with BP’s strategy reset, criticizing it for lacking urgency and ambition, potentially prompting further strategic adjustments from the company. 


BP’s Strategy Reset Stumbles as Dividend Cut, Oil & Gas Output Target Disappoints

Australia

BHP Billiton Limited is an international resources company.  The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration, production, and refining.  Dually-listed company with BLT LN.

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BHP Group Ltd (BHP US)

Rio Tinto (RIO AU/RIO LN): Unification Index Flows

Palliser Capital is pushing for Unification of RIO AU/ RIO LN. We are still a long way away from possible completion. There will be big index flows...

Brian Freitas

Pilbara Mineral Hub – Part 3: Emerging Green Energy Hub

Pilbara powers Australia’s iron ore exports and is emerging as a green energy hub, driving economic growth through major mining, infrastructure,...

Mint Finance

Pilbara Mineral Hub – Part 2: Weather Risk From Cyclones

Pilbara’s iron ore sector is a cornerstone of global trade, but its vulnerability to cyclones presents persistent financial and operational risks.

Mint Finance

Pilbara Mineral Hub – Part 1: Iron Ore and Mining Giants

The Pilbara remains a vital mining and economic powerhouse, shaped by major industry players, evolving production trends, and a growing focus on...

Mint Finance

BP’s Strategy Reset Stumbles as Dividend Cut, Oil & Gas Output Target Disappoints

BP plans to increase oil and gas spending while cutting back on renewable energy investments. Elliott Investment Management criticizes this...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rio Tinto (RIO AU/RIO LN): Unification Index Flows

Palliser Capital is pushing for Unification of RIO AU/ RIO LN. We are still a long way away from possible completion. There will be big index flows...

Brian Freitas

Pilbara Mineral Hub – Part 3: Emerging Green Energy Hub

Pilbara powers Australia’s iron ore exports and is emerging as a green energy hub, driving economic growth through major mining, infrastructure,...

Mint Finance

Pilbara Mineral Hub – Part 2: Weather Risk From Cyclones

Pilbara’s iron ore sector is a cornerstone of global trade, but its vulnerability to cyclones presents persistent financial and operational risks.

Mint Finance

Pilbara Mineral Hub – Part 1: Iron Ore and Mining Giants

The Pilbara remains a vital mining and economic powerhouse, shaped by major industry players, evolving production trends, and a growing focus on...

Mint Finance

BP’s Strategy Reset Stumbles as Dividend Cut, Oil & Gas Output Target Disappoints

​BP plans to increase oil and gas spending while cutting back on renewable energy investments. Elliott Investment Management criticizes this...

Mint Finance

BP plans to increase oil and gas spending while cutting back on renewable energy investments. Elliott Investment Management criticizes this...