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/brambles-ltd" target="_blank" data-smartkarma-citation="entities:693:1" rel="noopener">Brambles Ltd (BXB AU)</a> is in preliminary discussions for CVC to acquire all shares in the company. Media speculation indicates the bid would be at an Enterprise Value &gt; A$20bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/brambles-ltd" target="_blank" data-smartkarma-citation="entities:693:1" rel="noopener">Brambles Ltd (BXB AU)</a> trades cheaper than its peers and a bid at an EV/EBITDA of 9x would imply a buyout price of A$12.84/share, a 23.1% premium to last close.</li>
<li>At the last traded price of A$11.58/share, there is upside. Especially if other private equity investors enter the fray. Buy on weakness; hedge market risk with ASX200 futures.</li>
</ul>



Brambles Ltd (BXB AU) is in preliminary discussions for CVC to acquire all shares in the company. Media speculation indicates the bid would be at an Enterprise Value &gt; A$20bn.

Brambles Ltd (BXB AU) trades cheaper than its peers and a bid at an EV/EBITDA of 9x would imply a buyout price of A$12.84/share, a 23.1% premium to last close.
At the last traded price of A$11.58/share, there is upside. Especially if other private equity investors enter the fray. Buy on weakness; hedge market risk with ASX200 futures.


Brambles (BXB AU): Where Could CVC's Bid Come In?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Cleanaway Waste Management / Event-Driven

<ul>
<li>An <a href="https://www.afr.com/street-talk/cleanaway-in-kkr-s-crosshairs-20220419-p5aed3" target="_blank" rel="noopener">AFR article</a> claimed that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> is preparing an offer for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>. The shares rose 5.9% to close at A$3.24.</li>
<li>KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “<em>infrastructure-like</em>’’. </li>
<li>Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a>’s acquisition multiple, would imply A$3.92.</li>
</ul>


An AFR article claimed that KKR &amp; Co Inc (KKR US) is preparing an offer for Cleanaway Waste Management (CWY AU). The shares rose 5.9% to close at A$3.24.
KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. 
Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with Bingo Industries (BIN AU)’s acquisition multiple, would imply A$3.92.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. </li>
<li>The constituency changes for ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20 were announced today.</li>
<li>Below is a discussion of the official results and potential trading strategies to generate market-neutral returns in the run up to the Inclusion Event.</li>
</ul>


The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. 
The constituency changes for ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20 were announced today.
Below is a discussion of the official results and potential trading strategies to generate market-neutral returns in the run up to the Inclusion Event.


S&P/​​​ASX Indices: March 2022 Index Changes and Trading Strategy

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

HomeCo Daily Needs REIT / Index Rebalance

<ul>
<li>The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. </li>
<li>In March 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20. </li>
<li>In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential irregular changes.</li>
</ul>


The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. 
In March 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20. 
In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential irregular changes.


S&P/​​ASX Indices: Quiddity Leaderboard for March 2022 Rebalance (Final)

Australia

Brambles Limited is a global support services group which provides pallet and plastic container pooling services and information management services.

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Brambles Ltd (BXB AU)

Brambles (BXB AU): Where Could CVC's Bid Come In?

Brambles is in preliminary talks with CVC. The stock is up 11% today, but there could be more once an offer is on the table. Buy Brambles on...

Brian Freitas

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

S&P/ASX Indices: March 2022 Index Changes and Trading Strategy

A look at the S&P ASX Index March 2022 index constituent changes and discussion on potential trading strategies to generated market-neutral returns.

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance (Final)

A final look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential irregular changes.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Brambles (BXB AU): Where Could CVC's Bid Come In?

Brambles is in preliminary talks with CVC. The stock is up 11% today, but there could be more once an offer is on the table. Buy Brambles on...

Brian Freitas

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

S&P/​​​ASX Indices: March 2022 Index Changes and Trading Strategy

A look at the S&P ASX Index March 2022 index constituent changes and discussion on potential trading strategies to generated market-neutral returns.

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

S&P/​​ASX Indices: Quiddity Leaderboard for March 2022 Rebalance (Final)

A final look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential irregular changes.

Janaghan Jeyakumar, CFA

S&P/ASX Indices: March 2022 Index Changes and Trading Strategy

S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance (Final)