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/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> raised US$5.6bn in a secondary offering a few weeks ago and the stock is trading a lot higher than the placement price.</li>
<li>Buying from global index trackers is done, but there will be more passive buying from <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI)</a> and <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI)</a> trackers later this month.</li>
<li>With the release of the God's Eye advanced driver-assistance system (ADAS), the stock could be added to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in June, bringing more passive inflows.</li>
</ul>



BYD (1211 HK) raised US$5.6bn in a secondary offering a few weeks ago and the stock is trading a lot higher than the placement price.
Buying from global index trackers is done, but there will be more passive buying from Hang Seng Index (HSI) and Hang Seng China Enterprises Index (HSCEI) trackers later this month.
With the release of the God's Eye advanced driver-assistance system (ADAS), the stock could be added to the Hang Seng TECH Index (HSTECH INDEX) in June, bringing more passive inflows.


BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The growth rate of sales volume slowed down in March 2025.</li>
<li>Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024.</li>
<li>We set a downside of 18% and a price target of HK$300 for the next twelve months.</li>
</ul>


The growth rate of sales volume slowed down in March 2025.
Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024.
We set a downside of 18% and a price target of HK$300 for the next twelve months.


BYD (1211 HK): Some Threats Before 1Q25 Result

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Last August, the mainland exchanges stopped providing data on Northbound positions and trading. They decided to show the data once a quarter.</li>
<li>We decided to add a tool to the repertoire to show this past quarter's flows per Northbound-eligible stock in a variety of ways. </li>
<li>Click on a name and get the quarterly chart of the desired metric (position, Flow (shares), Flow as % of float or shares out, etc)</li>
</ul>


Last August, the mainland exchanges stopped providing data on Northbound positions and trading. They decided to show the data once a quarter.
We decided to add a tool to the repertoire to show this past quarter's flows per Northbound-eligible stock in a variety of ways. 
Click on a name and get the quarterly chart of the desired metric (position, Flow (shares), Flow as % of float or shares out, etc)


Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>BYD reported C1Q25 net profit up 86%-119% YoY, with the midpoint exceeds our estimate/consensus by 12%/20%.</li>
<li>We believe this driven by better ASP mix of its products, among other factors;</li>
<li>We believe a possible China-EU deal on EV market access can be positive for BYD. We raise the TP to HK$400 and place BYD back to TOB BUY.</li>
</ul>


BYD reported C1Q25 net profit up 86%-119% YoY, with the midpoint exceeds our estimate/consensus by 12%/20%.
We believe this driven by better ASP mix of its products, among other factors;
We believe a possible China-EU deal on EV market access can be positive for BYD. We raise the TP to HK$400 and place BYD back to TOB BUY.


[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>A recent insight by <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> signals that <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>buying from global index trackers is done (more passive buying from HSI/HSCEI trackers may come later this month).</li>
<li>As of Tuesday, the stock is currently in the middle of a modest pullback, 1 week down, reached a support area where the probability of a bounce is around 50%.</li>
<li>We are at the start of the month, it may be early to benefit from the passive buying discussed by <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a>, however this pullback could support a buy-the-dips strategy.</li>
</ul>


A recent insight by Brian Freitas signals that BYD (1211 HK)buying from global index trackers is done (more passive buying from HSI/HSCEI trackers may come later this month).
As of Tuesday, the stock is currently in the middle of a modest pullback, 1 week down, reached a support area where the probability of a bounce is around 50%.
We are at the start of the month, it may be early to benefit from the passive buying discussed by Brian Freitas, however this pullback could support a buy-the-dips strategy.


BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

BYD has corrected recently. There could be passive buying in the stock later this week as the index shares increase (following the placement) for...

Brian Freitas

BYD (1211 HK): Some Threats Before 1Q25 Result

The growth rate of sales volume slowed down in March 2025. Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024. We set an...

Ming Lu

Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)

This is a new tool in the Quiddity Data repertoire, showing NORTHBOUND flows per quarter to aid investors in knowing the flow trends of foreign...

Travis Lundy

[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

BYD's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.

Blue Lotus Research Institute

BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

BYD currently is in a modest drawdown, buy-the-dip strategies could exploit a deeper pullback, with potential for passive buying from HSI/HSCEI...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

BYD has corrected recently. There could be passive buying in the stock later this week as the index shares increase (following the placement) for...

Brian Freitas

BYD (1211 HK): Some Threats Before 1Q25 Result

The growth rate of sales volume slowed down in March 2025. Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024. We set an...

Ming Lu

Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)

This is a new tool in the Quiddity Data repertoire, showing NORTHBOUND flows per quarter to aid investors in knowing the flow trends of foreign...

Travis Lundy

[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

​BYD's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.

Blue Lotus Research Institute

BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

BYD currently is in a modest drawdown, buy-the-dip strategies could exploit a deeper pullback, with potential for passive buying from HSI/HSCEI...

Nico Rosti

BYD's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.