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

Kepco Engineering & Construction / Index Rebalance

Kepco Engineering & Construction (052690 KS)

<ul>
<li>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There are 6 adds and 5 deletes with implementation at the close on 31 January.</li>
<li>Estimated one-way turnover is in excess of 12% and will result in a one-way trade of US$207m. There are 11 stocks with estimated passive flows greater than 5x ADV.</li>
<li>Some of the inclusions have had BIG rallies over the last couple of months and there could be profit taking on those names in the next few days.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There are 6 adds and 5 deletes with implementation at the close on 31 January.
Estimated one-way turnover is in excess of 12% and will result in a one-way trade of US$207m. There are 11 stocks with estimated passive flows greater than 5x ADV.
Some of the inclusions have had BIG rallies over the last couple of months and there could be profit taking on those names in the next few days.


Solactive Global Uranium & Nuclear Components Index Rebalance: 6 Adds, 5 Deletes

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 analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.1% as of Jan 13th.</li>
<li>The average A-H premium changed by -0.1ppt week on week, led by real estate, information technology, communication services and offset by utilities, financials, health care.</li>
<li>We highlight weekly changes in A-H premium for Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China Longyuan, Flat Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.1% as of Jan 13th.
The average A-H premium changed by -0.1ppt week on week, led by real estate, information technology, communication services and offset by utilities, financials, health care.
We highlight weekly changes in A-H premium for Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China Longyuan, Flat Glass.


A-H Premium Weekly (Jan 13th): Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China Longyuan

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.2% as of Jan 6th.</li>
<li>The average A-H premium changed by -2.6ppt week on week, led by utilities, real estate, financials and offset by health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC, Huaneng Power, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.2% as of Jan 6th.
The average A-H premium changed by -2.6ppt week on week, led by utilities, real estate, financials and offset by health care, consumer discretionary.
We highlight weekly changes in A-H premium for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC, Huaneng Power, China Longyuan.


A-H Premium Weekly (Jan 6th): Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.5% as of Sep 9th.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by utilities, consumer staples, financials and offset by health Care, consumer discretionary, communication services. </li>
<li>We highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC, Zoomlion, Tianqi Lithium, CIMC Vehicles, CNOOC.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.5% as of Sep 9th.
The average A-H premium changed by 1.3ppt week-on-week, led by utilities, consumer staples, financials and offset by health Care, consumer discretionary, communication services. 
We highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC, Zoomlion, Tianqi Lithium, CIMC Vehicles, CNOOC.


A-H Premium Weekly (Sep 9th): Huadian, CGN Power, GWM

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cgn-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:58:1" rel="noopener">CGN Power (1816 HK)</a>, as China's largest nuclear power company, has its profit outperformed coal-fired and wind power peers in 1H22 given its stable cost control and higher tariff.  </li>
<li>We expect contribution from Hongyanhe #6, normalised operations from existing projects, further margin expansion, solid project pipeline and positive new project potential to be the key earnings drivers. </li>
<li>Its target to reach capacity of 70GW by 2035 should underpin long-term outlook. YTD, the stock has outperformed most peers, yet valuation multiples are still cheaper than peer average.</li>
</ul>



CGN Power (1816 HK), as China's largest nuclear power company, has its profit outperformed coal-fired and wind power peers in 1H22 given its stable cost control and higher tariff.  
We expect contribution from Hongyanhe #6, normalised operations from existing projects, further margin expansion, solid project pipeline and positive new project potential to be the key earnings drivers. 
Its target to reach capacity of 70GW by 2035 should underpin long-term outlook. YTD, the stock has outperformed most peers, yet valuation multiples are still cheaper than peer average.


CGN Power (1816 HK): Building up Stronger Potential

China

CGN Power Co., Ltd. is a holding company primarily engaged in the generation and sale of nuclear power, as well as the construction, operation, and management of nuclear and non-nuclear clean energy projects. It is China's largest domestic nuclear power operator. The company was founded on March 25, 2014, and is headquartered in Shenzhen, China.

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CGN Power (1816 HK)

Solactive Global Uranium & Nuclear Components Index Rebalance: 6 Adds, 5 Deletes

There are 6 adds & 5 deletes for the Solactive Global Uranium & Nuclear Components Index tracked by the URA ETF. One-way turnover is in excess of...

Brian Freitas

A-H Premium Weekly (Jan 13th): Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 6th): Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 9th): Huadian, CGN Power, GWM

We analyzed A-H premium changes last week and highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC,...

Ke Yan, CFA, FRM

CGN Power (1816 HK): Building up Stronger Potential

Contribution from Hongyanhe #6, normalised operations from existing projects, further margin expansion, solid project pipeline and positive new...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)