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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cmoc-group-ltd" target="_blank" data-smartkarma-citation="entities:28168:1" rel="noopener">CMOC (603993 CH)</a> and <a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power Supply (300274 CH)</a> will replace <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> and <a href="https://www.smartkarma.com/entities/bank-of-jiangsu-co-ltd" target="_blank" data-smartkarma-citation="entities:27216:1" rel="noopener">Bank of Jiangsu (600919 CH)</a> in the ETFs at the close on 19 December.</li>
<li>Passive trackers will need to trade between 0.1-0.5 days of ADV in the constituent changes.</li>
<li>The adds have outperformed the deletes by a big margin over the last 6 months. After a period of underperformance in November, the adds have started moving higher again.</li>
</ul>



CMOC (603993 CH) and Sungrow Power Supply (300274 CH) will replace S.F. Holding (002352 CH) and Bank of Jiangsu (600919 CH) in the ETFs at the close on 19 December.
Passive trackers will need to trade between 0.1-0.5 days of ADV in the constituent changes.
The adds have outperformed the deletes by a big margin over the last 6 months. After a period of underperformance in November, the adds have started moving higher again.


China A50 ETF Rebalance: Two Sets of Changes

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

China Molybdenum Co Ltd H / Equity Bottom-Up

<ul>
<li>CMOC’s H1 2025 midpoint guidance signals a ~60% YoY surge in net profit, supported by higher copper and cobalt output and pricing.</li>
<li>With H1 tracking &gt;50% of full-year profit, FY2025 earnings could be revised 10–18% higher from internal estimates, with EPS approaching RMB 0.85.</li>
<li>Despite strong delivery, CMOC trades at ~10x forward earnings and ~4.5x EV/EBITDA; a rerating may depend on easing DRC constraints and sustained price tailwinds.</li>
</ul>


CMOC’s H1 2025 midpoint guidance signals a ~60% YoY surge in net profit, supported by higher copper and cobalt output and pricing.
With H1 tracking &gt;50% of full-year profit, FY2025 earnings could be revised 10–18% higher from internal estimates, with EPS approaching RMB 0.85.
Despite strong delivery, CMOC trades at ~10x forward earnings and ~4.5x EV/EBITDA; a rerating may depend on easing DRC constraints and sustained price tailwinds.


CMOC Group Ltd (SEHK: 3993 | SSE: 603993) – H1 Guidance Points to Strong Upside

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
</ul>


This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

<ul>
<li>EBITDA more than doubled (25% CAGR) over 3 years, with copper and cobalt output up ~3.5x and ~5.7x on ramp-up of TFM and KFM.</li>
<li>$4.3 bn invested in DRC; low-cost leaching drives margins; gold entry via Cangrejos adds diversification and long-term optionality.</li>
<li>Strong cash flows, growth pipeline, and ~4x EV/EBITDA valuation position CMOC for sustained upside amid rising energy transition metal demand.</li>
</ul>


EBITDA more than doubled (25% CAGR) over 3 years, with copper and cobalt output up ~3.5x and ~5.7x on ramp-up of TFM and KFM.
$4.3 bn invested in DRC; low-cost leaching drives margins; gold entry via Cangrejos adds diversification and long-term optionality.
Strong cash flows, growth pipeline, and ~4x EV/EBITDA valuation position CMOC for sustained upside amid rising energy transition metal demand.


CMOC Group Limited (HKEX: 3993) – High-Growth, Low-Cost Producer Positioned for Re-Rating

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Bio (6990 HK)</a>, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Ind. (669 HK)</a>, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Hldgs (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> have a very high reliance on the US market.</li>
<li>
<a href="https://www.smartkarma.com/entities/vtech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18812:1" rel="noopener">Vtech Hldgs (303 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia (1070 HK)</a> ranked lower on the list, but consumer cutbacks will have a bigger impact. </li>
<li>The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> and <a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>.</li>
</ul>



Sichuan Kelun-Biotech Bio (6990 HK), Techtronic Ind. (669 HK), Vesync (2148 HK), Chervon Hldgs (2285 HK), and WuXi AppTec (2359 HK) have a very high reliance on the US market.

Vtech Hldgs (303 HK), Samsonite (1910 HK), Haier Smart Home (6690 HK), and Tcl Multimedia (1070 HK) ranked lower on the list, but consumer cutbacks will have a bigger impact. 
The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like Orient Overseas International (316 HK) and Prada S.P.A. (1913 HK).


China & HK Strategy: Who Are the Victims of a US Recession?

China

China Molybdenum Co.,Ltd. operates as a mineral mining and exploration company. The Company explores molybdenum, tungsten, niobium, cobalt, copper, and more. China Molybdenum conducts businesses worldwide.

Price Gauge
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China Molybdenum Co Ltd H (3993 HK)

China A50 ETF Rebalance: Two Sets of Changes

CMOC and Sungrow Power will replace SF Holdings and Bank of Jiangsu in the A50 ETFs in December. Both sets of changes were expected and passive...

Brian Freitas

CMOC Group Ltd (SEHK: 3993 | SSE: 603993) – H1 Guidance Points to Strong Upside

CMOC’s stock rally post its August 22, 2025, H1 results is driven by a 60% net profit surge to CNY 8.67 billion, fueled by a 20.7% cobalt output...

Rahul Jain

CMOC Group Limited (HKEX: 3993) – High-Growth, Low-Cost Producer Positioned for Re-Rating

CMOC's EBITDA doubled in 3 years with copper and cobalt output soaring, $4.3 bn invested in DRC, strong cash flows and growth pipeline set for...

Rahul Jain

China & HK Strategy: Who Are the Victims of a US Recession?

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China A50 ETF Rebalance: Two Sets of Changes

CMOC and Sungrow Power will replace SF Holdings and Bank of Jiangsu in the A50 ETFs in December. Both sets of changes were expected and passive...

Brian Freitas

CMOC Group Ltd (SEHK: 3993 | SSE: 603993) – H1 Guidance Points to Strong Upside

CMOC’s stock rally post its August 22, 2025, H1 results is driven by a 60% net profit surge to CNY 8.67 billion, fueled by a 20.7% cobalt output...

Rahul Jain

The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Quiddity's New & Improved And Really Quite Spiffy H/A Discount Monitor. All the H/A Pairs, universe & sector metrics, with interactive tables and...

Travis Lundy

CMOC Group Limited (HKEX: 3993) – High-Growth, Low-Cost Producer Positioned for Re-Rating

​CMOC's EBITDA doubled in 3 years with copper and cobalt output soaring, $4.3 bn invested in DRC, strong cash flows and growth pipeline set for...

Rahul Jain

China & HK Strategy: Who Are the Victims of a US Recession?

​Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

CMOC's EBITDA doubled in 3 years with copper and cobalt output soaring, $4.3 bn invested in DRC, strong cash flows and growth pipeline set for...

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...