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>There is one change for the S&amp;P/ASX 100 Index, eight changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>, while there are 16 adds and 12 deletes for the S&amp;P/ASX 300 Index.</li>
<li>Passive trackers need to buy/sell a lot of stock for the ASX100 and ASX200 names. There appears to be large pre-positioning on the deletes.</li>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>'s privatisation may require an ad hoc inclusion prior to the implementation of the September rebalance - ACCC approval is key. </li>
</ul>


There is one change for the S&amp;P/ASX 100 Index, eight changes to the S&amp;P/ASX 200 (AS51 INDEX), while there are 16 adds and 12 deletes for the S&amp;P/ASX 300 Index.
Passive trackers need to buy/sell a lot of stock for the ASX100 and ASX200 names. There appears to be large pre-positioning on the deletes.

Link Administration (LNK AU)'s privatisation may require an ad hoc inclusion prior to the implementation of the September rebalance - ACCC approval is key. 


S&P/​​ASX Index Rebalance (Sep 2022): Adds, Deletes, Surprises & Pre-Positioning

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Clinuvel Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/clinuvel-pharmaceuticals-limited" target="_blank" data-smartkarma-citation="entities:17714:1" rel="noopener">Clinuvel Pharmaceuticals (CUV AU)</a> announced strong FY22 performance, with 38% y/y revenue growth to A$67 million. Profit before tax increased 33% y/y to A$34.3 million.</li>
<li>The cash reserves increased 47% y/y to A$121.51 million as of June 30, 2022. Balance sheet is strong with no debt, and high liquidity due to the accumulated cash reserves.</li>
<li>Increasing penetration of Scenesse in existing jurisdictions and new jurisdictions, and extend the use of afamelanotide to adolescent EPP patients should drive near-term growth of the company.</li>
</ul>



Clinuvel Pharmaceuticals (CUV AU) announced strong FY22 performance, with 38% y/y revenue growth to A$67 million. Profit before tax increased 33% y/y to A$34.3 million.
The cash reserves increased 47% y/y to A$121.51 million as of June 30, 2022. Balance sheet is strong with no debt, and high liquidity due to the accumulated cash reserves.
Increasing penetration of Scenesse in existing jurisdictions and new jurisdictions, and extend the use of afamelanotide to adolescent EPP patients should drive near-term growth of the company.


Clinuvel Pharmaceuticals (CUV AU): 38% Revenue Growth Led to Sixth Consecutive Profitable Year

<ul>
<li>There are 4 trading days to go in the review period for the September rebalance of the S&amp;P/ASX indices. Announcement is on 2 September with implementation on 16 September.</li>
<li>There could be 6 changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>, increasing to 8 if <a href="https://www.smartkarma.com/entities/avz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:6148:1" rel="noopener">AVZ Minerals (AVZ AU)</a> continues to be halted and if <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK)</a> is privatised.</li>
<li>The potential adds have outperformed the potential deletes over the last month. Short interest has increased on a few potential deletes. There will be pre-positions built up.</li>
</ul>


There are 4 trading days to go in the review period for the September rebalance of the S&amp;P/ASX indices. Announcement is on 2 September with implementation on 16 September.
There could be 6 changes to the S&amp;P/ASX 200 (AS51 INDEX), increasing to 8 if AVZ Minerals (AVZ AU) continues to be halted and if Link Administration (LNK) is privatised.
The potential adds have outperformed the potential deletes over the last month. Short interest has increased on a few potential deletes. There will be pre-positions built up.


S&P/​​​​ASX Index Rebalance Preview: Adds Outperform Deletes As Review Period End Nears

<ul>
<li>Since publishing my bullish insight on <a href="https://www.smartkarma.com/entities/clinuvel-pharmaceuticals-limited" target="_blank" data-smartkarma-citation="entities:17714:1" rel="noopener">Clinuvel Pharmaceuticals (CUV AU)</a>  on April 29, the company reported ongoing positive financial performance and progress across its expanded clinical program.</li>
<li>In Q4FY22, Clinuvel’s customer receipts surged 62% y/y to AUD24.05 million, mainly driven by rising clinical demand for Scenesse treatment.</li>
<li>Clinuvel stands out amongst its domestic peers for being profitable and cash flow positive. The company has sufficient cash reserves to self-finance planned organic growth.</li>
</ul>


Since publishing my bullish insight on Clinuvel Pharmaceuticals (CUV AU)  on April 29, the company reported ongoing positive financial performance and progress across its expanded clinical program.
In Q4FY22, Clinuvel’s customer receipts surged 62% y/y to AUD24.05 million, mainly driven by rising clinical demand for Scenesse treatment.
Clinuvel stands out amongst its domestic peers for being profitable and cash flow positive. The company has sufficient cash reserves to self-finance planned organic growth.


Clinuvel Pharmaceuticals (CUV AU): Great Marketed Product; Strong Financials; Rich Pipeline

<ul>
<li>There could be one change to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in July following the privatisation of <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>. </li>
<li>Then there will be a whole bunch of changes to the S&amp;P/ASX 100 Index, <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and S&amp;P/ASX 300 Index in September as part of the regular rebalance. </li>
<li>There is large short interest on a couple of the potential adds and a lot of the potential deletes. That will drive stock price moves closer to implementation.</li>
</ul>


There could be one change to the S&amp;P/ASX 200 (AS51 INDEX) in July following the privatisation of Uniti Group Ltd (UWL AU). 
Then there will be a whole bunch of changes to the S&amp;P/ASX 100 Index, S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Index in September as part of the regular rebalance. 
There is large short interest on a couple of the potential adds and a lot of the potential deletes. That will drive stock price moves closer to implementation.


S&P/​​ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes

Australia

Clinuvel Pharmaceuticals Limited is an Australian biopharmaceutical company. The company focused on developing dermatology pharmaceutical products for a range of UV-related skin disorders. Clinuvel's work aims at preventing the symptoms of diseases related to harmful UV radiation.

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Clinuvel Pharmaceuticals (CUV AU)

S&P/ASX Index Rebalance (Sep 2022): Adds, Deletes, Surprises & Pre-Positioning

There are a lot of changes to the ASX200 and ASX300 indices with high impact. There are a few surprises, mainly in the ASX300. Shorts have surged...

Brian Freitas