Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The highly-anticipated Defence Strategic Review, released on the 24 April, clarifies the five key missions for the Australian Defence Force: maritime, land, air, space, and cyber.</li>
<li>One takeaway recommended Defence balance the need for local content against its timely acquisition, suggesting increased off-the-shelf acquisitions. This <em>may</em> favour overseas contractors in place of the domestic industry.</li>
<li>
<strong><a href="https://www.smartkarma.com/entities/codan-ltd-australia" target="_blank" data-smartkarma-citation="entities:6189:1" rel="noopener">Codan (CDA AU)</a></strong>, whose metal detectors and communications technology are used by the military, is one SME whose procurement speed may be scrutinised. </li>
</ul>


The highly-anticipated Defence Strategic Review, released on the 24 April, clarifies the five key missions for the Australian Defence Force: maritime, land, air, space, and cyber.
One takeaway recommended Defence balance the need for local content against its timely acquisition, suggesting increased off-the-shelf acquisitions. This may favour overseas contractors in place of the domestic industry.

Codan (CDA AU), whose metal detectors and communications technology are used by the military, is one SME whose procurement speed may be scrutinised. 


Codan (CDA AU): Balancing Defence And Accelerated Preparedness

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 set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for 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>. </li>
<li>Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.</li>
</ul>


There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for the S&amp;P/ASX 200 (AS51 INDEX). 
Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.

Core Lithium Ltd (CXO AU) is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.


S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>The index changes for the S&amp;P ASX Index family for the June 2022 Rebalance were announced today.</li>
<li>There will be 4 Adds and 5 Deletes for the ASX 200 Index, mostly in line with our expectations in <a href="https://www.smartkarma.com/insights/s-p-asx-indices-quiddity-leaderboard-for-june-2022-rebalance-2-0" target="_blank" data-smartkarma-citation="insights:69725" rel="noopener">S&amp;P/​​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0</a>.  </li>
<li>There are also changes announced for ASX 50 and ASX 100. Below is a closer look at the details of the names involved in this Rebalance Event.</li>
</ul>


The index changes for the S&amp;P ASX Index family for the June 2022 Rebalance were announced today.
There will be 4 Adds and 5 Deletes for the ASX 200 Index, mostly in line with our expectations in S&amp;P/​​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0.  
There are also changes announced for ASX 50 and ASX 100. Below is a closer look at the details of the names involved in this Rebalance Event.


S&P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials

<ul>
<li>The <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts</a> Scheme Meeting is scheduled for 20 May and the last trading day could be 24 May, while <a href="https://www.smartkarma.com/entities/the-lottery-corporation-limited" target="_blank" data-smartkarma-citation="entities:35970:1" rel="noopener">The Lottery Corp</a> is expected to start trading 24 May.</li>
<li>The changes for the S&amp;P/ASX 50 Index and S&amp;P/ASX 100 Index will depend on the market cap of <a href="https://www.smartkarma.com/entities/the-lottery-corporation-limited" target="_blank" data-smartkarma-citation="entities:35970:1" rel="noopener">The Lottery Corp (TLC AU)</a> and new <a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a>.</li>
<li>The potential adds have outperformed the potential deletes over the last week and couple of months so there will be some pre-positions in there already.</li>
</ul>


The Crown Resorts Scheme Meeting is scheduled for 20 May and the last trading day could be 24 May, while The Lottery Corp is expected to start trading 24 May.
The changes for the S&amp;P/ASX 50 Index and S&amp;P/ASX 100 Index will depend on the market cap of The Lottery Corp (TLC AU) and new Tabcorp Ltd (TAH AU).
The potential adds have outperformed the potential deletes over the last week and couple of months so there will be some pre-positions in there already.


S&P/​ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

<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. It rebalances four times a year.</li>
<li>In June 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 200, 100, 50, and 20. There is likely to be an intra-quarter change too.</li>
<li>This is a follow-up insight to <a href="https://www.smartkarma.com/insights/s-p-asx-indices-quiddity-leaderboard-for-june-2022-rebalance" target="_blank" data-smartkarma-citation="insights:68033" rel="noopener">S&amp;P/​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance</a>. with updated expectations for inclusions/changes in the various indices in the next 6 weeks. </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. It rebalances four times a year.
In June 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 200, 100, 50, and 20. There is likely to be an intra-quarter change too.
This is a follow-up insight to S&amp;P/​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance. with updated expectations for inclusions/changes in the various indices in the next 6 weeks. 


S&P/​​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0

Australia

Codan Limited develops rugged and electronics solutions for international government, corporate, NGO and consumer markets. The company's line of business includes provision of radio communications, metal detection and tracking solutions.

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Codan (CDA AU)

Codan (CDA AU): Balancing Defence And Accelerated Preparedness

I don't believe the Defence Strategic Review will have any material bearing on Codan. Valuation-wise, Codan doesn't strike me as overly cheap. For...

David Blennerhassett

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

S&P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials

S&P ASX Index changes for June 2022 have been announced. ASX 50, ASX 100, and ASX 200 are about to experience constituent changes. Inclusion...

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

The Crown Resorts privatisation and Tabcorp spinoff will add to the S&P/ASX changes in June. There is a lot to trade on the potential adds/deletes...

Brian Freitas

S&P/ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0

A look at the leading candidates who could become S&P ASX Index Adds/Deletes during the June 2022 Rebalance and other potential irregular changes.

Janaghan Jeyakumar, CFA

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52-week Range

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Codan (CDA AU): Balancing Defence And Accelerated Preparedness

I don't believe the Defence Strategic Review will have any material bearing on Codan. Valuation-wise, Codan doesn't strike me as overly cheap. For...

David Blennerhassett

S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

S&P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials

S&P ASX Index changes for June 2022 have been announced. ASX 50, ASX 100, and ASX 200 are about to experience constituent changes. Inclusion...

Janaghan Jeyakumar, CFA

S&P/​ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

The Crown Resorts privatisation and Tabcorp spinoff will add to the S&P/ASX changes in June. There is a lot to trade on the potential adds/deletes...

Brian Freitas

S&P/​​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0

A look at the leading candidates who could become S&P ASX Index Adds/Deletes during the June 2022 Rebalance and other potential irregular changes.

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

S&P/ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

S&P/ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0