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>The changes at the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a> September rebalance were announced on 4 September. The rebalance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> and HSCI was implemented on the same day.</li>
<li>The changes to the MVIS indices were announced on 8 September and will be implemented at the close on 15 September. The S&amp;P/ASX family will also rebalance on 15 September.</li>
<li>After a month and a half of big inflows to onshore China ETFs, there were small outflows from a lot of ETFs during the week.</li>
</ul>


The changes at the Nikkei 225 September rebalance were announced on 4 September. The rebalance of the HSI, HSCEI, HSTECH and HSCI was implemented on the same day.
The changes to the MVIS indices were announced on 8 September and will be implemented at the close on 15 September. The S&amp;P/ASX family will also rebalance on 15 September.
After a month and a half of big inflows to onshore China ETFs, there were small outflows from a lot of ETFs during the week.


Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, KOSDAQ150, Yuanta ETFs, MVA, MVW, SMH

<ul>
<li>There are no constituent changes for the MVIS Australia Equal Weight Index at the September rebalance. <a href="https://www.smartkarma.com/entities/jb-hi-fi-ltd" target="_blank" data-smartkarma-citation="entities:555:1" rel="noopener">JB Hi-Fi Ltd (JBH AU)</a> and <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> have avoided deletion.</li>
<li>Float and capping changes will result in a one-way turnover of 3.5% and in a one-way trade of A$69m.</li>
<li>There is a lot of short interest on stocks that will have passive buy/sell flows, but there will not be enough volume traded for shorts to use to reduce positions.</li>
</ul>


There are no constituent changes for the MVIS Australia Equal Weight Index at the September rebalance. JB Hi-Fi Ltd (JBH AU) and Charter Hall (CHC AU) have avoided deletion.
Float and capping changes will result in a one-way turnover of 3.5% and in a one-way trade of A$69m.
There is a lot of short interest on stocks that will have passive buy/sell flows, but there will not be enough volume traded for shorts to use to reduce positions.


MVIS Australia Equal Weight Index Rebalance: Float & Capping Changes

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 19th (reported today) which has an aggregated short interest worth USD16.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 19th (reported today) which has an aggregated short interest worth USD16.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest Mining.


ASX Short Interest Weekly (May 19th): Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>All eyes were on <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> listing this week. It didn't disappoint, neither did <a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials.</a>
</li>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> pulled off one of the largest placements so far in 2023, despite being net cash.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
All eyes were on Rakuten Bank (5838 JP) listing this week. It didn't disappoint, neither did Merdeka Battery Materials.


Anta Sports Products (2020 HK) pulled off one of the largest placements so far in 2023, despite being net cash.


ECM Weekly (23rd Apr 2023) - Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 14th (reported today) which has an aggregated short interest worth USD48.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Aurizon, Medibank Private, Coles, Yancoal Australi, Qbe Insurance, Newcrest Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 14th (reported today) which has an aggregated short interest worth USD48.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Aurizon, Medibank Private, Coles, Yancoal Australi, Qbe Insurance, Newcrest Mining.


ASX Short Interest Weekly (Apr 14th): Aurizon, Medibank Private, Coles, Yancoal Australi, Qbe

Australia

Coles Group Limited owns and operates a chain of supermarkets and department stores. The Company offers apparels, liquor, office supplies, groceries, and household products. Coles Group serves customers throughout Australia and New Zealand.

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Coles Group (COL AU)

Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, KOSDAQ150, Yuanta ETFs, MVA, MVW, SMH

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

MVIS Australia Equal Weight Index Rebalance: Float & Capping Changes

There are no constituent changes, but float/capping will result in one-way turnover of 3.5% and in a one-way trade of A$69m. JB Hi-fi and Charter...

Brian Freitas

ASX Short Interest Weekly (May 19th): Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest

We analyzed ASX short interest report for the past week and highlight short interest changes in Wesfarmers, Coles, Xero, ANZ, BHP, Woolworths,...

Ke Yan, CFA, FRM

ECM Weekly (23rd Apr 2023) - Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ASX Short Interest Weekly (Apr 14th): Aurizon, Medibank Private, Coles, Yancoal Australi, Qbe

We analyzed ASX short interest report for the past week and highlight short interest changes in Aurizon, Medibank Private, Coles, Yancoal Australi,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)