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>
<a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a> listed in 2015 when Paine &amp; Partners sold 40% of its stake in the company.</li>
<li>Paine Schwartz Partners bought a 13.84% stake last year, increased it in March, and has now made an offer to buy out the remaining shares at A$3.5/share in cash.</li>
<li>Short interest was over nearly 11 days of ADV to cover and short covering could take the stock higher sooner. This is a buy here.</li>
</ul>



Costa Group Holdings (CGC AU) listed in 2015 when Paine &amp; Partners sold 40% of its stake in the company.
Paine Schwartz Partners bought a 13.84% stake last year, increased it in March, and has now made an offer to buy out the remaining shares at A$3.5/share in cash.
Short interest was over nearly 11 days of ADV to cover and short covering could take the stock higher sooner. This is a buy here.


Costa Group (CGC AU): Paine Schwartz Wants It Back

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 Feb 10th (reported today) which has an aggregated short interest worth USD15.6bn.</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 Newcrest Mining, Rio Tinto, Suncorp, Insurance Australia, Woodside Energy, Wesfarmer.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 10th (reported today) which has an aggregated short interest worth USD15.6bn.
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 Newcrest Mining, Rio Tinto, Suncorp, Insurance Australia, Woodside Energy, Wesfarmer.


ASX Short Interest Weekly (Feb 10th): Newcrest, Rio Tinto, Suncorp, Insurance Australia,

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 21st (reported today) which has an aggregated short interest worth USD17.5bn.</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 Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth, Rio Tinto, Santos.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 21st (reported today) which has an aggregated short interest worth USD17.5bn.
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 Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth, Rio Tinto, Santos.


ASX Short Interest Weekly (Oct 21st): Telstra, BHP, Woolworth, Rio Tinto, Santos

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>, one of Australia's largest fresh fruit and vegetable producer, is understood to be in the cross-hairs of Paine Schwartz Partners.</li>
<li>According to the AFR, Paine is using Citi to buy shares up to $2.60/share a 16.6% premium to last close, with a 15% stake in mind.</li>
<li>There's a whiff of opportunism here after Costa's recent EBITDA downgrade. However, the return of its major shareholder suggests value has emerged.</li>
</ul>



Costa Group Holdings (CGC AU), one of Australia's largest fresh fruit and vegetable producer, is understood to be in the cross-hairs of Paine Schwartz Partners.
According to the AFR, Paine is using Citi to buy shares up to $2.60/share a 16.6% premium to last close, with a 15% stake in mind.
There's a whiff of opportunism here after Costa's recent EBITDA downgrade. However, the return of its major shareholder suggests value has emerged.


Costa Group's Low-Hanging Fruit: Paine Schwartz Renews Interest

Vitalharvest Freehold Trust / Event-Driven

<a href="https://www.smartkarma.com/entities/vitalharvest-freehold-trust" target="_blank" data-smartkarma-citation="entities:29120:1" rel="noopener">Vitalharvest Freehold Trust (VTH AU)</a>, owner of one of Australia's largest aggregations of citrus and berry farms, has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02306235-3A554957?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">received</a> an all-cash cash Offer of $1.00/unit (27.4% premium to last close) from Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme.
Should the Scheme not be approved by unitholders, MIRA is offering to buy all of VTH's assets for A$300mn in cash, which requires a reduced shareholder approval threshold.
Both Offers are already fully funded, and do not require due diligence. FIRB approval has been received for both.
The headline Offer Price is in line with VTH's IPO price, which was listed on the <a href="https://www.spglobal.com/marketintelligence/en/news-insights/trending/uybfyhpjpjl_f8rbzs3ota2" target="_blank" rel="noopener">1 August 2018</a>. VTH has closed above $1.00 once since listing  - $1.01/share to be exact.
The outcome of MIRA's Offer hinges on <a href="https://www.smartkarma.com/entities/primewest-group-ltd" target="_blank" data-smartkarma-citation="entities:29103:1" rel="noopener">Primewest Group Ltd (PWG AU)</a>, currently holding 19.9% of units out. 
More below the fold.

Vitalharvest Freehold Trust (VTH AU), owner of one of Australia's largest aggregations of citrus and berry farms, has received an all-cash cash Offer of $1.00/unit (27.4% premium to last close) from Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme.
Should the Scheme not be approved by unitholders, MIRA is offering to buy all of VTH's assets for A$300mn in cash, which requires a reduced shareholder approval threshold.
Both Offers are already fully funded, and do not require due diligence. FIRB approval has been received for both.
The headline Offer Price is in line with VTH's IPO price, which was listed on the 1 August 2018. VTH has closed above $1.00 once since listing  - $1.01/share to be exact.
The outcome of MIRA's Offer hinges on Primewest Group Ltd (PWG AU), currently holding 19.9% of units out. 
More below the fold.

Vitalharvest (VTH AU): Macquarie Doesn't See A Lemon

Australia

Costa Group Holdings Limited operates as a holding company. The Company, through its subsidiaries, grows and markets fruits and vegetables. Costa Group Holdings supplies its products to supermarket chains and independent grocers worldwide.

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Costa Group Holdings (CGC AU)

Costa Group (CGC AU): Paine Schwartz Wants It Back

PSP has made an offer to acquire Costa Group at A$3.5/share in cash. That is a pretty big premium to medium term VWAPs. Short interest is 11x ADV...

Brian Freitas

ASX Short Interest Weekly (Feb 10th): Newcrest, Rio Tinto, Suncorp, Insurance Australia,

We analyzed ASX short interest report for the past week and highlight short interest changes in Newcrest Mining, Rio Tinto, Suncorp, Insurance...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 21st): Telstra, BHP, Woolworth, Rio Tinto, Santos

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth,...

Ke Yan, CFA, FRM

Costa Group's Low-Hanging Fruit: Paine Schwartz Renews Interest

The return of its major shareholder suggests valuation has emerged. I'd be buying up to and around Paine's level or A$2.60/share.

David Blennerhassett

Vitalharvest (VTH AU): Macquarie Doesn't See A Lemon

This appears a fair Offer. But is contingent on Primewest's support. The alternative is that Primewest comes over the top with its own superior Offer.

David Blennerhassett

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