Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Five new deals this week: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a>, and <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>. <a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings (2003 HK)</a> and <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> also in the crosshairs. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a>/<a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, and <a href="https://www.smartkarma.com/entities/dexus" target="_blank" data-smartkarma-citation="entities:403:1" rel="noopener">Dexus Property (DXS AU)</a> 
</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals this week: Insignia Financial (IFL AU), Fosun Tourism (1992 HK), and Lifestyle China (2136 HK). VCredit Holdings (2003 HK) and Vesync (2148 HK) also in the crosshairs. 
Key updates/news took place on: Guotai Junan Securities (2611 HK)/Haitong Securities Co Ltd (H) (6837 HK), Fuji Soft Inc (9749 JP), CPMC Holdings (906 HK), and Dexus Property (DXS AU) 



(Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property

<ul>
<li>Reportedly, Blackstone is running a ruler over<a href="https://www.smartkarma.com/entities/dexus" target="_blank" data-smartkarma-citation="entities:403:1" rel="noopener"> Dexus Property (DXS AU)</a>, one of Australia’s leading fully integrated real estate groups. </li>
<li>The Australian article flips flops: "Blackstone is understood to have been back on the scene"; but "cooled on the opportunity for now". </li>
<li>Almost exactly four year ago, Blackstone <a href="https://www.afr.com/property/commercial/blackstone-snaps-up-logistics-stake-for-2-1b-20211210-p59gl5" target="_blank" rel="noopener">paid A$2.1bn for a 49% stake</a> in the Dexus Australian Logistics Trust, a prime logistics portfolio managed and jointly owned by Dexus.</li>
</ul>


Reportedly, Blackstone is running a ruler over Dexus Property (DXS AU), one of Australia’s leading fully integrated real estate groups. 
The Australian article flips flops: "Blackstone is understood to have been back on the scene"; but "cooled on the opportunity for now". 
Almost exactly four year ago, Blackstone paid A$2.1bn for a 49% stake in the Dexus Australian Logistics Trust, a prime logistics portfolio managed and jointly owned by Dexus.


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

Clarity Pharmaceuticals Ltd / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/car-group-ltd" target="_blank" data-smartkarma-citation="entities:701:1" rel="noopener">CAR Group (CAR AU)</a> replaces <a href="https://www.smartkarma.com/entities/dexus" target="_blank" data-smartkarma-citation="entities:403:1" rel="noopener">Dexus Property (DXS AU)</a> in the S&amp;P/ASX50 Index and <a href="https://www.smartkarma.com/entities/clarity-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:34095:1" rel="noopener">Clarity Pharmaceuticals Ltd (CU6 AU)</a> replaces <a href="https://www.smartkarma.com/entities/spark-new-zealand-ltd-3dcc706a-f086-4dd4-882b-2a42a36ccf8d" target="_blank" data-smartkarma-citation="entities:26915:1" rel="noopener">Spark New Zealand (SPK AU)</a> in 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/ASX200 (AS51 INDEX)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/dexus" target="_blank" data-smartkarma-citation="entities:403:1" rel="noopener">Dexus Property</a> and <a href="https://www.smartkarma.com/entities/spark-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:930:1" rel="noopener">Spark New Zealand</a> were deleted from a global index a couple of weeks ago, so this will heap further pressure and increase the real float of the stocks.</li>
<li>There has been an increase in cumulative excess volume for all changes, but positioning in some stocks may continue post the announcement.</li>
</ul>



CAR Group (CAR AU) replaces Dexus Property (DXS AU) in the S&amp;P/ASX50 Index and Clarity Pharmaceuticals Ltd (CU6 AU) replaces Spark New Zealand (SPK AU) in the S&amp;P/ASX200 (AS51 INDEX).

Dexus Property and Spark New Zealand were deleted from a global index a couple of weeks ago, so this will heap further pressure and increase the real float of the stocks.
There has been an increase in cumulative excess volume for all changes, but positioning in some stocks may continue post the announcement.


S&P/​​​​ASX Index Rebalance (Dec 2024): CAR, Clarity Pharma Added; Dexus, Spark Deleted

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>The ADDs/DELs for the ASX index family for the December 2024 index rebal event were announced after market close on Friday 6th December 2024.</li>
<li>There will be one ADD/DEL for both ASX 50 and ASX 200. All of these are perfectly in line with our <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-asx-dec-24-few-index-changes-but-high-impact" target="_blank" rel="noopener">final expectations</a>.</li>
<li>In this insight, we take a final look at the flow expectations for each of these index changes.</li>
</ul>


The ADDs/DELs for the ASX index family for the December 2024 index rebal event were announced after market close on Friday 6th December 2024.
There will be one ADD/DEL for both ASX 50 and ASX 200. All of these are perfectly in line with our final expectations.
In this insight, we take a final look at the flow expectations for each of these index changes.


Quiddity ASX Dec 24 Results: 100% Hit Rate; ADDs Have High-Impact; DELs See Short Covering

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 29th (reported today) which has an aggregated short interest worth USD23.8bn.</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 Transurban, Mineral Resources, Wisetech Global, Macquarie, Pilbara Minerals, Ampol, Dexus Property, ANZ.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 29th (reported today) which has an aggregated short interest worth USD23.8bn.
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 Transurban, Mineral Resources, Wisetech Global, Macquarie, Pilbara Minerals, Ampol, Dexus Property, ANZ.


ASX Short Interest Weekly (Nov 29th): Transurban, Mineral Resources, Wisetech Global, Macquarie

Australia

Dexus provides real estate services. The Company manages and invests in a portfolio of diversified properties, including office and industrial buildings, retail shopping centers, and car parks. Dexus serves customers in Australia and New Zealand.

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Dexus Property (DXS AU)

(Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Blackstone Eyes Move On Dexus (DXS AU)

There's a sniff of an Offer. But not much of one. Dexus looks pretty beaten up here. But I can see the share price sideways trend continuing...

David Blennerhassett

S&P/ASX Index Rebalance (Dec 2024): CAR, Clarity Pharma Added; Dexus, Spark Deleted

CAR replaces Dexus Property in the ASX50 and Clarity Pharma replaces Spark NZ in the ASX200. This is another big deletion for Dexus and Spark...

Brian Freitas

Quiddity ASX Dec 24 Results: 100% Hit Rate; ADDs Have High-Impact; DELs See Short Covering

ASX 50 ADD CAR Group (CAR AU) and ASX 200 ADD Clarity Pharma (CU6 AU) are high-impact names with more than 5x ADV to buy.

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Nov 29th): Transurban, Mineral Resources, Wisetech Global, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Transurban, Mineral Resources, Wisetech Global,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Blackstone Eyes Move On Dexus (DXS AU)

There's a sniff of an Offer. But not much of one. Dexus looks pretty beaten up here. But I can see the share price sideways trend continuing...

David Blennerhassett

S&P/​​​​ASX Index Rebalance (Dec 2024): CAR, Clarity Pharma Added; Dexus, Spark Deleted

CAR replaces Dexus Property in the ASX50 and Clarity Pharma replaces Spark NZ in the ASX200. This is another big deletion for Dexus and Spark...

Brian Freitas

Quiddity ASX Dec 24 Results: 100% Hit Rate; ADDs Have High-Impact; DELs See Short Covering

ASX 50 ADD CAR Group (CAR AU) and ASX 200 ADD Clarity Pharma (CU6 AU) are high-impact names with more than 5x ADV to buy.

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Nov 29th): Transurban, Mineral Resources, Wisetech Global, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Transurban, Mineral Resources, Wisetech Global,...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance (Dec 2024): CAR, Clarity Pharma Added; Dexus, Spark Deleted