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 Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<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 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 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

<ul>
<li>In this insight, we take a look at our final expectations for index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.</li>
<li>We do not see any index changes for ASX 20 and ASX 100.</li>
<li>We expect one change for ASX 50 and one change for ASX 200.</li>
</ul>


In this insight, we take a look at our final expectations for index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.
We do not see any index changes for ASX 20 and ASX 100.
We expect one change for ASX 50 and one change for ASX 200.


Quiddity Leaderboard ASX Dec 24: Few Index Changes But High Impact

<ul>
<li>The review period for the December rebalance ended on 29 November. There could be one deletion, plus there will be capping changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/waypoint-reit" target="_blank" data-smartkarma-citation="entities:22851:1" rel="noopener">Waypoint REIT (WPR AU)</a> is the lowest ranked current index constituent and is very close to the deletion threshold.</li>
<li>We estimate the one deletion and capping changes could result in one-way turnover of 3.6% resulting in a one-way trade of A$23m.</li>
</ul>


The review period for the December rebalance ended on 29 November. There could be one deletion, plus there will be capping changes.

Waypoint REIT (WPR AU) is the lowest ranked current index constituent and is very close to the deletion threshold.
We estimate the one deletion and capping changes could result in one-way turnover of 3.6% resulting in a one-way trade of A$23m.


MV Australia A-REITs Index Rebalance Preview: One Close Delete & Capping Changes

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)

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

Quiddity Leaderboard ASX Dec 24: Few Index Changes But High Impact

The ASX Dec 24 official index changes will be announced after market close on Friday 6th December 2024 (tomorrow). It is a good time to revisit...

Janaghan Jeyakumar, CFA

MV Australia A-REITs Index Rebalance Preview: One Close Delete & Capping Changes

Waypoint REIT is the lowest ranked constituent and close to the deletion threshold. There will be capping changes for 5 stocks. Estimated 1-way...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Quiddity Leaderboard ASX Dec 24: Few Index Changes But High Impact

The ASX Dec 24 official index changes will be announced after market close on Friday 6th December 2024 (tomorrow). It is a good time to revisit...

Janaghan Jeyakumar, CFA

MV Australia A-REITs Index Rebalance Preview: One Close Delete & Capping Changes

Waypoint REIT is the lowest ranked constituent and close to the deletion threshold. There will be capping changes for 5 stocks. Estimated 1-way...

Brian Freitas

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