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 margin trading positions of JPX stocks as of Oct 31st. The aggregated net margin trading position is USD18,547m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial, Fujikura, Kioxia, Keyence, Tokyo Electron, IHI, Socionext, Advantest, Kobe Bussan, Disco, Mitsubishi Ufj Financial, Fujikura.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 31st. The aggregated net margin trading position is USD18,547m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial, Fujikura, Kioxia, Keyence, Tokyo Electron, IHI, Socionext, Advantest, Kobe Bussan, Disco, Mitsubishi Ufj Financial, Fujikura.


JPX Margin Trading Weekly (Oct 31st): Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial

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>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>'s weight in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> has crossed 10% and staying there will lead to capping at the March rebalance.</li>
<li>A lot of <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>'s float is held by passive trackers, and the real float is much lower. The capping will increase that float significantly.</li>
<li>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a> has outperformed its peers significantly and trades at higher valuation metrics compared to its peers.</li>
</ul>



Advantest Corp (6857 JP)'s weight in the Nikkei 225 (NKY INDEX) has crossed 10% and staying there will lead to capping at the March rebalance.
A lot of Advantest Corp (6857 JP)'s float is held by passive trackers, and the real float is much lower. The capping will increase that float significantly.

Advantest Corp (6857 JP) has outperformed its peers significantly and trades at higher valuation metrics compared to its peers.


Advantest (6857 JP): Rally Leads to Potential NKY Capping

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 17th. The aggregated net margin trading position is USD18,404m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Kobe Bussan, Advantest, Disco, Mitsubishi Heavy Industries, SoftBank, Fujikura, Mitsubishi UFJ Financial, Recruit, Furukawa Electric, Ihi, Kobe Bussan, Advantest, Disco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 17th. The aggregated net margin trading position is USD18,404m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Kobe Bussan, Advantest, Disco, Mitsubishi Heavy Industries, SoftBank, Fujikura, Mitsubishi UFJ Financial, Recruit, Furukawa Electric, Ihi, Kobe Bussan, Advantest, Disco.


JPX Margin Trading Weekly (Oct 17th): IHI, Kobe Bussan, Advantest, Disco

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 10th. The aggregated net margin trading position is USD17,836m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, SoftBank, Fast Retailing, Advantest, Mitsubishi Heavy Industries, Keyence, Nojima, Kobe Bussan, Hitachi, Kawasaki Heavy Industries, Ihi, Softbank, Fast Retailing, Advantest.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 10th. The aggregated net margin trading position is USD17,836m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, SoftBank, Fast Retailing, Advantest, Mitsubishi Heavy Industries, Keyence, Nojima, Kobe Bussan, Hitachi, Kawasaki Heavy Industries, Ihi, Softbank, Fast Retailing, Advantest.


JPX Margin Trading Weekly (Oct 10th): IHI, SoftBank, Fast Retailing, Advantest

Japan

DISCO CORPORATION manufactures abrasive and precision industrial machinery for cutting and grinding purposes.  The Company's products are applied in the semiconductor, electronics, and construction industries to produce consumer goods such as personal computers, digital cameras, video game systems, and Digital Video Disc (DVD) players.

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DISCO Corp (6146 JP)

JPX Margin Trading Weekly (Oct 31st): Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Kobe Bussan (3038 JP), Disco (6146 JP),...

Ke Yan, CFA, FRM

Advantest (6857 JP): Rally Leads to Potential NKY Capping

Following today's rally, Advantest's weight in the Nikkei225 is ~11.2%. At that level, the stock will be capped in March and then again in...

Brian Freitas

JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kawasaki Heavy Industries (7012 JP), Lasertec...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Oct 17th): IHI, Kobe Bussan, Advantest, Disco

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kobe Bussan (3038 JP), Advantest (6857 JP), Disco...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Oct 10th): IHI, SoftBank, Fast Retailing, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), SoftBank (9984 JP), Fast Retailing (9983 JP),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)