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>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.


KOSPI Size Indices: Overlaps Between Active & Passive Flows

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> announced muted 1Q25 result, with all key parameters, including revenue, operating profit, and net profit declining sequentially, as the Xcopri sales in the U.S. moderates.</li>
<li>Xcopri U.S. sales increased 3% QoQ, which is the lowest over the last one year, due to seasonal inventory drawdown, restructuring of major pharmacy chain, and high base effect.</li>
<li>SKBP considers Xcopri U.S. revenue moderation as ‘temporary’ and sees recovery in 2Q. However, high revenue exposure to the U.S. seems to be a serious headwind in current uncertain scenario.  </li>
</ul>



SK Biopharmaceuticals (326030 KS) announced muted 1Q25 result, with all key parameters, including revenue, operating profit, and net profit declining sequentially, as the Xcopri sales in the U.S. moderates.
Xcopri U.S. sales increased 3% QoQ, which is the lowest over the last one year, due to seasonal inventory drawdown, restructuring of major pharmacy chain, and high base effect.
SKBP considers Xcopri U.S. revenue moderation as ‘temporary’ and sees recovery in 2Q. However, high revenue exposure to the U.S. seems to be a serious headwind in current uncertain scenario.  


SK Biopharmaceuticals (326030 KS): Starts 2025 on Slower Note; Xcopri US Sales Growth Moderates

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> reported first-ever annual operating and net profit of KRW96B and KRW227B, respectively in 2024. In 2023, operating and net loss stood at KRW38B and KRW35B, respectively.</li>
<li>The company has turned profitable in 2024 driven by continued momentum of Xcopri in U.S. For 2024, Xcopri recorded revenue of $321.6M in the U.S., exceeding guidance of $300–320M.</li>
<li>For 2025, SKBP has guided for Xcopri U.S. revenue of $420–450M (~KRW570–610B), up 31–40% YoY. The company expects 2025 SG&amp;A expenses will be KRW490B, up 20% YoY.</li>
</ul>



SK Biopharmaceuticals (326030 KS) reported first-ever annual operating and net profit of KRW96B and KRW227B, respectively in 2024. In 2023, operating and net loss stood at KRW38B and KRW35B, respectively.
The company has turned profitable in 2024 driven by continued momentum of Xcopri in U.S. For 2024, Xcopri recorded revenue of $321.6M in the U.S., exceeding guidance of $300–320M.
For 2025, SKBP has guided for Xcopri U.S. revenue of $420–450M (~KRW570–610B), up 31–40% YoY. The company expects 2025 SG&amp;A expenses will be KRW490B, up 20% YoY.


SK Biopharmaceuticals (326030 KS): Records Maiden Profit in 2024; Momentum to Continue

Thematic (Sector/Industry)

<ul>
<li>BeiGene has received FDA approved for Tevimbra for the first-line treatment of certain types of gastric cancers. Innovent announced a collaboration and exclusive license agreement with Roche for an ADC.</li>
<li>CSPC Pharmaceutical got clinical trial approval in China for Leuprorelin extended-release Injection. Sichuan Kelun-Biotech received China approval for tagitanlimab in nasopharyngeal cancer.</li>
<li>Hutchmed China is divesting its 45% equity interest in joint venture for $608M. Yuhan Corp has received European approval for its lung cancer drug Leclaza.</li>
</ul>


BeiGene has received FDA approved for Tevimbra for the first-line treatment of certain types of gastric cancers. Innovent announced a collaboration and exclusive license agreement with Roche for an ADC.
CSPC Pharmaceutical got clinical trial approval in China for Leuprorelin extended-release Injection. Sichuan Kelun-Biotech received China approval for tagitanlimab in nasopharyngeal cancer.
Hutchmed China is divesting its 45% equity interest in joint venture for $608M. Yuhan Corp has received European approval for its lung cancer drug Leclaza.


APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2024.</li>
<li>Volatility has been high in the Korean stock market in the past several weeks resulting in some interesting widening of some gaps among numerous holdcos and opcos in Korea. </li>
<li>Of the 38 pair trades, 19 of them involved holdcos outperforming opcos in the past six months and the other 19 opcos outperforming holdcos in the same period. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2024.
Volatility has been high in the Korean stock market in the past several weeks resulting in some interesting widening of some gaps among numerous holdcos and opcos in Korea. 
Of the 38 pair trades, 19 of them involved holdcos outperforming opcos in the past six months and the other 19 opcos outperforming holdcos in the same period. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2024

South Korea

Dong-A ST Co., Ltd. manufactures pharmaceutical products, including vaccines, AIDS diagnostic kit, chemotherapeutic, nutrition and health drinks, antipyretic, analgesic, and other over-the-counter drugs.

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Dong A St (170900 KS)

KOSPI Size Indices: Overlaps Between Active & Passive Flows

There could be 53 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are 2...

Brian Freitas

SK Biopharmaceuticals (326030 KS): Starts 2025 on Slower Note; Xcopri US Sales Growth Moderates

SK Biopharmaceuticals reports muted 1Q25 results with sequential decline in key parameters due to Xcopri sales moderation in the U.S. due to...

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Records Maiden Profit in 2024; Momentum to Continue

SKBP reported 2024 operating and net profit of KRW96B and KRW227B, respectively, driven by Xcopri's U.S. revenue. The company guided for Xcopri...

Tina Banerjee

APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2024

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KOSPI Size Indices: Overlaps Between Active & Passive Flows

There could be 53 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are 2...

Brian Freitas

SK Biopharmaceuticals (326030 KS): Starts 2025 on Slower Note; Xcopri US Sales Growth Moderates

​SK Biopharmaceuticals reports muted 1Q25 results with sequential decline in key parameters due to Xcopri sales moderation in the U.S. due to...

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Records Maiden Profit in 2024; Momentum to Continue

​SKBP reported 2024 operating and net profit of KRW96B and KRW227B, respectively, driven by Xcopri's U.S. revenue. The company guided for Xcopri...

Tina Banerjee

APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2024

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

SK Biopharmaceuticals reports muted 1Q25 results with sequential decline in key parameters due to Xcopri sales moderation in the U.S. due to...

SKBP reported 2024 operating and net profit of KRW96B and KRW227B, respectively, driven by Xcopri's U.S. revenue. The company guided for Xcopri...