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>Nearing a few days left in the review period, there could be 39 adds/deletes across the S&amp;P/ASX family of indices in March.</li>
<li>Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to 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/ASX 200</a> and S&amp;P/ASX 300.</li>
<li>Except for 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/ASX 200 (AS51 INDEX)</a> that is heavily tracked, the performance of the forecast changes to the other indices has been very stable with adds outperforming deletes bigly.</li>
</ul>


Nearing a few days left in the review period, there could be 39 adds/deletes across the S&amp;P/ASX family of indices in March.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&amp;P/ASX 200 and S&amp;P/ASX 300.
Except for the S&amp;P/ASX 200 (AS51 INDEX) that is heavily tracked, the performance of the forecast changes to the other indices has been very stable with adds outperforming deletes bigly.


S&P/​​​​​​​​​ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly

<ul>
<li>Nearing the end of the review period, there could be 36 adds/deletes across the S&amp;P/ASX family of indices in March.</li>
<li>Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to 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/ASX 200</a> and S&amp;P/ASX 300.</li>
<li>Completion of the merger with Chemist Warehouse in February will set off huge passive buying in <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a> over the February to June period.</li>
</ul>


Nearing the end of the review period, there could be 36 adds/deletes across the S&amp;P/ASX family of indices in March.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&amp;P/ASX 200 and S&amp;P/ASX 300.
Completion of the merger with Chemist Warehouse in February will set off huge passive buying in Sigma Healthcare (SIG AU) over the February to June period.


S&P/​​​​​​​​​ASX Index Rebalance Preview: Lots of Change; Could Be More with Sigma/CWG Merger

External broker reports(aggregated public sources), Wilsons Advisory

Wilsons Advisory

External broker reports(aggregated public sources)

Wilsons has a distinguished history in financial services that spans over 125 years. Today, the group has significant capabilities in private wealth management, corporate finance, research and investment strategy, and institutional sales. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><ul><li>Equity Trustees reported 1H23a EBIT of $20.3m (+1.3% vs. WILSe).</li><li>Revenue growth was achieved across all verticals through organic growth and the consolidation of AET (acquired in November 2022).</li><li>Underlying FUMAS growth was flat yoy, due to market volatility but benefited from AET (inc. platforms). </li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Equity Trustees reported 1H23a EBIT of $20.3m (+1.3% vs. WILSe).Revenue growth was achieved across all verticals through organic growth and the consolidation of AET (acquired in November 2022).Underlying FUMAS growth was flat yoy, due to market volatility but benefited from AET (inc. platforms). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EQT Holdings (EQT) - O/W: Super(Annuation) Consistent

<ul><li>Outlook: No quantitative guidance. EQT confident in strategy, seeing ongoing opportunities for growth and encouraged by revenue and FUMAS increases.  AET acquisition on track to deliver synergies.</li><li>Revenue: Total revenue of $62.8m was +2.4% vs WILSe with the stronger than expected result driven by beats in STS and interest from managed fund distributions, with a partial offset from weakness in TWS due to adverse equity markets.</li><li>STS revenue was the standout, +7.9% yoy to $11.3m, driven by increased demand for the independent trustee model driving two new client wins (Super Simplifier and Raiz Invest adding $0.9m and $0.1m in FUMAS).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Outlook: No quantitative guidance. EQT confident in strategy, seeing ongoing opportunities for growth and encouraged by revenue and FUMAS increases.  AET acquisition on track to deliver synergies.Revenue: Total revenue of $62.8m was +2.4% vs WILSe with the stronger than expected result driven by beats in STS and interest from managed fund distributions, with a partial offset from weakness in TWS due to adverse equity markets.STS revenue was the standout, +7.9% yoy to $11.3m, driven by increased demand for the independent trustee model driving two new client wins (Super Simplifier and Raiz Invest adding $0.9m and $0.1m in FUMAS).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EQT Holdings (EQT) - 1H23 Result: First Impressions

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The EGM to approve the <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> distribution of <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.</li>
<li>This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND's acquisition of the CM and the BCM business for A$1.27 billion.  </li>
<li>Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.</li>
</ul>


The EGM to approve the PEXA Group (PXA AU) distribution of Link Administration (LNK AU)’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.
This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND's acquisition of the CM and the BCM business for A$1.27 billion.  
Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.


Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value

Australia

Equity Holdings Limited provides personal trust and financial services to customers in Australia.   Services include will and estate planning, trustee for settlements, financial guardian, investment and property management and fund investments. Other services provided by the company  include income tax services, short term share trading and mortgage loans and investments.

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EQT Holdings (EQT AU)

S&P/ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly

There could be 39 changes for the S&P/ASX family in March. The forecast adds continue to outperform the forecast deletes in all indices. Huge...

Brian Freitas

S&P/ASX Index Rebalance Preview: Lots of Change; Could Be More with Sigma/CWG Merger

There could be 36 changes for the ASX indices in March. There is big flow and impact. The Sigma merger with CWG will result in over A$2bn of...

Brian Freitas

EQT Holdings (EQT) - O/W: Super(Annuation) Consistent

Equity Trustees reported 1H23a EBIT of $20.3m (+1.3% vs. WILSe). Revenue growth was achieved across all verticals through organic growth and the...

Wilsons Advisory

EQT Holdings (EQT) - 1H23 Result: First Impressions

No quantitative guidance. EQT confident in strategy, seeing ongoing opportunities for growth and encouraged by revenue and FUMAS increases.

Wilsons Advisory

Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value

The PEXA distribution marks the latest move to unlock the underlying value by pursuing a breakup strategy. If you haven’t been turned off by the...

Arun George

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P/​​​​​​​​​ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly

There could be 39 changes for the S&P/ASX family in March. The forecast adds continue to outperform the forecast deletes in all indices. Huge...

Brian Freitas

S&P/​​​​​​​​​ASX Index Rebalance Preview: Lots of Change; Could Be More with Sigma/CWG Merger

There could be 36 changes for the ASX indices in March. There is big flow and impact. The Sigma merger with CWG will result in over A$2bn of...

Brian Freitas

EQT Holdings (EQT) - O/W: Super(Annuation) Consistent

Equity Trustees reported 1H23a EBIT of $20.3m (+1.3% vs. WILSe). Revenue growth was achieved across all verticals through organic growth and the...

Wilsons Advisory

EQT Holdings (EQT) - 1H23 Result: First Impressions

No quantitative guidance. EQT confident in strategy, seeing ongoing opportunities for growth and encouraged by revenue and FUMAS increases.

Wilsons Advisory

Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value

The PEXA distribution marks the latest move to unlock the underlying value by pursuing a breakup strategy. If you haven’t been turned off by the...

Arun George

S&P/ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly

S&P/ASX Index Rebalance Preview: Lots of Change; Could Be More with Sigma/CWG Merger