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/a2-milk-co-ltd" target="_blank" data-smartkarma-citation="entities:17656:1" rel="noopener">A2 Milk Co Ltd (ATM NZ)</a> will replace <a href="https://www.smartkarma.com/entities/ryman-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:10590:1" rel="noopener">Ryman Healthcare (RYM NZ)</a> in the S&amp;P/NZX 10 Index at the close of trading on 21 March.</li>
<li>Passive trackers will need to buy 0.8x ADV in <a href="https://www.smartkarma.com/entities/a2-milk-co-ltd" target="_blank" data-smartkarma-citation="entities:17656:1" rel="noopener">A2 Milk Co Ltd (ATM NZ)</a> and will need to sell 1.2x ADV in <a href="https://www.smartkarma.com/entities/ryman-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:10590:1" rel="noopener">Ryman Healthcare (RYM NZ)</a>. </li>
<li>Importantly, <a href="https://www.smartkarma.com/entities/a2-milk-co-ltd" target="_blank" data-smartkarma-citation="entities:17656:1" rel="noopener">A2 Milk Co Ltd (ATM NZ)</a> is a deletion from a global index at the close on 21 March and the selling from those passive trackers is far larger.</li>
</ul>



A2 Milk Co Ltd (ATM NZ) will replace Ryman Healthcare (RYM NZ) in the S&amp;P/NZX 10 Index at the close of trading on 21 March.
Passive trackers will need to buy 0.8x ADV in A2 Milk Co Ltd (ATM NZ) and will need to sell 1.2x ADV in Ryman Healthcare (RYM NZ). 
Importantly, A2 Milk Co Ltd (ATM NZ) is a deletion from a global index at the close on 21 March and the selling from those passive trackers is far larger.


S&P/NZX 10 Index Rebalance: A2 Milk (ATM NZ) Replaces Ryman Healthcare (RYM NZ)

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>Ready-mix concrete (RMC) production fell -6% year-on-year in the December 2024 quarter, marking another down year for the sector.</li><li>Total 2024 volumes declined -8%, and on a 12-month rolling basis, concrete production is now -20% below its September 2022 peak.</li><li>As an early construction material, weak concrete production suggests activity is likely to remain subdued over the first half of 2025. </li></ul>

Ready-mix concrete (RMC) production fell -6% year-on-year in the December 2024 quarter, marking another down year for the sector.Total 2024 volumes declined -8%, and on a 12-month rolling basis, concrete production is now -20% below its September 2022 peak.As an early construction material, weak concrete production suggests activity is likely to remain subdued over the first half of 2025. 

Building Sector - Ready-Mix Concrete—2024 Sets

<ul><li>Total residential consents for 2024 settled c.-10% lower than the prior year at 33.6k.</li><li>This decline was driven by a c.-17% drop in high-density consents, while detached housing remained broadly flat (+1%).</li><li>Monthly consent numbers have remained stable within the 30k–35k range throughout the year. </li></ul>

Total residential consents for 2024 settled c.-10% lower than the prior year at 33.6k.This decline was driven by a c.-17% drop in high-density consents, while detached housing remained broadly flat (+1%).Monthly consent numbers have remained stable within the 30k–35k range throughout the year. 

Building Sector - NZ Consents—Another Year Down

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 8th (reported today) which has an aggregated short interest worth USD25.2bn.</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 National Australia Bank, Sigma Pharmaceuticals, Macquarie, Aristocrat Leisure, Evolution Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 8th (reported today) which has an aggregated short interest worth USD25.2bn.
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 National Australia Bank, Sigma Pharmaceuticals, Macquarie, Aristocrat Leisure, Evolution Mining.


ASX Short Interest Weekly (Nov 8th): National Australia Bank, Sigma Pharmaceuticals, Macquarie

Equity Bottom-Up

<ul><li>Fletcher Building (FBU) announced that the joint industry response (JIR) for its Pro-Fit pipe leak issues in Western Australia has been finalised.</li><li>The key terms from the agreement are unchanged from the announcement in August.</li><li>While the finalisation of the JIR does not fully sterilise the issue, with litigious risk and potential cost overrun the key risks from here, this is an important step for FBU to draw a line in the sand on this issue. </li></ul>

Fletcher Building (FBU) announced that the joint industry response (JIR) for its Pro-Fit pipe leak issues in Western Australia has been finalised.The key terms from the agreement are unchanged from the announcement in August.While the finalisation of the JIR does not fully sterilise the issue, with litigious risk and potential cost overrun the key risks from here, this is an important step for FBU to draw a line in the sand on this issue. 

Fletcher Building - WA Pipes Joint Industry Response Finalised

Australia

Fletcher Building Limited manufactures, distributes, and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber, and aluminium extrusion. The Company operates primarily in New Zealand and Australia.

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Fletcher Building (FBU AU)

S&P/NZX 10 Index Rebalance: A2 Milk (ATM NZ) Replaces Ryman Healthcare (RYM NZ)

a2Milk replaces Ryman Healthcare in the NZX10 Index. Ryman has continued to slide following the NZ$1bn equity raise while a2 Milk is a deletion...

Brian Freitas

Building Sector - Ready-Mix Concrete—2024 Sets

Ready-mix concrete (RMC) production fell -6% year-on-year in the December 2024 quarter, marking another down year for the sector.

Forsyth Barr

Building Sector - NZ Consents—Another Year Down

Total residential consents for 2024 settled c.-10% lower than the prior year at 33.6k. This decline was driven by a c.-17% drop in high-density...

Forsyth Barr

ASX Short Interest Weekly (Nov 8th): National Australia Bank, Sigma Pharmaceuticals, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Sigma Pharmaceuticals,...

Ke Yan, CFA, FRM

Fletcher Building - WA Pipes Joint Industry Response Finalised

Fletcher Building (FBU) announced that the joint industry response (JIR) for its Pro-Fit pipe leak issues in Western Australia has been finalised.

Forsyth Barr

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