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 short interest of ASX Stocks as of Mar 1st (reported today) which has an aggregated short interest worth USD19.3bn.</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 Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo, Yancoal Australi, Macquarie, Xero, Lovisa.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 1st (reported today) which has an aggregated short interest worth USD19.3bn.
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 Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo, Yancoal Australi, Macquarie, Xero, Lovisa.


ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo

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>With the review period complete, there are 3 stocks that are close to the deletion zone and could be removed from the index at the March rebalance.</li>
<li>Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.4% and a one-way trade of A$97m.</li>
<li>There are 9 stocks with over A$5m to trade from passive trackers but the impact on the stocks is not very high.</li>
</ul>


With the review period complete, there are 3 stocks that are close to the deletion zone and could be removed from the index at the March rebalance.
Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.4% and a one-way trade of A$97m.
There are 9 stocks with over A$5m to trade from passive trackers but the impact on the stocks is not very high.


MVIS Australia Equal Weight Index Rebalance Preview: Three Close Deletions

<ul>
<li>There is 1 change for the S&amp;P/ASX20 Index, 2 changes for the S&amp;P/ASX100 Index, 4 changes 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/ASX200 INDEX</a> and 14 adds/10 deletes for the S&amp;P/ASX300 Index in March.</li>
<li>The largest impact is expected on 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 (AS51 INDEX)</a> while flows are large among changes to the S&amp;P/ASX 20 Index and S&amp;P/ASX 100 Index too.</li>
<li>There has been a steady increase in cumulative excess volume for most stocks but there are a few where there has been a spike recently.</li>
</ul>


There is 1 change for the S&amp;P/ASX20 Index, 2 changes for the S&amp;P/ASX100 Index, 4 changes for the S&amp;P/ASX200 INDEX and 14 adds/10 deletes for the S&amp;P/ASX300 Index in March.
The largest impact is expected on the changes to the S&amp;P/ASX 200 (AS51 INDEX) while flows are large among changes to the S&amp;P/ASX 20 Index and S&amp;P/ASX 100 Index too.
There has been a steady increase in cumulative excess volume for most stocks but there are a few where there has been a spike recently.


S&P/​​​​ASX Index Rebalance (Mar 2024): Changes, Flows, Impact, Shorts & Positioning

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The results for the March 2024 index rebal event for ASX indices were announced after the close on Friday 1st March 2024.</li>
<li>There is one change for ASX 20, two changes for ASX 100, and four changes for ASX 200.</li>
<li>There are 14 ADDs and 10 DELs for ASX 300 and while most of these are small-size flow names some of them have more than 15x ADV to trade.</li>
</ul>


The results for the March 2024 index rebal event for ASX indices were announced after the close on Friday 1st March 2024.
There is one change for ASX 20, two changes for ASX 100, and four changes for ASX 200.
There are 14 ADDs and 10 DELs for ASX 300 and while most of these are small-size flow names some of them have more than 15x ADV to trade.


Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 23rd (reported today) which has an aggregated short interest worth USD18.0bn.</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 Bluescope Steel, Treasury Wine, Domino's Pizza.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 23rd (reported today) which has an aggregated short interest worth USD18.0bn.
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 Bluescope Steel, Treasury Wine, Domino's Pizza.


ASX Short Interest Weekly (Feb 23rd): Bluescope Steel, Treasury Wine, Domino's Pizza

Australia

Flight Centre Travel Group Ltd operates as a retail travel agency in Australia.  The Company operates close to 1200 outlets throughout Australia and internationally including New Zealand, Hong Kong, South Africa, Canada and the United Kingdom. The Company's agencies and brands include Flight Centre, Travel Associates and Student Flights.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Flight Centre Travel (FLT AU)

ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo

We analyzed ASX short interest report for the past week and highlight short interest changes in Commonw Bk Austr, Rio Tinto, Seven Group Hold,...

Ke Yan, CFA, FRM

MVIS Australia Equal Weight Index Rebalance Preview: Three Close Deletions

There are 3 close deletes for the index in March. Even if there are no changes, 1-way turnover is 4.4% and 1-way trade is A$97m. Shorts have been...

Brian Freitas

S&P/ASX Index Rebalance (Mar 2024): Changes, Flows, Impact, Shorts & Positioning

There are 38 constituent changes across the index family. There are big flows and impacts for a bunch of stocks. Short interest is high on the...

Brian Freitas

Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

On average, the ADDs have 11x ADV to buy and DELs have 8x ADV to sell. The ADDs could outperform the DELs over the next two weeks.

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Feb 23rd): Bluescope Steel, Treasury Wine, Domino's Pizza

We analyzed ASX short interest report for the past week and highlight short interest changes in Bluescope Steel, Treasury Wine, Domino's Pizza.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo

We analyzed ASX short interest report for the past week and highlight short interest changes in Commonw Bk Austr, Rio Tinto, Seven Group Hold,...

Ke Yan, CFA, FRM

MVIS Australia Equal Weight Index Rebalance Preview: Three Close Deletions

There are 3 close deletes for the index in March. Even if there are no changes, 1-way turnover is 4.4% and 1-way trade is A$97m. Shorts have been...

Brian Freitas

S&P/​​​​ASX Index Rebalance (Mar 2024): Changes, Flows, Impact, Shorts & Positioning

There are 38 constituent changes across the index family. There are big flows and impacts for a bunch of stocks. Short interest is high on the...

Brian Freitas

Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

On average, the ADDs have 11x ADV to buy and DELs have 8x ADV to sell. The ADDs could outperform the DELs over the next two weeks.

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Feb 23rd): Bluescope Steel, Treasury Wine, Domino's Pizza

We analyzed ASX short interest report for the past week and highlight short interest changes in Bluescope Steel, Treasury Wine, Domino's Pizza.

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance (Mar 2024): Changes, Flows, Impact, Shorts & Positioning