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 Feb 16th (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 Seek, Origin Energy, Woodside Energy, ANZ, Qantas Airways.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 16th (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 Seek, Origin Energy, Woodside Energy, ANZ, Qantas Airways.


ASX Short Interest Weekly (Feb 16th): Seek, Origin Energy, Woodside Energy, ANZ, Qantas Airways

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>There were index review announcements for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a>, HSCI, HSIII and some global indices last week.</li>
<li>There are a bunch of review cutoffs early in the coming week followed by announcements for the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> and STAR100 Index later in the week.</li>
<li>Another week of outflows for <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong (2800 HK)</a> and <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share ETF (2828 HK)</a> as inflows to <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets ex-China (EMXC US)</a> continue.</li>
</ul>


There were index review announcements for the HSI, HSCEI INDEX, HSTECH, HSCI, HSIII and some global indices last week.
There are a bunch of review cutoffs early in the coming week followed by announcements for the STAR50 INDEX and STAR100 Index later in the week.
Another week of outflows for Tracker Fund of Hong Kong (2800 HK) and Hang Seng H Share ETF (2828 HK) as inflows to iShares Emerging Markets ex-China (EMXC US) continue.


Index Rebalance & ETF Flow Recap: HSI, Screen Holdings, GMRI, SEA EM, MVIS, SET50, JP Positioning

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 9th (reported today) which has an aggregated short interest worth USD18.1bn.</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 weekly changes in ANZ, CSL, Telstra.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 9th (reported today) which has an aggregated short interest worth USD18.1bn.
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 weekly changes in ANZ, CSL, Telstra.


ASX Short Interest Weekly (Feb 9th): ANZ, CSL, Telstra

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> has entered a Scheme Implementation Agreement to acquire <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> at A$68.5/share implying an equity value of A$9.1bn and an Enterprise Value of A$8.8bn.</li>
<li>The offer price is a 33.6% premium to the last close and a larger premium to VWAPs ranging from 30 days to 180 days.</li>
<li>There will be ad hoc inclusions to the S&amp;P/ASX 100 Index and 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> on <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>'s last trading day (expected second half of 2024).</li>
</ul>



Renesas Electronics (6723 JP) has entered a Scheme Implementation Agreement to acquire Altium Ltd (ALU AU) at A$68.5/share implying an equity value of A$9.1bn and an Enterprise Value of A$8.8bn.
The offer price is a 33.6% premium to the last close and a larger premium to VWAPs ranging from 30 days to 180 days.
There will be ad hoc inclusions to the S&amp;P/ASX 100 Index and the S&amp;P/ASX 200 (AS51 INDEX) on Altium Ltd (ALU AU)'s last trading day (expected second half of 2024).


Renesas (6723 JP) To Acquire Altium (ALU AU) In a A$9.1bn Deal

<ul>
<li>With two days left in the review period, there could be 28 adds/deletes across the S&amp;P/ASX family of indices in March.</li>
<li>There is nearly A$1bn to sell in <a href="https://www.smartkarma.com/entities/newmont-corp" target="_blank" data-smartkarma-citation="entities:40416:1" rel="noopener">Newmont (NEM AU)</a> due to the potential S&amp;P/ASX 20 Index deletion and a large decrease in the number of shares held in Australia.</li>
<li>There could be 2-41 days of ADV to buy in the index inclusions while the impact on the deletions will range between 0.7-24 days of ADV.</li>
</ul>


With two days left in the review period, there could be 28 adds/deletes across the S&amp;P/ASX family of indices in March.
There is nearly A$1bn to sell in Newmont (NEM AU) due to the potential S&amp;P/ASX 20 Index deletion and a large decrease in the number of shares held in Australia.
There could be 2-41 days of ADV to buy in the index inclusions while the impact on the deletions will range between 0.7-24 days of ADV.


S&P/​​​​​​​​​ASX Index Rebalance Preview: Newmont Still Has Nearly A$1bn to Sell

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 (Feb 16th): Seek, Origin Energy, Woodside Energy, ANZ, Qantas Airways

We analyzed ASX short interest report for the past week and highlight short interest changes in Seek, Origin Energy, Woodside Energy, ANZ, Qantas...

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: HSI, Screen Holdings, GMRI, SEA EM, MVIS, SET50, JP Positioning

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

ASX Short Interest Weekly (Feb 9th): ANZ, CSL, Telstra

We analyzed ASX short interest report for the past week and highlight short interest weekly changes in ANZ, CSL, Telstra.

Ke Yan, CFA, FRM

Renesas (6723 JP) To Acquire Altium (ALU AU) In a A$9.1bn Deal

Renesas has entered a SIA to acquire Altium at A$68.5/share for an implied equity value of A$9.1bn. The offer price is a 33.6% premium to the last...

Brian Freitas

S&P/ASX Index Rebalance Preview: Newmont Still Has Nearly A$1bn to Sell

There could be 28 adds/deletes across the S&P/ASX family of indices in March. Newmont will have around A$1bn to sell. Shorts have been soaring on...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Feb 16th): Seek, Origin Energy, Woodside Energy, ANZ, Qantas Airways

We analyzed ASX short interest report for the past week and highlight short interest changes in Seek, Origin Energy, Woodside Energy, ANZ, Qantas...

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: HSI, Screen Holdings, GMRI, SEA EM, MVIS, SET50, JP Positioning

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

ASX Short Interest Weekly (Feb 9th): ANZ, CSL, Telstra

We analyzed ASX short interest report for the past week and highlight short interest weekly changes in ANZ, CSL, Telstra.

Ke Yan, CFA, FRM

Renesas (6723 JP) To Acquire Altium (ALU AU) In a A$9.1bn Deal

Renesas has entered a SIA to acquire Altium at A$68.5/share for an implied equity value of A$9.1bn. The offer price is a 33.6% premium to the last...

Brian Freitas

S&P/​​​​​​​​​ASX Index Rebalance Preview: Newmont Still Has Nearly A$1bn to Sell

There could be 28 adds/deletes across the S&P/ASX family of indices in March. Newmont will have around A$1bn to sell. Shorts have been soaring on...

Brian Freitas

S&P/ASX Index Rebalance Preview: Newmont Still Has Nearly A$1bn to Sell