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 Aug 29th (reported today). The aggregated short interest was USD26.3bn.</li>
<li>We tabulate league tables 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 Reece, Flight Centre, Sigma Pharmaceuticals, Goodman, Wesfarmers.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Aug 29th (reported today). The aggregated short interest was USD26.3bn.
We tabulate league tables 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 Reece, Flight Centre, Sigma Pharmaceuticals, Goodman, Wesfarmers.


ASX Short Interest Weekly (Aug 29th): Reece, Flight Centre, Sigma Pharmaceuticals, Goodman

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>A new selection methodology will be used for the ASX index family starting from the September 2025 index review. We first wrote about this a couple of months ago (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-asx-sep25-update-with-new-important-market-consultation-implications" target="_blank" rel="noopener">link</a>).</li>
<li>In this insight, we present our final expectations for ASX 300, 200, 100, 50, and 20 for the September 2025 index rebal event.</li>
<li>We expect one change for ASX 50, three changes for ASX 100, and six changes for ASX 200. Separately, we see 14 ADDs and 11 DELs for ASX 300.</li>
</ul>


A new selection methodology will be used for the ASX index family starting from the September 2025 index review. We first wrote about this a couple of months ago (link).
In this insight, we present our final expectations for ASX 300, 200, 100, 50, and 20 for the September 2025 index rebal event.
We expect one change for ASX 50, three changes for ASX 100, and six changes for ASX 200. Separately, we see 14 ADDs and 11 DELs for ASX 300.


Quiddity Leaderboard ASX Sep25: Methodology Change Confirmed; Good Performance; Final Expectations

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

<ul>
<li>S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.</li>
<li>The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.</li>
<li>The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular 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> and S&amp;P/ASX 300 Index changes.</li>
</ul>


S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.
The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.
The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular for the S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Index changes.


S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

<ul>
<li>S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.</li>
<li>The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.</li>
<li>We currently forecast 47 changes to the S&amp;P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.</li>
</ul>


S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.
The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.
We currently forecast 47 changes to the S&amp;P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.


S&P/ASX Indices: Proposed Methodology Changes & The BIG September Rebalance

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>
<a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding offer from BGH to acquire a controlling interest at A$0.80 per share, a 10.1% discount to the last close.</li>
<li>BGH was also disclosed as the mystery buyer of the 5% stake on 8 May. BGH currently represents 10.76% of outstanding shares. </li>
<li>The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should negotiate better terms. </li>
</ul>



Webjet Group (WJL AU) disclosed a non-binding offer from BGH to acquire a controlling interest at A$0.80 per share, a 10.1% discount to the last close.
BGH was also disclosed as the mystery buyer of the 5% stake on 8 May. BGH currently represents 10.76% of outstanding shares. 
The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should negotiate better terms. 


Webjet Group (WJL AU): BGH Is the Mystery Buyer and Seeks a Controlling Stake at A$0.80

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.

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Flight Centre Travel (FLT AU)

ASX Short Interest Weekly (Aug 29th): Reece, Flight Centre, Sigma Pharmaceuticals, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in Reece, Flight Centre, Sigma Pharmaceuticals,...

Ke Yan, CFA, FRM

Quiddity Leaderboard ASX Sep25: Methodology Change Confirmed; Good Performance; Final Expectations

We have revised our final expectations for the September 2025 index review due to the deletion of Adriatic Metals which was one of our expected...

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

The review period for the September rebalance is done and the proposals in the market consultation will be implemented. That means a lot of change...

Brian Freitas

S&P/ASX Indices: Proposed Methodology Changes & The BIG September Rebalance

The market consultation ends in 2 weeks, and the conclusions should be announced soon after that. A lot of the stocks have moved significantly over...

Brian Freitas

Webjet Group (WJL AU): BGH Is the Mystery Buyer and Seeks a Controlling Stake at A$0.80

The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Aug 29th): Reece, Flight Centre, Sigma Pharmaceuticals, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in Reece, Flight Centre, Sigma Pharmaceuticals,...

Ke Yan, CFA, FRM

Quiddity Leaderboard ASX Sep25: Methodology Change Confirmed; Good Performance; Final Expectations

We have revised our final expectations for the September 2025 index review due to the deletion of Adriatic Metals which was one of our expected...

Janaghan Jeyakumar, CFA

S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

The review period for the September rebalance is done and the proposals in the market consultation will be implemented. That means a lot of change...

Brian Freitas

S&P/ASX Indices: Proposed Methodology Changes & The BIG September Rebalance

The market consultation ends in 2 weeks, and the conclusions should be announced soon after that. A lot of the stocks have moved significantly over...

Brian Freitas

Webjet Group (WJL AU): BGH Is the Mystery Buyer and Seeks a Controlling Stake at A$0.80

The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should...

Arun George

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated