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 margin trading positions of JPX stocks as of Apr 24th. The aggregated net margin trading position is USD24,585m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, SoftBank, Lasertec, Nintendo, Disco, Sumitomo Pharma, Fast Retailing, Furukawa Electric, Mitsubishi Heavy Industries, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 24th. The aggregated net margin trading position is USD24,585m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, SoftBank, Lasertec, Nintendo, Disco, Sumitomo Pharma, Fast Retailing, Furukawa Electric, Mitsubishi Heavy Industries, Toyota Motor.


JPX Margin Trading Weekly (Apr 24th): Kioxia, SoftBank, Lasertec, Nintendo, Disco, Sumitomo Pharma

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Apr 17th. The aggregated net margin trading position is USD24,215m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, SoftBank, Lasertec, Fujikura, Mitsubishi Heavy Industries, Furukawa Electric, JX Advanced Metals, Disco, Tokyo Electron.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 17th. The aggregated net margin trading position is USD24,215m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, SoftBank, Lasertec, Fujikura, Mitsubishi Heavy Industries, Furukawa Electric, JX Advanced Metals, Disco, Tokyo Electron.


JPX Margin Trading Weekly (Apr 17th): Kioxia, Advantest, SoftBank, Lasertec, Fujikura

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Apr 10th. The aggregated net margin trading position is USD21,502m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Advantest, Kioxia, Lasertec, Fast Retailing, Fujikura, Nintendo, Tokyo Electron, JX Advanced Metals, Mitsubishi Heavy Industries, SoftBank.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 10th. The aggregated net margin trading position is USD21,502m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Advantest, Kioxia, Lasertec, Fast Retailing, Fujikura, Nintendo, Tokyo Electron, JX Advanced Metals, Mitsubishi Heavy Industries, SoftBank.


JPX Margin Trading Weekly (Apr 10th): Advantest, Kioxia, Lasertec, Fast Retailing, Fujikura

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Apr 3rd. The aggregated net margin trading position is USD21,015m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, Furukawa Electric, West Japan Railway Company, SoftBank, Kyushu Railway Company, Edion, Sanrio, Mitsubishi Heavy Industries, Kintetsu.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 3rd. The aggregated net margin trading position is USD21,015m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, Furukawa Electric, West Japan Railway Company, SoftBank, Kyushu Railway Company, Edion, Sanrio, Mitsubishi Heavy Industries, Kintetsu.


JPX Margin Trading Weekly (Apr 3rd): Kioxia, Advantest, Furukawa Electric

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>The rally in <a href="https://www.smartkarma.com/entities/furukawa-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:5193:1" rel="noopener">Furukawa Electric (5801 JP)</a>'s stock price over the last few months has increased market cap and free float market cap and should result in global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:5193:1" rel="noopener">Furukawa Electric (5801 JP)</a> has outperformed its peers since the start of the calendar year and now trades at a premium on most valuation metrics.</li>
<li>Passives will need to buy a large chunk of the float and cumulative excess volume indicates that a lot of the positioning is likely already done.</li>
</ul>


The rally in Furukawa Electric (5801 JP)'s stock price over the last few months has increased market cap and free float market cap and should result in global index inclusion.

Furukawa Electric (5801 JP) has outperformed its peers since the start of the calendar year and now trades at a premium on most valuation metrics.
Passives will need to buy a large chunk of the float and cumulative excess volume indicates that a lot of the positioning is likely already done.


Furukawa Electric (5801 JP): Huge Rally & Expensive Valuations Ahead of Global Index Inclusion

Japan

Fujikura Ltd. manufactures and sells wires and cables such as optical fiber cables and coaxial cables. The Company's products include optical transmission system, electronic materials, and telecommunication cables.

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Fujikura Ltd (5803 JP)

JPX Margin Trading Weekly (Apr 24th): Kioxia, SoftBank, Lasertec, Nintendo, Disco, Sumitomo Pharma

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Lasertec (6920 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Apr 17th): Kioxia, Advantest, SoftBank, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), SoftBank (9984 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Apr 10th): Advantest, Kioxia, Lasertec, Fast Retailing, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Kioxia (285A JP), Lasertec (6920 JP), Fast...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Apr 3rd): Kioxia, Advantest, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Furukawa Electric (5801...

Ke Yan, CFA, FRM

Furukawa Electric (5801 JP): Huge Rally & Expensive Valuations Ahead of Global Index Inclusion

Furukawa has run up a lot since January, outperforming peers and trading at a big valuation premium. Global index inclusion in May could keep the...

Brian Freitas

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