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 Mar 27th. The aggregated net margin trading position is USD17,856m.</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 Fujikura, SoftBank, Sanrio, West Japan Railway Company, Advantest, Kioxia, Honda Motor, Kyushu Railway Company, Sumitomo Metal Mining, SBI.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Mar 27th. The aggregated net margin trading position is USD17,856m.
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 Fujikura, SoftBank, Sanrio, West Japan Railway Company, Advantest, Kioxia, Honda Motor, Kyushu Railway Company, Sumitomo Metal Mining, SBI.


JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

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/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> and <a href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" target="_blank" data-smartkarma-citation="entities:13475:1" rel="noopener">Pan Pacific International (7532 JP)</a> will replace <a href="https://www.smartkarma.com/entities/gs-yuasa-corp" target="_blank" data-smartkarma-citation="entities:8298:1" rel="noopener">Gs Yuasa (6674 JP)</a> and <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 INDEX</a> at the March rebalance.</li>
<li>The index committee finally appears to be restoring sector balance with an extra deletion from the overweight Technology sector and an inclusion from the underweight Consumer Goods sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>'s capping will result in big inflows to the other index constituents. At current levels, the stock will be capped again at the September rebalance. </li>
</ul>



Kioxia Holdings (285A JP) and Pan Pacific International (7532 JP) will replace Gs Yuasa (6674 JP) and Casio Computer (6952 JP) in the Nikkei 225 INDEX at the March rebalance.
The index committee finally appears to be restoring sector balance with an extra deletion from the overweight Technology sector and an inclusion from the underweight Consumer Goods sector.

Advantest Corp (6857 JP)'s capping will result in big inflows to the other index constituents. At current levels, the stock will be capped again at the September rebalance. 


Nikkei 225 Index Rebalance: Kioxia, Pan Pacific IN; GS Yuasa, Casio Computer OUT

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Mar 19th. The aggregated net margin trading position is USD23,664m.</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 Nintendo, Lasertec, Fujikura, JX Advanced Metals, Modec, SoftBank, Sumitomo Electric Industries, Nippon Steel, West Japan Railway Company, Japan Electronic Materials.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Mar 19th. The aggregated net margin trading position is USD23,664m.
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 Nintendo, Lasertec, Fujikura, JX Advanced Metals, Modec, SoftBank, Sumitomo Electric Industries, Nippon Steel, West Japan Railway Company, Japan Electronic Materials.


JPX Margin Trading Weekly (Mar 19th): Nintendo, Lasertec, Fujikura, JX Advanced Metals, Modec

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Mar 13th. The aggregated net margin trading position is USD23,263m.</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, Nintendo, Lasertec, Disco, Tokyo Electron, SoftBank, Ibiden, Advantest, Nippon Telegraph and Telephone, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Mar 13th. The aggregated net margin trading position is USD23,263m.
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, Nintendo, Lasertec, Disco, Tokyo Electron, SoftBank, Ibiden, Advantest, Nippon Telegraph and Telephone, Mizuho Financial.


JPX Margin Trading Weekly (Mar 13th): Kioxia, Nintendo, Lasertec, Disco, Tokyo Electron, SoftBank

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Mar 6th. The aggregated net margin trading position is USD25,673m.</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 Mitsubishi UFJ Financial, Kioxia, IHI, Fujikura, Toyota Motor, Kawasaki Heavy Industries, Fast Retailing, Nintendo, Sumitomo Mitsui Financial, SoftBank.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Mar 6th. The aggregated net margin trading position is USD25,673m.
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 Mitsubishi UFJ Financial, Kioxia, IHI, Fujikura, Toyota Motor, Kawasaki Heavy Industries, Fast Retailing, Nintendo, Sumitomo Mitsui Financial, SoftBank.


JPX Margin Trading Weekly (Mar 6th): Mitsubishi UFJ Financial, Kioxia, IHI, Fujikura, Toyota Motor

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.

Price Gauge
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Fujikura Ltd (5803 JP)

JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

We analyzed JPX margin trading positions report for the past week and highlighted Fujikura (5803 JP), SoftBank (9984 JP), Sanrio (8136 JP), West...

Ke Yan, CFA, FRM

Nikkei 225 Index Rebalance: Kioxia, Pan Pacific IN; GS Yuasa, Casio Computer OUT

The Nikkei225 March rebalance will be executed at the close today. The adds have started to trade lower and the deletes are trading higher since...

Brian Freitas

JPX Margin Trading Weekly (Mar 19th): Nintendo, Lasertec, Fujikura, JX Advanced Metals, Modec

We analyzed JPX margin trading positions report for the past week and highlighted Nintendo (7974 JP), Lasertec (6920 JP), Fujikura (5803 JP), JX...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Mar 13th): Kioxia, Nintendo, Lasertec, Disco, Tokyo Electron, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Nintendo (7974 JP), Lasertec (6920 JP), Disco...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Mar 6th): Mitsubishi UFJ Financial, Kioxia, IHI, Fujikura, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Kioxia (285A JP), IHI (7013...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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