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

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Korea banned all short selling in March 2020 and resumed short selling only on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> index constituents in May 2021.</li>
<li>News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.</li>
<li>There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.</li>
</ul>


Korea banned all short selling in March 2020 and resumed short selling only on KOSPI 200 and KOSDAQ 150 index constituents in May 2021.
News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.
There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.


Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Rates remain depressed but stable, and easier Y/Y comps will arrive in late Summer</li>
<li>Fuel costs should be a tailwind in Q2 results; Danish giant Maersk reports on August 4th</li>
<li>We expect Q2/H1 results to support our view that the worst of the storm has passed</li>
</ul>


Rates remain depressed but stable, and easier Y/Y comps will arrive in late Summer
Fuel costs should be a tailwind in Q2 results; Danish giant Maersk reports on August 4th
We expect Q2/H1 results to support our view that the worst of the storm has passed


Monthly Container Shipping Tracker | Rates Depressed, Stable | Worst of 'Storm' Passed (July 2023)

<ul>
<li>Our index suggests long-haul rates remained stable in May as carriers approach peak season</li>
<li>Cleanup of West Coast slowdown, lower fuel prices should both serve as Summer tailwinds</li>
<li>We believe conditions could improve in H2 2023, and shares remain cheap on Price / Assets</li>
</ul>


Our index suggests long-haul rates remained stable in May as carriers approach peak season
Cleanup of West Coast slowdown, lower fuel prices should both serve as Summer tailwinds
We believe conditions could improve in H2 2023, and shares remain cheap on Price / Assets


Monthly Container Shipping Tracker | Rates Stable | Strike Averted | Fuel Prices Lower  (June 2023)

<ul>
<li>Declines in carrier revenues and pricing continued to moderate in April</li>
<li>Inbound to N. America container volume declines also eased in April</li>
<li>Lower fuel prices a tailwind in '23, shares cheap, we retain our +ive sector view </li>
</ul>


Declines in carrier revenues and pricing continued to moderate in April
Inbound to N. America container volume declines also eased in April
Lower fuel prices a tailwind in '23, shares cheap, we retain our +ive sector view 


Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block deal sale.</li>
<li>The block deal sale involves selling the remaining 39.2 million shares of Nippon Steel. The deal is valued at 24.2 billion yen (approximately 227 billion won). </li>
<li>Given the overall negative sentiment on POSCO's potential acquisition of HMM, until this uncertainty is resolved, POSCO Holdings' share price could continue to face stiff headwinds. </li>
</ul>


After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block deal sale.
The block deal sale involves selling the remaining 39.2 million shares of Nippon Steel. The deal is valued at 24.2 billion yen (approximately 227 billion won). 
Given the overall negative sentiment on POSCO's potential acquisition of HMM, until this uncertainty is resolved, POSCO Holdings' share price could continue to face stiff headwinds. 


POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

South Korea

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

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HMM Co., Ltd. (011200 KS)

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas

Monthly Container Shipping Tracker | Rates Depressed, Stable | Worst of 'Storm' Passed (July 2023)

Our research tracking container rates and profitability suggests that the worst of the storm has passed, and that we should see easier Y/Y comps...

Tracking Traffic

Monthly Container Shipping Tracker | Rates Stable | Strike Averted | Fuel Prices Lower (June 2023)

We are gaining conviction in our view that market conditions have bottomed for long-haul carriers, and that their shares appear depressed compared...

Tracking Traffic

Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)

April numbers show Y/Y declines in revenue and throughput are moderating. In addition, lower fuel prices could provide a tailwind in the remainder...

Tracking Traffic

POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)