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 are 2 additions and 1 deletion for the MVIS Vietnam Index at the upcoming rebalance at the close on 17 June. Plus capping and float changes.</li>
<li>The adds are <a href="https://www.smartkarma.com/entities/saigon-hanoi-commercial" target="_blank" data-smartkarma-citation="entities:17575:1" rel="noopener">Saigon - Hanoi Commercial (SHB VN)</a> and <a href="https://www.smartkarma.com/entities/viet-nam-construction-impo" target="_blank" data-smartkarma-citation="entities:17309:1" rel="noopener">Viet Nam Construction &amp; Impo (VCG VN)</a>, while Tien Phong Securities (ORS VN) is the deletion.</li>
<li>The largest passive outflows are on <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, <a href="https://www.smartkarma.com/entities/feng-tay-enterprise-co-ltd" target="_blank" data-smartkarma-citation="entities:18329:1" rel="noopener">Feng Tay Enterprise (9910 TT)</a> and <a href="https://www.smartkarma.com/entities/eclat-textile-company-ltd" target="_blank" data-smartkarma-citation="entities:13209:1" rel="noopener">Eclat Textile Company (1476 TT)</a>. </li>
</ul>


There are 2 additions and 1 deletion for the MVIS Vietnam Index at the upcoming rebalance at the close on 17 June. Plus capping and float changes.
The adds are Saigon - Hanoi Commercial (SHB VN) and Viet Nam Construction &amp; Impo (VCG VN), while Tien Phong Securities (ORS VN) is the deletion.
The largest passive outflows are on Vingroup Jsc (VIC VN), Feng Tay Enterprise (9910 TT) and Eclat Textile Company (1476 TT). 


MVIS Vietnam Index Rebalance: Two Adds, One Delete, Capping & Float Changes

<ul>
<li>There are 8 additions to the MVIS Vietnam Index at the upcoming rebalance at the close on 18 March. Moderate impact on most of the adds.</li>
<li>There are some stocks that have large float changes; watch <a href="https://www.smartkarma.com/entities/saigon-thuong-tin-commercial" target="_blank" data-smartkarma-citation="entities:650:1" rel="noopener">Saigon Thuong Tin Commercial (STB VN)</a>. Over 1 day of ADV to sell on some stocks due to capping changes.</li>
<li>At the December rebalance, all 5 adds jumped the day post announcement and then stayed in a range till implementation of the changes.</li>
</ul>


There are 8 additions to the MVIS Vietnam Index at the upcoming rebalance at the close on 18 March. Moderate impact on most of the adds.
There are some stocks that have large float changes; watch Saigon Thuong Tin Commercial (STB VN). Over 1 day of ADV to sell on some stocks due to capping changes.
At the December rebalance, all 5 adds jumped the day post announcement and then stayed in a range till implementation of the changes.


MVIS Vietnam Index Rebalance: Eight Additions & Some Big Float Changes

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Vietnam Germany Steel Pipe JSC (HNX:VGS) was established as one of the leading steel companies in northern Vietnam under the brand name “Thep Viet Duc” for both construction steel and steel pipe products. VGS produces a variety of steel pipes used for construction purposes and interior usages. Viet Germany Steel Pipe had a 9.3% market share in the North in 2017, which shows its power as a large local steel maker. As a common steel brand name locally, VGS benefits from the growth in demand in the…

Vietnam Germany Steel Pipe JSC (HNX:VGS) was established as one of the leading steel companies in northern Vietnam under the brand name “Thep Viet Duc” for both construction steel and steel pipe products. VGS produces a variety of steel pipes used for construction purposes and interior usages. Viet Germany Steel Pipe had a 9.3% market share in the North in 2017, which shows its power as a large local steel maker. As a common steel brand name locally, VGS benefits from the growth in demand in the…

[Company Report] VGS - Strongly Underpriced

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Opportunity Overview Unlike <a href="https://www.smartkarma.com/entities/53" target="_blank" data-smartkarma-citation="entities:53">Vinacapital Vietnam Opp Fund Limited</a> , which only invests half of its assets in listed equity, <a href="https://www.smartkarma.com/entities/21013" target="_blank" data-smartkarma-citation="entities:21013">Vietnam Holding Ltd</a> focuses exclusively on listed equity.  This makes the fund a strong option for those desiring to utilize a fund of fund approach that focuses purely on value investing in listed equity, while conveniently being able to trade on London's AIM market.  The fund has returned <a href="http://www.bloomberg.com/quote/VNH:LN" target="_blank">13.1% in the past year,</a> and trades at a 15.14% discount, near its 52 week historical…

Opportunity Overview  Unlike Vinacapital Vietnam Opp Fund Limited , which only invests half of its assets in listed equity, Vietnam Holding Ltd focuses exclusively on listed equity.  This makes the fund a strong option for those desiring to utilize a fund of fund approach that focuses purely on value investing in listed equity, while conveniently being able to trade on London's AIM market.  The fund has returned 13.1% in the past year, and trades at a 15.14% discount, near its 52 week historical…

Vietnam Holding's Fund Returns 13%: Strong Pure Play for Listed Equity

VinaCapital Vietnam Opportunity Fund / Equity Bottom-Up

VinaCapital Vietnam Opportunity Fund (VOF LN)

VinaCapital's VOF, the largest and most liquid closed end fund in its peer group, has successfully completed its migration from London's AIM to the main board of the London Stock Exchange.  I think this fund is a most appropriate stepping stone for funds wishing to gain exposure to Vietnam, without investing directly on Vietnam's stock exchange.

VinaCapital's VOF, the largest and most liquid closed end fund in its peer group, has successfully completed its migration from London's AIM to the main board of the London Stock Exchange.  I think this fund is a most appropriate stepping stone for funds wishing to gain exposure to Vietnam, without investing directly on Vietnam's stock exchange.

VinaCapital VOF Updates: Migration to the Main Board of the London Stock Exchange Was a Success

Vietnam

Hoa Phat Group is a leading industrial manufacturing group in Vietnam, primarily specializing in iron and steel production, including construction steel, hot rolled coil, steel pipes, and galvanized steel. The group also diversifies into agriculture, real estate, and home appliances. Founded in August 1992 as a construction machine and equipment trading company, Hoa Phat Group is headquartered in Hanoi, Vietnam.

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Hoa Phat Group (HPG VN)

MVIS Vietnam Index Rebalance: Two Adds, One Delete, Capping & Float Changes

There are 2 adds, 1 delete, float and capping changes for the MVIS Vietnam Index to be implemented at the close on 17 June. One-way turnover is...

Brian Freitas

MVIS Vietnam Index Rebalance: Eight Additions & Some Big Float Changes

There are 8 additions and quite a few float changes to the MVIS Vietnam Index at the March rebalance. The one-way trade is US$80m and over a day of...

Brian Freitas

[Company Report] VGS - Strongly Underpriced

Vietnam Germany Steel Pipe JSC (HNX:VGS) was established as one of the leading steel companies in northern Vietnam under the brand name “Thep Viet...

Rong Viet Securities

Vietnam Holding's Fund Returns 13%: Strong Pure Play for Listed Equity

Opportunity OverviewUnlike Vinacapital Vietnam Opp Fund Limited , which only invests half of its assets in listed equity, Vietnam Holding...

Nomadic Equity

VinaCapital VOF Updates: Migration to the Main Board of the London Stock Exchange Was a Success

VinaCapital's VOF, the largest and most liquid closed end fund in its peer group, has successfully completed its migration from London's AIM to the...

Nomadic Equity

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