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 no constituent changes for the index but there are float and capping changes that will be implemented at the close on 15 September.</li>
<li>Estimated one-way turnover is 3.3% and the one-way trade is US$21.5m. There are eight stocks where passive trackers need to trade over 1 day of ADV.</li>
<li>After large creations for <a href="https://www.smartkarma.com/entities/market-vectors-vietnam-etf" target="_blank" data-smartkarma-citation="entities:648:1" rel="noopener">Market Vectors Vietnam ETF (VNM US)</a> at the start of the year, there has not been a lot of follow-on activity as the market moves higher.</li>
</ul>


There are no constituent changes for the index but there are float and capping changes that will be implemented at the close on 15 September.
Estimated one-way turnover is 3.3% and the one-way trade is US$21.5m. There are eight stocks where passive trackers need to trade over 1 day of ADV.
After large creations for Market Vectors Vietnam ETF (VNM US) at the start of the year, there has not been a lot of follow-on activity as the market moves higher.


MarketVector Vietnam Local Index Rebalance: Some Big Impact Changes

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

Rong Viet Securities

External broker reports(aggregated public sources)

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Demand from the domestic market remained weak, causing Q1 GI/GL sales volume to decrease by half compared to the same period last year, although export volume has shown signs of recovery after having bottomed in Q4/FY21-22.</li><li>HRC's price dropped in the quarter, as gross profit margin continues to be pressured.</li><li>Operating loss eased compared to the previous quarter but remained considerably negative due to weak gross profit, which was unable to cover fixed costs, especially selling expenses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand from the domestic market remained weak, causing Q1 GI/GL sales volume to decrease by half compared to the same period last year, although export volume has shown signs of recovery after having bottomed in Q4/FY21-22.HRC's price dropped in the quarter, as gross profit margin continues to be pressured.Operating loss eased compared to the previous quarter but remained considerably negative due to weak gross profit, which was unable to cover fixed costs, especially selling expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSG - Prolonged impact from flat steel market’s sluggish recovery

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hagl-jsc" target="_blank" data-smartkarma-citation="entities:6632:1" rel="noopener">Hagl Jsc (HAG VN)</a> is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.</li>
<li>There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.</li>
<li>There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.</li>
</ul>



Hagl Jsc (HAG VN) is an inclusion while An Phat Holdings (APH VN) and CEO Group (CEO VN) are deletes from the MVIS Vietnam Index at the September rebalance.
There are a lot of float and capping changes that will result in one-way turnover of 12% and a one-way trade of US$45m.
There are a lot of stocks that have over 1 day of ADV to trade and there could be opportunities to enter/exit positions on a move in the stocks.


MVIS Vietnam Index Rebalance: One Add, Two Deletes

Viet Capital Securities Joint Stock Company

Luan Nguyen

Dominating the galvanized steel sheet market. HSG controls 32% market share of the galvanized steel sheet segment. Provisional anti-dumping tariff is going to create growth opportunity and stable business for the next few years. Hoa Sen Ca Na Steel Complex will help HSG to profit from construction steel segment. The crucial competitive advantage that sets HSG apart from all other competitors is their unique and unrivalled retail network. Currently, HSG owns 212 branded retail branches nationwide, up from the initial three shops in FY01. According to the management’s plan, total retail branches will reach 300 shops in FY17 and 350 shops in FY18.

Dominating the galvanized steel sheet market. HSG controls 32% market share of the galvanized steel sheet segment. Provisional anti-dumping tariff is going to create growth opportunity and stable business for the next few years. Hoa Sen Ca Na Steel Complex will help HSG to profit from construction steel segment. The crucial competitive advantage that sets HSG apart from all other competitors is their unique and unrivalled retail network. Currently, HSG owns 212 branded retail branches nationwide, up from the initial three shops in FY01. According to the management’s plan, total retail branches will reach 300 shops in FY17 and 350 shops in FY18.

Hoa Sen Group - Dominating Vietnam's Galvanized Steel Sheet Segment

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Amid a struggling steel industry and commodity bear market, I previously mentioned the strong opportunity that <a href="https://www.smartkarma.com/entities/21022" target="_blank" data-smartkarma-citation="entities:21022">Hoa Sen Group</a> and <a href="https://www.smartkarma.com/entities/5813" target="_blank" data-smartkarma-citation="entities:5813">Hoa Phat Group Jsc</a> presented for long term investors who were willing to be bullish on commodities, examine the historical financial success of both companies, and to take advantage of the substantially low valuation of these companies.  While smaller companies will struggle in this environment, <a href="https://www.smartkarma.com/entities/21022" target="_blank" data-smartkarma-citation="entities:21022">Hoa Sen Group</a>  is positioned as a dominant player, with a strong benchmark…

Amid a struggling steel industry and commodity bear market, I previously mentioned the strong opportunity that Hoa Sen Group and Hoa Phat Group Jsc presented for long term investors who were willing to be bullish on commodities, examine the historical financial success of both companies, and to take advantage of the substantially low valuation of these companies.  While smaller companies will struggle in this environment, Hoa Sen Group  is positioned as a dominant player, with a strong benchmark…

Vietnam

Hoa Sen Group is Vietnam's leading manufacturer and trader of steel sheets and a major exporter of steel sheets in Southeast Asia. The company produces galvanized, pre-painted galvanized, and aluminum-zinc alloy coated steel sheets, as well as steel pipes and plastic building materials. Its headquarters are located in Binh Duong Province, Vietnam, and it was founded on August 8, 2001.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hoa Sen (HSG VN)

MarketVector Vietnam Local Index Rebalance: Some Big Impact Changes

Float and capping changes lead to an estimated one-way turnover is 3.3% and a one-way trade is US$21.5m. There are eight stocks where passive...

Brian Freitas

HSG - Prolonged impact from flat steel market’s sluggish recovery

Operating loss eased compared to the previous quarter but remained considerably negative due to weak gross profit, which was unable to cover fixed...

Rong Viet Securities

MVIS Vietnam Index Rebalance: One Add, Two Deletes

There is 1 addition and 2 deletions for the MVIS Vietnam Index. There are a lot of float and capping changes that will result in one-way turnover...

Brian Freitas

Hoa Sen Group - Dominating Vietnam's Galvanized Steel Sheet Segment

Dominating the galvanized steel sheet market. HSG controls 32% market share of the galvanized steel sheet segment. Provisional anti-dumping tariff...

Luan Nguyen

Hoa Sen Group Updates: Conviction Grows

Amid a struggling steel industry and commodity bear market, I previously mentioned the strong opportunity that Hoa Sen Group and Hoa Phat Group...

Nomadic Equity

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)