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 will be 7 additions and 8 deletions for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> at the next rebalance to be implemented at the close on 11 December.</li>
<li>As expected, there are no adhoc inclusions as Samsung Epis Holdings is added to the index to offset the gap created by the <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">Hyundai Heavy</a>/ <a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">Hyundai Mipo</a> merger.</li>
<li>The adds have outperformed the deletes very handily while also outperforming the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> but by a much narrower margin.</li>
</ul>


There will be 7 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 11 December.
As expected, there are no adhoc inclusions as Samsung Epis Holdings is added to the index to offset the gap created by the Hyundai Heavy/ Hyundai Mipo merger.
The adds have outperformed the deletes very handily while also outperforming the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) but by a much narrower margin.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 7th. The aggregated short interest was USD11.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in NAVER, SAMSUNG SDS, L&amp;F, Samsung SDI, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 7th. The aggregated short interest was USD11.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in NAVER, SAMSUNG SDS, L&amp;F, Samsung SDI, Alteogen.


KRX Short Interest Weekly (Nov 7th): NAVER, SAMSUNG SDS, L&F, Samsung SDI, Alteogen

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.


KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

<ul>
<li>With the review period complete, there could be 7 changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> in December.</li>
<li>There may not be any intra-review changes following the <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">Hyundai Heavy Industries</a>/ <a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">Hyundai Mipo</a> merger due to timing and also due to <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics</a>' spinoff being added to the index.</li>
<li>The forecast adds have outperformed the forecast deletes and the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a> over the last few months and in the short-term too.</li>
</ul>


With the review period complete, there could be 7 changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in December.
There may not be any intra-review changes following the Hyundai Heavy Industries/ Hyundai Mipo merger due to timing and also due to Samsung Biologics' spinoff being added to the index.
The forecast adds have outperformed the forecast deletes and the KOSPI2 INDEX over the last few months and in the short-term too.


KOSPI200 Index Rebalance Preview: 7 Changes a Side for December

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in December 2025.</li>
<li>We expect up to 5 ADDs and 6 DELs for the KOSPI 200 index during this index rebal event based on the latest available data.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in December 2025.
We expect up to 5 ADDs and 6 DELs for the KOSPI 200 index during this index rebal event based on the latest available data.


[Quiddity Index] KOSPI 200 Leaderboard for Dec25 Rebal: Final Predictions; 5 ADDs, 6 DELs, 1 IR Chg

South Korea

HD Hyundai Heavy Industries Co., Ltd. operates as a shipbuilding company. The Company provides naval shipbuilding, industrial shipbuilding, crude oil tanker, bulk carrier, container carrier, and other related services. HD Hyundai Heavy Industries also offers offshore and engineering, engine and machinery, offshore, industrial, and marine plant services.

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HD Hyundai Heavy Industries (329180 KS)

KOSPI200 Index Rebalance: Nearly Perfect

As expected, there are 7 changes a side (ignoring the merger, which was known). No ad hoc inclusions since the Hyundai merger offsets the Samsung...

Brian Freitas

KRX Short Interest Weekly (Nov 7th): NAVER, SAMSUNG SDS, L&F, Samsung SDI, Alteogen

We analyzed KRX short interest report for the past week and highlighted short interest changes in NAVER, SAMSUNG SDS, L&F, Samsung SDI, Alteogen.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung...

Ke Yan, CFA, FRM

KOSPI200 Index Rebalance Preview: 7 Changes a Side for December

If the merger offsets the spinoff, there could be 7 index changes in Dec. Passive impact on the stock varies between 0.7-21x ADV. Adds have...

Brian Freitas

[Quiddity Index] KOSPI 200 Leaderboard for Dec25 Rebal: Final Predictions; 5 ADDs, 6 DELs, 1 IR Chg

Our final predictions for the KOSPI Dec25 rebalance are within. There is a spinoff to come which will mean 5 ADDs 6 DELs and an intra-review change...

Travis Lundy

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