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 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> were finally added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and there is huge size to trade in the stocks.</li>
<li>There will also be big buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> following a float increase driven by <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> selling last quarter.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.

Dell Technologies (DELL US) and Palantir Technologies (PLTR US) were finally added to the S&amp;P 500 INDEX (SPX INDEX) and there is huge size to trade in the stocks.
There will also be big buying in Apple (AAPL US) following a float increase driven by Berkshire Hathaway Inc Cl A (BRK/A US) selling last quarter.


S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth</li>
<li>Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.</li>
<li>Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend</li>
</ul>


We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth
Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.
Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend


Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>Impinj reported third quarter results affirming the slowdown in sales volume for endpoint ICs with hopes the current softness comes to an end by the first quarter of 2024</li>
<li>Concurrent with the decline in demand is the increase in endpoint IC availability from competitors</li>
<li>We continue to believe the near-term fundamentals are not as strong as the stock depicts and the business is vulnerable to further headwinds, especially related to endpoint IC pricing.</li>
</ul>


Impinj reported third quarter results affirming the slowdown in sales volume for endpoint ICs with hopes the current softness comes to an end by the first quarter of 2024
Concurrent with the decline in demand is the increase in endpoint IC availability from competitors
We continue to believe the near-term fundamentals are not as strong as the stock depicts and the business is vulnerable to further headwinds, especially related to endpoint IC pricing.


<ul>
<li>Impinj warned revenue would decline sequentially in the third quarter due to weaker than expected demand from retail apparel customers. The shortfall started  towards the end of the second quarter</li>
<li>Impinj increased inventory in the first quarter and more so in the second quarter. Inventory within the channel has also increased compared to the first quarter</li>
<li>Impinj’s stock continues to price the downward revenue scenario as a short-term event. Previous downturns have lasted more than one quarter</li>
</ul>


Impinj warned revenue would decline sequentially in the third quarter due to weaker than expected demand from retail apparel customers. The shortfall started  towards the end of the second quarter
Impinj increased inventory in the first quarter and more so in the second quarter. Inventory within the channel has also increased compared to the first quarter
Impinj’s stock continues to price the downward revenue scenario as a short-term event. Previous downturns have lasted more than one quarter


<ul>
<li>Impinj was a late beneficiary to the COVID-19 pandemic and could now be on the cusp of a correction in its revenue growth trajectory</li>
<li>The developer of radio frequency identification (“RFID”) chips used in RFID tags benefited when companies were facing supply chain issues resulting in ordering much more inventory than necessary</li>
<li>Consensus estimates are for another 36 percent increase in revenue in 2023 even though Impinj is heavily dependent on retail apparel</li>
</ul>


Impinj was a late beneficiary to the COVID-19 pandemic and could now be on the cusp of a correction in its revenue growth trajectory
The developer of radio frequency identification (“RFID”) chips used in RFID tags benefited when companies were facing supply chain issues resulting in ordering much more inventory than necessary
Consensus estimates are for another 36 percent increase in revenue in 2023 even though Impinj is heavily dependent on retail apparel


United States

Impinj, Inc. provides radio-frequency identification solutions for identifying, locating, and authenticating items. The Company offers radio chips, gateways, readers and antennas, and software. Impinj serves customers worldwide.

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Impinj Inc (PI US)

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