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>We expect the maximum permitted 30 changes at a single review to take place at the June rebalance. Most changes are high probability.</li>
<li>We estimate a one-way turnover of 4.25% at the rebalance leading to a one-way trade of CNY 10.677bn.</li>
<li>Industrials, Information Technology and Materials sectors are expected to have the most net inclusions, while Health Care and Financials are expected to have the most net deletions.</li>
</ul>


We expect the maximum permitted 30 changes at a single review to take place at the June rebalance. Most changes are high probability.
We estimate a one-way turnover of 4.25% at the rebalance leading to a one-way trade of CNY 10.677bn.
Industrials, Information Technology and Materials sectors are expected to have the most net inclusions, while Health Care and Financials are expected to have the most net deletions.


CSI300 Index Rebalance Preview: 30 Potential Changes as Sector Rotation Continues

Yankuang Energy Group   / Index Rebalance

<ul>
<li>With a few weeks to the end of the review period, we see 30 potential changes (the maximum allowed at a review) to the index in June.</li>
<li>Most of the changes are high probability ones. We estimate a one-way turnover of 4.48% at the June rebalance leading to a one-way trade of CNY 7.86bn.</li>
<li>The potential inclusions have outperformed the potential deletions over the last couple of months. There could be more to go here as positions are built in the next few weeks.</li>
</ul>


With a few weeks to the end of the review period, we see 30 potential changes (the maximum allowed at a review) to the index in June.
Most of the changes are high probability ones. We estimate a one-way turnover of 4.48% at the June rebalance leading to a one-way trade of CNY 7.86bn.
The potential inclusions have outperformed the potential deletions over the last couple of months. There could be more to go here as positions are built in the next few weeks.


CSI300 Index Rebalance Preview (June): Maxing Out the 30 Changes

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a>’s strong performance was attributable to the unprecedented demand for glove products during the COVID-19 pandemic.</li>
<li>Judging from the past development, Top Glove is highly correlated with the global pandemic or virus both in terms of financial indicators and market value performance.</li>
<li>Therefore, although Top Glove would continue to be in the first echelon in this industry, investors should not expect too much from the Company’s performance after COVID-19 is under control.</li>
</ul>



Top Glove Corp (TOPG MK)’s strong performance was attributable to the unprecedented demand for glove products during the COVID-19 pandemic.
Judging from the past development, Top Glove is highly correlated with the global pandemic or virus both in terms of financial indicators and market value performance.
Therefore, although Top Glove would continue to be in the first echelon in this industry, investors should not expect too much from the Company’s performance after COVID-19 is under control.


Pre-IPO Top Glove Corp - The Good Times Brought by COVID-19 Are Slipping Away

<ul>
<li>Nearly midway through the review period for the June rebalance of the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a>, we see 29 potential changes to the index.</li>
<li>There are a lot of high and medium probability changes that could result in a one-way turnover of 4.2% and a one-way trade of CNY 10.17bn at the June rebalance.</li>
<li>The potential inclusions have underperformed the potential deletions by c.15% over the last month and this provides a good entry point into a long short/trade.</li>
</ul>


Nearly midway through the review period for the June rebalance of the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX), we see 29 potential changes to the index.
There are a lot of high and medium probability changes that could result in a one-way turnover of 4.2% and a one-way trade of CNY 10.17bn at the June rebalance.
The potential inclusions have underperformed the potential deletions by c.15% over the last month and this provides a good entry point into a long short/trade.


CSI300 Index Rebalance Preview (June 2022): Changes Near the Midway Mark

Huayuan Medical Group Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huayuan-medical-group-holding-cayman-limited" target="_blank" data-smartkarma-citation="entities:34083:1" rel="noopener">Huayuan Medical Group Holding (HUMG HK)</a> is a manufacturer and supplier of disposable non-latex gloves based in China.</li>
<li>Huayuan’s market position is out of the first echelon. Thanks to COVID-19, its downward trend in performance had been reversed by the pandemic, but such “magic” would not last forever. </li>
<li>Together with other concerns analyzed in the article, we are conservative about the Company's outlook.</li>
</ul>



Huayuan Medical Group Holding (HUMG HK) is a manufacturer and supplier of disposable non-latex gloves based in China.
Huayuan’s market position is out of the first echelon. Thanks to COVID-19, its downward trend in performance had been reversed by the pandemic, but such “magic” would not last forever. 
Together with other concerns analyzed in the article, we are conservative about the Company's outlook.


Pre-IPO Huayuan Medical Group Holding - How to Tell a Good Story After the COVID-19 Magic Disappear?

China

Intco Medical Technology Co.,Ltd. manufactures and distributes medical supplies. The Company produces disposable gloves, wheelchairs, gauzes, electrodes, and other products. Intco Medical Technology markets its products throughout China.

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Intco Medical Technology Lt (300677 CH)

CSI300 Index Rebalance Preview: 30 Potential Changes as Sector Rotation Continues

We forecast 30 changes at the June rebalance for the CSI300 Index - most high probability. Industrials, IT and Materials sectors will have net...

Brian Freitas

CSI300 Index Rebalance Preview (June): Maxing Out the 30 Changes

We estimate 30 changes at the June rebalance with a one-way turnover of 4.48% leading to a one-way trade of CNY 7.86bn. The potential adds have...

Brian Freitas

Pre-IPO Top Glove Corp - The Good Times Brought by COVID-19 Are Slipping Away

We analyzed the industry characteristics of disposable gloves,competition pattern,business outlook/logic and concerns of Top Glove. Investors...

Xinyao (Criss) Wang

CSI300 Index Rebalance Preview (June 2022): Changes Near the Midway Mark

Nearly midway through the review period for the June rebalance of the CSI300 index, we see 29 potential changes resulting in a one-way turnover of...

Brian Freitas

Pre-IPO Huayuan Medical Group Holding - How to Tell a Good Story After the COVID-19 Magic Disappear?

This article mainly analyzed Huayuan Medical Group in terms of the industry characteristics, the future trend, the market pattern, the business...

Xinyao (Criss) Wang

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