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

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals (OZL AU)</a> Scheme Meeting for the acquisition by <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> will be held 13 April. The stock could stop trading post close on 18 April.</li>
<li>
<a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> is a member of the S&amp;P/ASX100 Index and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> so there will be replacements made at the close on 18 April.</li>
<li>Passive trackers will need to buy a fair amount of stock (with a decent impact) on the potential inclusions and the stocks could outperform over the next few weeks.</li>
</ul>


The OZ Minerals (OZL AU) Scheme Meeting for the acquisition by BHP Group (BHP AU) will be held 13 April. The stock could stop trading post close on 18 April.

OZ Minerals Ltd (OZL AU) is a member of the S&amp;P/ASX100 Index and S&amp;P/ASX 200 (AS51 INDEX) so there will be replacements made at the close on 18 April.
Passive trackers will need to buy a fair amount of stock (with a decent impact) on the potential inclusions and the stocks could outperform over the next few weeks.


OZ Minerals (OZL AU): Scheme Meeting in April; Potential S&P/ASX Changes

Index Rebalance

<ul>
<li>The review period for the March rebalance ended yesterday. Announcement of the changes will be made on 10 March and will be implemented at the close on 17 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">Mineral Resources (MIN AU)</a> is a potential index inclusion if it is added to the index universe with lithium revenues nearing the 50% threshold.</li>
<li>
<a href="https://www.smartkarma.com/entities/Ioneer-ltd" target="_blank" data-smartkarma-citation="entities:10264:1" rel="noopener">ioneer Ltd (INR AU)</a> is very close to the 98% deletion threshold and could be removed from the index at the March rebalance.</li>
</ul>


The review period for the March rebalance ended yesterday. Announcement of the changes will be made on 10 March and will be implemented at the close on 17 March.

Mineral Resources (MIN AU) is a potential index inclusion if it is added to the index universe with lithium revenues nearing the 50% threshold.

ioneer Ltd (INR AU) is very close to the 98% deletion threshold and could be removed from the index at the March rebalance.


MVIS Global Rare Earth/​​​​​Strategic Metals Index Rebalance Preview: One Add, One Delete Possible

<ul>
<li>As expected, there are no adds or deletes for the MVIS Global Rare Earth/Strategic Metals Index at the December rebalance.</li>
<li>There are free float and capping changes that will be implemented at the close on 16 December.</li>
<li>One way turnover is estimated at 4.26% and will result in a one-way trade of US$31.5m.</li>
</ul>


As expected, there are no adds or deletes for the MVIS Global Rare Earth/Strategic Metals Index at the December rebalance.
There are free float and capping changes that will be implemented at the close on 16 December.
One way turnover is estimated at 4.26% and will result in a one-way trade of US$31.5m.


MVIS Global Rare Earth/​​Strategic Metals Index Rebalance: Float & Capping Changes

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.</li>
<li>We tabulate league table 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 Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.
We tabulate league table 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 Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.


ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for S&amp;P ASX 200, 100, 50, and 20 in the run up to the December 2022 Rebalance.</li>
<li>The top 5 highest ranked ASX 200 Potential ADDs have 10+ days to buy and a couple of these names could become intra-review additions. </li>
<li>
<a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a> is an ASX 50 ADD and <a href="https://www.smartkarma.com/entities/lendlease-group" target="_blank" data-smartkarma-citation="entities:11248:1" rel="noopener">Lendlease Group (LLC AU)</a> is an ASX 50 DEL as it stands. </li>
</ul>


In this insight, we take a look at the potential index changes for S&amp;P ASX 200, 100, 50, and 20 in the run up to the December 2022 Rebalance.
The top 5 highest ranked ASX 200 Potential ADDs have 10+ days to buy and a couple of these names could become intra-review additions. 

Pilbara Minerals (PLS AU) is an ASX 50 ADD and Lendlease Group (LLC AU) is an ASX 50 DEL as it stands. 


S&P/​​​​​​​ASX Quiddity Leaderboard Dec 22: Top Ranked ASX200 ADDs Look Interesting

Australia

ioneer Ltd produces lithium. The Company is an emerging lithium-boron supplier focused on developing the 100%-owned rhyolite ridge lithium-boron project in Nevada, United States. ioneer serves customers worldwide.

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ioneer (INR AU)

OZ Minerals (OZL AU): Scheme Meeting in April; Potential S&P/ASX Changes

OZL's acquisition by BHP is nearly a done deal. Passive trackers will sell 18.24m shs (A$509m; 9.6x ADV) of OZL on the last trading day. There will...

Brian Freitas

MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: One Add, One Delete Possible

With lithium revenues nearing 50%, MIN AU could be added to the index universe and the index. Near the 98% threshold, INR AU is a potential...

Brian Freitas

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Float & Capping Changes

No adds/deletes for REMX in December. Free float and capping changes will be implemented at the close on 16 December resulting in one-way turnover...

Brian Freitas

ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in Telstra, Macquarie, Wesfarmers, BHP, Newcrest...

Ke Yan, CFA, FRM

S&P/ASX Quiddity Leaderboard Dec 22: Top Ranked ASX200 ADDs Look Interesting

Tassal and Nearmap could get deleted from the ASX 200 index before the December 2022 Rebalance. Monadelphous and PolyNovo are leading the race to...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

OZ Minerals (OZL AU): Scheme Meeting in April; Potential S&P/ASX Changes

OZL's acquisition by BHP is nearly a done deal. Passive trackers will sell 18.24m shs (A$509m; 9.6x ADV) of OZL on the last trading day. There will...

Brian Freitas

MVIS Global Rare Earth/​​​​​Strategic Metals Index Rebalance Preview: One Add, One Delete Possible

With lithium revenues nearing 50%, MIN AU could be added to the index universe and the index. Near the 98% threshold, INR AU is a potential...

Brian Freitas

MVIS Global Rare Earth/​​Strategic Metals Index Rebalance: Float & Capping Changes

No adds/deletes for REMX in December. Free float and capping changes will be implemented at the close on 16 December resulting in one-way turnover...

Brian Freitas

ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in Telstra, Macquarie, Wesfarmers, BHP, Newcrest...

Ke Yan, CFA, FRM

S&P/​​​​​​​ASX Quiddity Leaderboard Dec 22: Top Ranked ASX200 ADDs Look Interesting

Tassal and Nearmap could get deleted from the ASX 200 index before the December 2022 Rebalance. Monadelphous and PolyNovo are leading the race to...

Janaghan Jeyakumar, CFA

MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: One Add, One Delete Possible

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Float & Capping Changes

S&P/ASX Quiddity Leaderboard Dec 22: Top Ranked ASX200 ADDs Look Interesting