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>There are 14 Japanese stocks at risk of being deleted from global passive portfolios in February. The number will be smaller depending on the day of the review period chosen.</li>
<li>Selling from passive trackers will range from US$176m-354m and the impact ranges from 3.1-18.4 days of ADV. Short interest has increased in nearly all stocks over the last 4 weeks.</li>
<li>The forecast deletes have underperformed the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TSE Tokyo Price Index TOPIX</a> on average over the last 1-3 months, while there has been marginal outperformance over the last week or two.</li>
</ul>


There are 14 Japanese stocks at risk of being deleted from global passive portfolios in February. The number will be smaller depending on the day of the review period chosen.
Selling from passive trackers will range from US$176m-354m and the impact ranges from 3.1-18.4 days of ADV. Short interest has increased in nearly all stocks over the last 4 weeks.
The forecast deletes have underperformed the TSE Tokyo Price Index TOPIX on average over the last 1-3 months, while there has been marginal outperformance over the last week or two.


Japan: Last Look at Potential Passive Selling in February

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

Gan & Lee Pharmaceuticals / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment</li>
<li>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

Frasers Logistics & Commercial Trust / Equity Bottom-Up

<ul><li>Frasers REIT plans to sell a Melbourne office tower for $129M to an Australian tycoon, indicating a significant transaction in the real estate market.</li><li>Industry leaders from Hilton, KKR, CREAL, and Pegasus are convening in Singapore to discuss strategies for the hospitality sector at a forum.</li><li>Norges has appointed Alexander Knapp as the new Global Real Estate Head and Jason Leong as the new leader of Asia Fund following van den Berg's departure.</li></ul>

Frasers REIT plans to sell a Melbourne office tower for $129M to an Australian tycoon, indicating a significant transaction in the real estate market.Industry leaders from Hilton, KKR, CREAL, and Pegasus are convening in Singapore to discuss strategies for the hospitality sector at a forum.Norges has appointed Alexander Knapp as the new Global Real Estate Head and Jason Leong as the new leader of Asia Fund following van den Berg's departure.

Asia Real Estate Tracker (07-May-2025): Mt. Maunganui Cold Storage for Sale

<ul><li>Hong Kong office floor in Admiralty sells at a 17-year low, reflecting challenging market conditions in the region.</li><li>Brookfield strengthens APAC logistics presence with $588M NZ joint venture, highlighting growth opportunities in the sector.</li><li>Manulife IM acquires Sydney Logistics Park from KKR and Centennial for $35M, expanding their real estate portfolio in Australia.</li></ul>

Hong Kong office floor in Admiralty sells at a 17-year low, reflecting challenging market conditions in the region.Brookfield strengthens APAC logistics presence with $588M NZ joint venture, highlighting growth opportunities in the sector.Manulife IM acquires Sydney Logistics Park from KKR and Centennial for $35M, expanding their real estate portfolio in Australia.

Asia Real Estate Tracker (15-Apr-2025): HK Admiralty office floor sells at 17-year low.

<ul><li>Emperor Group is consolidating a site in Sai Ying Pun for a 62-home project in Hong Kong, promising a significant development.</li><li>EQT has appointed a former KKR executive to take charge of their real estate operations in Japan, signaling a strategic move.</li><li>A prominent mainland tycoon has sold a condo in The Peak for $66 million, marking a significant transaction in the luxury property market.</li></ul>

Emperor Group is consolidating a site in Sai Ying Pun for a 62-home project in Hong Kong, promising a significant development.EQT has appointed a former KKR executive to take charge of their real estate operations in Japan, signaling a strategic move.A prominent mainland tycoon has sold a condo in The Peak for $66 million, marking a significant transaction in the luxury property market.

Asia Real Estate Tracker (14-Apr-2025): Emperor Group's 62-home project in Sai Ying Pun.

Japan

Japan Real Estate Investment Corporation is a real estate investment trust (REIT) which invests in real estate and securitized real estate products. The Company directly invests in office properties with a focus on 3 wards(Chiyoda, Chuo, and Minato) in Tokyo.

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Japan Real Estate Investment (8952 JP)

Japan: Last Look at Potential Passive Selling in February

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Brian Freitas

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Vermilion Research

Asia Real Estate Tracker (07-May-2025): Mt. Maunganui Cold Storage for Sale

Frasers REIT to sell Melbourne office tower for $129M, hospitality strategies discussed at Singapore Forum, Jason Leong new head of Asia Fund,...

Asia Real Estate Tracker

Asia Real Estate Tracker (15-Apr-2025): HK Admiralty office floor sells at 17-year low.

Hong Kong office floor sells low, Brookfield invests in APAC logistics, Manulife buys Sydney park, Emperor Group merges sites, EQT hires exec in...

Asia Real Estate Tracker

Asia Real Estate Tracker (14-Apr-2025): Emperor Group's 62-home project in Sai Ying Pun.

Emperor Group announces consolidation of site in Sai Ying Pun for 62-home project, EQT appoints former KKR exec to lead Japan real estate, while...

Asia Real Estate Tracker

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