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

Value Added Technologies / Index Rebalance

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<li>Following the two tender offers, Han &amp; Co now holds more than 90% of the common shares in <a href="https://www.smartkarma.com/entities/lutronic-corp" target="_blank" data-smartkarma-citation="entities:2250:1" rel="noopener">Lutronic Corp (085370 KS)</a> and is looking to buy the remaining shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/lutronic-corp" target="_blank" data-smartkarma-citation="entities:2250:1" rel="noopener">Lutronic Corp (085370 KS)</a> is a member of the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> and delisting would mean an index replacement. <a href="https://www.smartkarma.com/entities/value-added-technologies" target="_blank" data-smartkarma-citation="entities:9946:1" rel="noopener">Value Added Technologies (043150 KS)</a> is a potential inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/value-added-technologies" target="_blank" data-smartkarma-citation="entities:9946:1" rel="noopener">Value Added Technologies (043150 KS)</a> has underperformed its peers and trades cheaper on nearly all valuation parameters.</li>
</ul>


Following the two tender offers, Han &amp; Co now holds more than 90% of the common shares in Lutronic Corp (085370 KS) and is looking to buy the remaining shares.

Lutronic Corp (085370 KS) is a member of the KOSDAQ 150 Index and delisting would mean an index replacement. Value Added Technologies (043150 KS) is a potential inclusion.

Value Added Technologies (043150 KS) has underperformed its peers and trades cheaper on nearly all valuation parameters.


KOSDAQ150 Ad Hoc Index Rebalance Preview: VAT Could Replace Lutronic

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

Interesting news came out for <a href="https://www.smartkarma.com/entities/991" target="_blank" data-smartkarma-citation="entities:991:1">Celltrion Inc (068270 KS)</a>. Celltrion's retail investors are now demanding a KOSPI move from KOSDAQ. Nearly 10,000 retail investors are demanding a KOSPI move and asking Celltrion to hold an EGM for this. Celltrion is saying that it will review the demand.<div class="content-highlight">Here is the news article about this (source: Chosun Biz)<a href="http://biz.chosun.com/site/data/html_dir/2017/08/08/2017080801568.html" target="_blank">http://biz.chosun.com/site/data/html_dir/2017/08/08/2017080801568.html</a></div>Celltrion's retail investors are saying that the company has suffered greatly from short trading in the past several years. They are saying KOSPI move will reduce short trading volume on Celltrion as more passive money will come to it, thereby improving its valuation.

Interesting news came out for Celltrion Inc (068270 KS). Celltrion's retail investors are now demanding a KOSPI move from KOSDAQ. Nearly 10,000 retail investors are demanding a KOSPI move and asking Celltrion to hold an EGM for this. Celltrion is saying that it will review the demand.Here is the news article about this (source: Chosun Biz)http://biz.chosun.com/site/data/html_dir/2017/08/08/2017080801568.htmlCelltrion's retail investors are saying that the company has suffered greatly from short trading in the past several years. They are saying KOSPI move will reduce short trading volume on Celltrion as more passive money will come to it, thereby improving its valuation.

NPS' Passive Investing May Come to an End - Impact on Celltrion's KOSPI Move

Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/12476" target="_blank" data-smartkarma-citation="entities:12476:1">Hanmi Pharm Co Ltd (128940 KS)</a> stock has fallen from recent highs after Boehringer pulled out of an oncology deal and short-sellers piled on the company's stock. The company is investing heavily in R&amp;D and the management has shown ROIC higher than the pharmaceutical industry average. We see value in the company's R&amp;D pipeline, especially in oncology and diabetes/obesity indications. The company's relative valuation and financial efficiency measures are better than the pharmaceutical industry average. Shares could rise more than 50% from the current level by end of 2018.

Hanmi Pharm Co Ltd (128940 KS) stock has fallen from recent highs after Boehringer pulled out of an oncology deal and short-sellers piled on the company's stock. The company is investing heavily in R&amp;D and the management has shown ROIC higher than the pharmaceutical industry average. We see value in the company's R&amp;D pipeline, especially in oncology and diabetes/obesity indications. The company's relative valuation and financial efficiency measures are better than the pharmaceutical industry average. Shares could rise more than 50% from the current level by end of 2018.

Hanmi Pharmaceutical: This Korean Pharma Giant's Stock Could Rebound More than 50%.

South Korea

JVM CO., LTD. develops, manufactures, and maintains pharmaceutical automated system equipment.  The Company's main products include automatic tablet dispensing & packaging system (ATDPS), automatic medicine packing machines, tablet packaging papers, and tablet counting machines.

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Jvm Co Ltd (054950 KS)

KOSDAQ150 Ad Hoc Index Rebalance Preview: VAT Could Replace Lutronic

HanCo holds over 90% of the shares in Lutronic. if Lutronic is delisted, Value Added Tech could be added to the KOSDAQ150 Index. Value Added Tech...

Brian Freitas

NPS' Passive Investing May Come to an End - Impact on Celltrion's KOSPI Move

Interesting news came out for Celltrion Inc (068270 KS). Celltrion's retail investors are now demanding a KOSPI move from KOSDAQ. Nearly 10,000...

Sanghyun Park

Hanmi Pharmaceutical: This Korean Pharma Giant's Stock Could Rebound More than 50%.

Hanmi Pharm Co Ltd (128940 KS) stock has fallen from recent highs after Boehringer pulled out of an oncology deal and short-sellers piled on the...

Dr. Bhavneesh Sharma, MD, MBA

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