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>The review period for the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> March rebalance is now complete. Nikkei has also confirmed <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>'s capping at the rebalance. </li>
<li>We highlight 3 potential changes to the index and some close names that could be added/deleted at this rebalance or over the next couple of rebalances.</li>
<li>If the changes are as forecast, estimated one-way turnover at the rebalance is 1.35% leading to a round-trip trade of JPY 1tn (US$6.45bn).</li>
</ul>


The review period for the Nikkei 225 (NKY INDEX) March rebalance is now complete. Nikkei has also confirmed Advantest Corp (6857 JP)'s capping at the rebalance. 
We highlight 3 potential changes to the index and some close names that could be added/deleted at this rebalance or over the next couple of rebalances.
If the changes are as forecast, estimated one-way turnover at the rebalance is 1.35% leading to a round-trip trade of JPY 1tn (US$6.45bn).


Nikkei 225 Index Rebalance Preview (Mar 2026): Cutoff Done; Capping Confirmed; Constituent Changes?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$900m in its H-share listing</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$900m in its H-share listing
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Montage Technology A/H Pricing -Deal Delay Didn’t Impact Momentum

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Advantest is essential for high-precision testing of next-generation AI chips, driving complexity-led profit expansion and making it a key structural growth stock.</li>
<li>The end of Japan’s ZIRP is restoring domestic income and fiscal health, creating a supportive macro tailwind for a potential Nikkei index breakthrough.</li>
<li>This thesis captures a unique opportunity by combining a leading AI-chip infrastructure firm with the favorable, strengthening environment of the broader Japanese equity market.</li>
</ul>


Advantest is essential for high-precision testing of next-generation AI chips, driving complexity-led profit expansion and making it a key structural growth stock.
The end of Japan’s ZIRP is restoring domestic income and fiscal health, creating a supportive macro tailwind for a potential Nikkei index breakthrough.
This thesis captures a unique opportunity by combining a leading AI-chip infrastructure firm with the favorable, strengthening environment of the broader Japanese equity market.


Advantest-Nikkei Synergy: Navigating AI Alpha and Structural Growth Beyond the April Capping Risk

Kokusai Electric  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>’s (KE) stock.</li>
<li>KE had seen three selldown earlier, two from KKR and one from AM, with mixed results.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Applied Materials (AMAT US) (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of Kokusai Electric (6525 JP)’s (KE) stock.
KE had seen three selldown earlier, two from KKR and one from AM, with mixed results.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kokusai Electric Placement - Last Deal Did Ok, but the Stock Has Done Very Well Since

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> is looking to raise approximately US$330m through an accelerated secondary offering for around 4.5% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> (KE) stock.</li>
<li>KE had seen two selldown earlier, from KKR, with mixed results. KKR just came out of its last lockup.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Applied Materials (AMAT US) is looking to raise approximately US$330m through an accelerated secondary offering for around 4.5% of Kokusai Electric (6525 JP) (KE) stock.
KE had seen two selldown earlier, from KKR, with mixed results. KKR just came out of its last lockup.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kokusai Electric Placement - Unexpected Seller but Relatively Small Deal

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

Nikkei 225 Index Rebalance Preview (Mar 2026): Cutoff Done; Capping Confirmed; Constituent Changes?

The review period is complete and Advantest's capping has been confirmed. We highlight potential and close adds and deletes for the index. There...

Brian Freitas

Aequitas: Montage Technology A/H Pricing -Deal Delay Didn’t Impact Momentum

Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$900m in its H-share...

Sumeet Singh

Advantest-Nikkei Synergy: Navigating AI Alpha and Structural Growth Beyond the April Capping Risk

Advantest reported record Q3 sales of 273.8B, leading management to hike full-year FY2025 guidance to 1.07T in revenue and 454B in operating...

Jay Cameron

Aequitas: Kokusai Electric Placement - Last Deal Did Ok, but the Stock Has Done Very Well Since

Applied Materials (AMAT US) (AM) is looking to raise approximately US$510m through an accelerated secondary offering for around 5% of Kokusai...

Sumeet Singh

Kokusai Electric Placement - Unexpected Seller but Relatively Small Deal

Applied materials appears to be in the market again to selldown some more of its stake in Kokusai Electric. It last sold in Oct 2025.

Sumeet Singh

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