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>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> has sold over 5% of shares outstanding in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> over the last month as the stock has run up.</li>
<li>The increased market cap and higher float should result in index inclusion and passive buying for <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> in November. Then an upweight in another index in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s selling could also lead to <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> meeting JPX's tradable share ratio and removes an overhang for the stock.</li>
</ul>



Toshiba Corp (6502 JP) has sold over 5% of shares outstanding in Kioxia Holdings (285A JP) over the last month as the stock has run up.
The increased market cap and higher float should result in index inclusion and passive buying for Kioxia Holdings (285A JP) in November. Then an upweight in another index in December.

Toshiba Corp (6502 JP)'s selling could also lead to Kioxia Holdings (285A JP) meeting JPX's tradable share ratio and removes an overhang for the stock.


Kioxia (285A JP): Toshiba Selling Leads to Passive Buying & Removes Overhang

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Kioxia, Minebea Misumi and Hoya may face a wobbly open after both Sandisk and WD missed expectations.</li>
<li>Sumco and Shin Etsu could see limited impact or even gains from proposed US polysilicon tariffs, as both source directly from US-based suppliers.</li>
<li>SpaceX dropped -13.6% after earnings AH yesterday, which looked good, but the firm spooked the mkt with its higher AI spend.</li>
</ul>


Kioxia, Minebea Misumi and Hoya may face a wobbly open after both Sandisk and WD missed expectations.
Sumco and Shin Etsu could see limited impact or even gains from proposed US polysilicon tariffs, as both source directly from US-based suppliers.
SpaceX dropped -13.6% after earnings AH yesterday, which looked good, but the firm spooked the mkt with its higher AI spend.


Japan Morning Connection: Memory Names Set for a Tough Session After Sandisk, WD Earnings Disappoint

<ul>
<li>Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.</li>
<li>Amazon's AWS growth beat validates its AI spend, offering a positive read-through for Japan's SPE and semi-caps.</li>
<li>Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.</li>
</ul>


Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.
Amazon's AWS growth beat validates its AI spend, offering a positive read-through for Japan's SPE and semi-caps.
Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.


Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

<ul>
<li>Kokusai Elec and Micronics may see upside as CXMT's blockbuster IPO nears, with its retail tranche reportedly 212x oversubscribed.</li>
<li>TDK, Minebea Misumi and Nitto Denko may face pressure after Qualcomm's price hike points to lower sales of cheaper handsets across Asia.</li>
<li>Ibiden and TEL look unfairly sold on Friday and worth revisiting today.</li>
</ul>


Kokusai Elec and Micronics may see upside as CXMT's blockbuster IPO nears, with its retail tranche reportedly 212x oversubscribed.
TDK, Minebea Misumi and Nitto Denko may face pressure after Qualcomm's price hike points to lower sales of cheaper handsets across Asia.
Ibiden and TEL look unfairly sold on Friday and worth revisiting today.


Japan Morning Connection: Risk-On Mood May Return as Red Sea Tensions Ease

<ul>
<li>MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.</li>
<li>Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.</li>
<li>Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.</li>
</ul>


MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.
Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.
Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.


Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kioxia Holdings (285A JP)

Kioxia (285A JP): Toshiba Selling Leads to Passive Buying & Removes Overhang

Kioxia was up 98.55% from when this insight was published to yesterday's close. Toshiba sold another 16.5m shares over the last month (and a total...

Brian Freitas

Japan Morning Connection: Memory Names Set for a Tough Session After Sandisk, WD Earnings Disappoint

Kioxia, Minebea Misumi, and Hoya may have a rough open due to missed expectations from Sandisk and WD, while US polysilicon tariffs shouldn't be a...

Andrew Jackson

Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

Heavily sold AI plays such as Ibiden, Advantest and Kokusai, look likely to continue higher despite the missed US tape given the more constructive...

Andrew Jackson

Japan Morning Connection: Risk-On Mood May Return as Red Sea Tensions Ease

Ibiden and TEL may be worth revisiting after Friday's overreaction, while memory SPE names Kokusai and Micronics could see support from CXMT's...

Andrew Jackson

Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)