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>Doronicum owns nearly 90% of <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon (012510 KS)</a> and they have launched another tender offer to buy the remaining shares.</li>
<li>Once the exchange has concluded there is a high probability of delisting, <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon (012510 KS)</a> will be deleted from the indices and there will be replacements.</li>
<li>With <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon</a> in the top 3 group for the KRX Internet Top10 Index and a part of the KRX BBIG Index, there will be a replacement and a rebalance.</li>
</ul>


Doronicum owns nearly 90% of Douzone Bizon (012510 KS) and they have launched another tender offer to buy the remaining shares.
Once the exchange has concluded there is a high probability of delisting, Douzone Bizon (012510 KS) will be deleted from the indices and there will be replacements.
With Douzone Bizon in the top 3 group for the KRX Internet Top10 Index and a part of the KRX BBIG Index, there will be a replacement and a rebalance.


KRX Internet Top 10/ BBIG Index Rebalance Preview: Replacements for Douzone Bizon

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 KRX stocks as of Mar 13th. The aggregated short interest was USD14.5bn.</li>
<li>We tabulate league tables 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 Samsung Electronics, HANWHA AEROSPACE, Samsung SDI, HANWHA SYSTEMS, Hyundai Motor.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 13th. The aggregated short interest was USD14.5bn.
We tabulate league tables 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 Samsung Electronics, HANWHA AEROSPACE, Samsung SDI, HANWHA SYSTEMS, Hyundai Motor.


KRX Short Interest Weekly (Mar 13th): Samsung Electronics, HANWHA AEROSPACE, Samsung SDI

<ul>
<li>The review period for the March rebalance ends on 31 January, the changes will be announced first week of March and implemented at the close of trading on 13 March.</li>
<li>We forecast constituent changes for the Battery, Bio, Internet and BBIG indices. Plus there will be capping changes for all indices.</li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation</a>, Samsung Epis Holdings, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics</a>, <a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a> and <a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F</a>.</li>
</ul>


The review period for the March rebalance ends on 31 January, the changes will be announced first week of March and implemented at the close of trading on 13 March.
We forecast constituent changes for the Battery, Bio, Internet and BBIG indices. Plus there will be capping changes for all indices.
The largest flows are expected in Samsung SDI, SK Innovation, Samsung Epis Holdings, Samsung Biologics, ABLBio, Alteogen and L&amp;F.


KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 30th which has an aggregated short interest worth USD5.1bn.</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 Samsung Electronics, Hlb, Yuhan.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 30th which has an aggregated short interest worth USD5.1bn.
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 Samsung Electronics, Hlb, Yuhan.


KRX Short Interest Weekly (Aug 30th): Samsung Electronics, Hlb, Yuhan

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 23rd which has an aggregated short interest worth USD5.2bn.</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 estimate the short interests to be USD 5.2bn and highlight short interest changes in Hlb (028300 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 23rd which has an aggregated short interest worth USD5.2bn.
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 estimate the short interests to be USD 5.2bn and highlight short interest changes in Hlb (028300 KS).


KRX Short Interest Weekly (Aug 23rd): Hlb

South Korea

KMW CO. LTD. manufactures a wide range of telecommunications devices and components.  The Company's products include multi-channel combiner units, power amplifiers, antenna front end units, code division multiple access (CDMA) optic repeaters, connectors, and cable assemblies.  KMW also produces microwave components.

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KMW Co Ltd (032500 KS)

KRX Internet Top 10/ BBIG Index Rebalance Preview: Replacements for Douzone Bizon

Doronicum owns ~90% of DouzoneBizon and has launched another tender offer. There will be 1 add to the Internet Top10 Index and 1 add to the BBIG...

Brian Freitas

KRX Short Interest Weekly (Mar 13th): Samsung Electronics, HANWHA AEROSPACE, Samsung SDI

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, HANWHA AEROSPACE, Samsung...

Ke Yan, CFA, FRM

KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

There will be multiple changes for the New Deal indices in March. The largest flows will be in Samsung SDI and SK Innovation.

Brian Freitas

KRX Short Interest Weekly (Aug 30th): Samsung Electronics, Hlb, Yuhan

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Hlb, Yuhan.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Aug 23rd): Hlb

We analyzed KRX short interest report for the past week. We estimate the short interests to be USD 5.2bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)