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 Bursa stocks as of Apr 17th. The aggregated short interest is USD516m.</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 Frontken, Public Bank, Petronas Chemicals, MY EG Services, CIMB.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Apr 17th. The aggregated short interest is USD516m.
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 Frontken, Public Bank, Petronas Chemicals, MY EG Services, CIMB.


Bursa Short Interest Weekly (Apr 17th): Frontken, Public Bank, Petronas Chemicals, MY EG Services

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 new market consultation could increase the number of <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" data-smartkarma-citation="entities:22913:1" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> constituent stocks from 30 to 50 and introduce capping for the largest stocks.</li>
<li>The change could take place in December 2026 or June 2027 and changing liquidity patterns will affect the final list of additions to the index.</li>
<li>There will be 20 inclusions to the index and there will be a big reduction in the weight of the Financials sector with Real Estate being the biggest winner.</li>
</ul>


A new market consultation could increase the number of Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) constituent stocks from 30 to 50 and introduce capping for the largest stocks.
The change could take place in December 2026 or June 2027 and changing liquidity patterns will affect the final list of additions to the index.
There will be 20 inclusions to the index and there will be a big reduction in the weight of the Financials sector with Real Estate being the biggest winner.


KLCI Index: Impact of Move from 30 to 50 Stocks

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Mar 20th. The aggregated short interest is USD534m.</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 Telekom Malaysia, UEM Sunrise, Datasonic, WCT, KPJ Healthcare.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 20th. The aggregated short interest is USD534m.
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 Telekom Malaysia, UEM Sunrise, Datasonic, WCT, KPJ Healthcare.


Bursa Short Interest Weekly (Mar 20th): Telekom Malaysia, UEM Sunrise, Datasonic, WCT

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Mar 13th. The aggregated short interest is USD538m.</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 Bumi Armada, KPJ Healthcare, Inari Amertron, Hibiscus Petroleum, Telekom Malaysia.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 13th. The aggregated short interest is USD538m.
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 Bumi Armada, KPJ Healthcare, Inari Amertron, Hibiscus Petroleum, Telekom Malaysia.


Bursa Short Interest Weekly (Mar 13th): Bumi Armada, KPJ Healthcare, Inari Amertron

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical Group (RFMD SP)</a> ended 2025 with PATMI growth of 13% YoY to S$71M (25% YoY decline in 2024), driven by improved performance of hospital services and insurance businesses.</li>
<li>Hospital services division reported 4% YoY revenue growth to S$358M and 15% YoY profit growth to S$41M in 2025, supported by steady patient volumes, higher bill sizes, and operational efficiencies.</li>
<li>Balance sheet remained strong, with strong net cash position, providing flexibility to support strategic growth initiatives. The company is optimistic to remain profitable in 2026.</li>
</ul>



Raffles Medical Group (RFMD SP) ended 2025 with PATMI growth of 13% YoY to S$71M (25% YoY decline in 2024), driven by improved performance of hospital services and insurance businesses.
Hospital services division reported 4% YoY revenue growth to S$358M and 15% YoY profit growth to S$41M in 2025, supported by steady patient volumes, higher bill sizes, and operational efficiencies.
Balance sheet remained strong, with strong net cash position, providing flexibility to support strategic growth initiatives. The company is optimistic to remain profitable in 2026.


Raffles Medical (RFMD SP): Accelerated Earnings Growth in 2025; Positive Outlook

Malaysia

KPJ Healthcare Berhad is an investment holding company. Through its subsidiaries, the Company operates specialist medical centers and also provides pathology and laboratory services, hospital management services, drug and medical distribution along with operating a nursing college.

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

KPJ Healthcare (KPJ MK)

Bursa Short Interest Weekly (Apr 17th): Frontken, Public Bank, Petronas Chemicals, MY EG Services

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Frontken, Public Bank, Petronas...

Ke Yan, CFA, FRM

KLCI Index: Impact of Move from 30 to 50 Stocks

The number of index constituents could increase to 50 and 10% capping could be introduced. Liquidity will play a big role in determining which 20...

Brian Freitas

Bursa Short Interest Weekly (Mar 20th): Telekom Malaysia, UEM Sunrise, Datasonic, WCT

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Telekom Malaysia, UEM Sunrise,...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Mar 13th): Bumi Armada, KPJ Healthcare, Inari Amertron

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Bumi Armada, KPJ Healthcare, Inari...

Ke Yan, CFA, FRM

Raffles Medical (RFMD SP): Accelerated Earnings Growth in 2025; Positive Outlook

Raffles Medical saw 13% PATMI growth in 2025, driven by hospital and insurance businesses. Balance sheet remained strong, with net cash position....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bursa Short Interest Weekly (Apr 17th): Frontken, Public Bank, Petronas Chemicals, MY EG Services

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Frontken, Public Bank, Petronas...

Ke Yan, CFA, FRM

KLCI Index: Impact of Move from 30 to 50 Stocks

The number of index constituents could increase to 50 and 10% capping could be introduced. Liquidity will play a big role in determining which 20...

Brian Freitas

Bursa Short Interest Weekly (Mar 20th): Telekom Malaysia, UEM Sunrise, Datasonic, WCT

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Telekom Malaysia, UEM Sunrise,...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Mar 13th): Bumi Armada, KPJ Healthcare, Inari Amertron

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Bumi Armada, KPJ Healthcare, Inari...

Ke Yan, CFA, FRM

Raffles Medical (RFMD SP): Accelerated Earnings Growth in 2025; Positive Outlook

​Raffles Medical saw 13% PATMI growth in 2025, driven by hospital and insurance businesses. Balance sheet remained strong, with net cash position....

Tina Banerjee

Raffles Medical saw 13% PATMI growth in 2025, driven by hospital and insurance businesses. Balance sheet remained strong, with net cash position....