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 analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Astra International, Aneka Tambang, Bank Mandiri, Caesars Entertainment, Inc. Common Stock, Indah Kiat Pulp &amp; Paper, Barito Pacific, APA Corporation Common Stock, Telkom Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Astra International, Aneka Tambang, Bank Mandiri, Caesars Entertainment, Inc. Common Stock, Indah Kiat Pulp &amp; Paper, Barito Pacific, APA Corporation Common Stock, Telkom Indonesia.


MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

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

Jiaxin International Resources Investment / Index Rebalance

Jiaxin International Resources Investment (3858 HK)

Jiaxin International Resources Investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiaxin-international-resources-investment-limited" target="_blank" data-smartkarma-citation="entities:45065:1" rel="noopener">Jiaxin International Resources Investment (3858 HK)</a> and <a href="https://www.smartkarma.com/entities/united-states-antimony-corp" target="_blank" data-smartkarma-citation="entities:38018:1" rel="noopener">United States Antimony (UAMY US)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> in March.</li>
<li>The constituent changes, listing switches, float changes and capping changes result in an estimated one-way turnover of 13.4% and in a round-trip trade of US$1.07bn.</li>
<li>AUM linked to the index continues to rise as both ETFs continue to take in assets. That increases the flow and impact on the index constituents.</li>
</ul>



Jiaxin International Resources Investment (3858 HK) and United States Antimony (UAMY US) will be added to the VanEck Rare Earth/Strategic Me (REMX US) in March.
The constituent changes, listing switches, float changes and capping changes result in an estimated one-way turnover of 13.4% and in a round-trip trade of US$1.07bn.
AUM linked to the index continues to rise as both ETFs continue to take in assets. That increases the flow and impact on the index constituents.


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: 2 Adds & Other Changes; US$1.1bn Trade

<ul>
<li>
<a href="https://www.smartkarma.com/entities/almonty-industries-inc" target="_blank" data-smartkarma-citation="entities:23864:1" rel="noopener">Almonty Industries (AII CN)</a>, <a href="https://www.smartkarma.com/entities/standard-lithium-ltd" target="_blank" data-smartkarma-citation="entities:38824:1" rel="noopener">Standard Lithium (SLI US)</a> and <a href="https://www.smartkarma.com/entities/hubei-zhenhua-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:30013:1" rel="noopener">Hubei Zhenhua Chemical Co Ltd (603067 CH)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> in December.</li>
<li>The constituent changes, float changes and capping changes result in an estimated one-way turnover of 18.2% and in a round-trip trade of US$550m.</li>
<li>There have been large creations in <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> as strategic metals and rare earths stocks have surged in price over the last few months.</li>
</ul>



Almonty Industries (AII CN), Standard Lithium (SLI US) and Hubei Zhenhua Chemical Co Ltd (603067 CH) will be added to the VanEck Rare Earth/Strategic Me (REMX US) in December.
The constituent changes, float changes and capping changes result in an estimated one-way turnover of 18.2% and in a round-trip trade of US$550m.
There have been large creations in VanEck Rare Earth/Strategic Me (REMX US) as strategic metals and rare earths stocks have surged in price over the last few months.


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> is trading tight  - perhaps too tight - to terms, as every punter views the deal as a term deposit.</li>
<li>Be long <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>. Be long <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>. Buy dips. Buy big dips post-tender. Future guidance will include synergy effects.</li>
<li>Richard Li's <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT Ltd (6823 HK)</a> is in the crosshairs as FCC moves to expel the telco from U.S. networks. </li>
</ul>



Hang Seng Bank (11 HK) is trading tight  - perhaps too tight - to terms, as every punter views the deal as a term deposit.
Be long Welcia Holdings (3141 JP). Be long Tsuruha Holdings (3391 JP). Buy dips. Buy big dips post-tender. Future guidance will include synergy effects.
Richard Li's HKT Ltd (6823 HK) is in the crosshairs as FCC moves to expel the telco from U.S. networks. 


Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths

<ul>
<li>As discussed in my April note <a href="https://www.smartkarma.com/compose/insight/206202/%20https:/skr.ma/aXdzn" target="_blank" rel="noopener">Know Your Rare Earth Elements As China Restricts Exports</a>, China escalated restrictions on the export of rare earths - to all countries.</li>
<li>Last week, China ramped up export controls on five additional rare earths; in tandem with related technologies.</li>
<li>The US recently struck a deal <a href="https://www.smartkarma.com/entities/mp-materials-corp" target="_blank" data-smartkarma-citation="entities:33108:1" rel="noopener">MP Materials (MP US)</a> on light rare earths. The possibility of the US taking equity stakes in Australian processing projects could become a reality.</li>
</ul>


As discussed in my April note Know Your Rare Earth Elements As China Restricts Exports, China escalated restrictions on the export of rare earths - to all countries.
Last week, China ramped up export controls on five additional rare earths; in tandem with related technologies.
The US recently struck a deal MP Materials (MP US) on light rare earths. The possibility of the US taking equity stakes in Australian processing projects could become a reality.


United States

MP Materials Corp. produces and markets rare earth specialty materials. The Company is building a fully-integrated supply chain for high strength permanent magnets for the electrification and sustainability industries.

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MP Materials Corp (MP US)

MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

We analyzed MS-Indonesia's consensus for Mar 2026 and highlighted changes of EPS in Astra International (ASII IJ), Aneka Tambang (ANTM IJ), Bank...

Ke Yan, CFA, FRM

MV Global Rare Earth/Strategic Metals Index Rebalance: 2 Adds & Other Changes; US$1.1bn Trade

There are 2 adds and 1 listing switch for the REMX in March. Estimated one-way turnover is 13.4% and the round-trip trade is US$1.07bn. There have...

Brian Freitas

MV Global Rare Earth/Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

There are 3 adds for the REMX in Dec. Estimated one-way turnover is 18.2% and round-trip trade is US$550m. There have been big creations in REMX...

Brian Freitas

Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Friendshoring Aussie Rare Earths

The US already provides funding for US-based projects. But there appears scope for additional jurisdictions;. That potentially opens the door to...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

We analyzed MS-Indonesia's consensus for Mar 2026 and highlighted changes of EPS in Astra International (ASII IJ), Aneka Tambang (ANTM IJ), Bank...

Ke Yan, CFA, FRM

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: 2 Adds & Other Changes; US$1.1bn Trade

There are 2 adds and 1 listing switch for the REMX in March. Estimated one-way turnover is 13.4% and the round-trip trade is US$1.07bn. There have...

Brian Freitas

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

There are 3 adds for the REMX in Dec. Estimated one-way turnover is 18.2% and round-trip trade is US$550m. There have been big creations in REMX...

Brian Freitas

Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Friendshoring Aussie Rare Earths

The US already provides funding for US-based projects. But there appears scope for additional jurisdictions;. That potentially opens the door to...

David Blennerhassett

MV Global Rare Earth/Strategic Metals Index Rebalance: 2 Adds & Other Changes; US$1.1bn Trade

MV Global Rare Earth/Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade