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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> has trended lower over the last couple of years and the stock is trading very close to its lows.</li>
<li>There has been a contraction in multiples and <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> trades cheaper than a lot of its Asia listed peers.</li>
<li>A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.</li>
</ul>



Thai Beverage (THBEV SP) has trended lower over the last couple of years and the stock is trading very close to its lows.
There has been a contraction in multiples and Thai Beverage (THBEV SP) trades cheaper than a lot of its Asia listed peers.
A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.


Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> is currently trading at a ~12% discount to NAV, just outside its narrowest post-Covid.</li>
<li>A key catalyst for the recent narrowing was JCNC's inclusion in the SIMSCI Index at the end of last month.</li>
<li>JCNC is expensive here - relative to historical values -  and from an implied stub perspective.</li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP) is currently trading at a ~12% discount to NAV, just outside its narrowest post-Covid.
A key catalyst for the recent narrowing was JCNC's inclusion in the SIMSCI Index at the end of last month.
JCNC is expensive here - relative to historical values -  and from an implied stub perspective.


ASEAN Exchanges

Gateway to ASEAN Investment

ASEAN Exchanges is a collaboration among the exchanges in the ASEAN countries with the objectives of promoting greater integration of the ASEAN capital markets, enhancing the visibility of ASEAN as an asset class, and strengthening ASEAN as an attractive investment destination for both ASEAN and global investors.

Current participating ASEAN exchanges (“Member Exchanges”) are Bursa Malaysia Berhad, Indonesia Stock Exchange, The Philippine Stock Exchange, Singapore Exchange, The Stock Exchange of Thailand, and Vietnam Exchange.

Cross Asset Strategy

<ul>
<li>
ASEAN is scaling into a top-tier economic engine, targeting a US$4.2T GDP in 2025 and cementing its position as the world’s fifth-largest bloc.
</li>
<li>
Regional exports are set for a breakout phase—BCG projects ~90% growth by 2031 to US$3.2T annually, far outpacing sub-30% global trade expansion.
</li>
<li>
The uplift is anchored by supply-chain integration across autos, electronics, apparel, agri-food, and data/IT services, supported by policy tailwinds and US–China realignment.
</li>
</ul>



ASEAN is scaling into a top-tier economic engine, targeting a US$4.2T GDP in 2025 and cementing its position as the world’s fifth-largest bloc.


Regional exports are set for a breakout phase—BCG projects ~90% growth by 2031 to US$3.2T annually, far outpacing sub-30% global trade expansion.


The uplift is anchored by supply-chain integration across autos, electronics, apparel, agri-food, and data/IT services, supported by policy tailwinds and US–China realignment.



External Trade Focus: ASEAN–China Relations in a Rebalanced World

<ul><li>Dual listings between ASEAN Markets are a relatively new concept, which allows locally listed companies to list on another exchange in the region, often under a Depositary Receipt (DR) scheme.</li><li>These instruments can be orchestrated by the companies themselves, either as a secondary listing, as depositary receipts, or the listings can be sponsored by a broker or investment bank.</li><li>Most dual listings are secondary listings rather than primary listings but will still be subject to regulations in the secondary market.</li></ul>

Dual listings between ASEAN Markets are a relatively new concept, which allows locally listed companies to list on another exchange in the region, often under a Depositary Receipt (DR) scheme.These instruments can be orchestrated by the companies themselves, either as a secondary listing, as depositary receipts, or the listings can be sponsored by a broker or investment bank.Most dual listings are secondary listings rather than primary listings but will still be subject to regulations in the secondary market.

Dual Listings In ASEAN: Trends And Drivers

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>PM Lawrence Wong led the PAP to a bigger victory than in 2020, winning 87 of the 97 seats, and 65.6% of votes in contested seats (vs 61.2% in 2020). </li>
<li>Since one 5-member seat (Marine Parade-Braddell Heights GRC) was won uncontested (while all seats were contested in 2020) the vote share figures aren't strictly comparable between 2020 and 2025. </li>
<li>Nonetheless, the larger proportion of votes and seats won by PAP give the PM a freer hand in making and implementing policy with a seemingly stronger mandate. Positive for Singapore. </li>
</ul>


PM Lawrence Wong led the PAP to a bigger victory than in 2020, winning 87 of the 97 seats, and 65.6% of votes in contested seats (vs 61.2% in 2020). 
Since one 5-member seat (Marine Parade-Braddell Heights GRC) was won uncontested (while all seats were contested in 2020) the vote share figures aren't strictly comparable between 2020 and 2025. 
Nonetheless, the larger proportion of votes and seats won by PAP give the PM a freer hand in making and implementing policy with a seemingly stronger mandate. Positive for Singapore. 


Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share

Singapore

The MSCI Singapore Free Index is a free-float market capitalization weighted equity index. Since 12/01/1999, MSCI removed the "Free" designation from this index - this index now shares the same members and weights as the MSCI Singapore Index (MXSG Index), but continues to be calculated to be consistent with the index levels before this date.

MSCI Singapore Free Index (SIMSCI INDEX)

Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

Thai Bev has outperformed Bud APAC and CR Beer over the last 5 months. There could be an index inclusion in the next month and that could help the...

Brian Freitas

JCNC Is Still Overstretched Vs. Astra

JCNC is expensive here - relative to historical values - and from an implied stub perspective. And the MSCI inclusion event has now passed. I'd...

David Blennerhassett

External Trade Focus: ASEAN–China Relations in a Rebalanced World

ASEAN is scaling into a top-tier economic engine, targeting a US$4.2T GDP in 2025 and cementing its position as the world’s fifth-largest...

ASEAN Exchanges

Dual Listings In ASEAN: Trends And Drivers

Dual listings between ASEAN Markets are a relatively new concept, which allows locally listed companies to list on another exchange in the region,...

ASEAN Exchanges

Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

Thai Bev has outperformed Bud APAC and CR Beer over the last 5 months. There could be an index inclusion in the next month and that could help the...

Brian Freitas

JCNC Is Still Overstretched Vs. Astra

JCNC is expensive here - relative to historical values - and from an implied stub perspective. And the MSCI inclusion event has now passed. I'd...

David Blennerhassett

External Trade Focus: ASEAN–China Relations in a Rebalanced World

ASEAN is scaling into a top-tier economic engine, targeting a US$4.2T GDP in 2025 and cementing its position as the world’s fifth-largest...

ASEAN Exchanges

Dual Listings In ASEAN: Trends And Drivers

Dual listings between ASEAN Markets are a relatively new concept, which allows locally listed companies to list on another exchange in the region,...

ASEAN Exchanges

Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share

​PM Lawrence Wong led PAP to a bigger victory, winning 87 of 97 seats and 65.6% of votes, giving him a stronger mandate for policy-making. WP (a...

Prasenjit K. Basu

PM Lawrence Wong led PAP to a bigger victory, winning 87 of 97 seats and 65.6% of votes, giving him a stronger mandate for policy-making. WP (a...