Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in April 2022, around six weeks after Russia’s invasion of Ukraine, I touched on the disruption to the uranium supply chain in <a href="https://skr.ma/hkBPx" target="_blank" rel="noopener">Uranium: Fuelling Fears</a>. </li>
<li>The war spurred renewed interest in nuclear energy as a source of domestic power. Uranium prices have tripled since the invasion. </li>
<li>A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, together with a material output drop from mines "as deposits are exhausted".</li>
</ul>


Back in April 2022, around six weeks after Russia’s invasion of Ukraine, I touched on the disruption to the uranium supply chain in Uranium: Fuelling Fears. 
The war spurred renewed interest in nuclear energy as a source of domestic power. Uranium prices have tripled since the invasion. 
A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, together with a material output drop from mines "as deposits are exhausted".


Uranium's Shortfall And Nuclear Viability

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>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index with implementation at the close on 31 July.</li>
<li>Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.</li>
<li>There are only 3 trading days to implementation of the changes and we'd watch out for big moves on stocks that have more than 2x ADV to trade.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index with implementation at the close on 31 July.
Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.
There are only 3 trading days to implementation of the changes and we'd watch out for big moves on stocks that have more than 2x ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>We look at certain investor positioning in the commodity sector</li>
<li>A bear market rally in the USD is the biggest risk and opportunity.</li>
<li>We add some soft commodities to the inflation beneficiaries' basket</li>
</ul>


We look at certain investor positioning in the commodity sector
A bear market rally in the USD is the biggest risk and opportunity.
We add some soft commodities to the inflation beneficiaries' basket


Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

<ul>
<li>There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">Cgn Mining (1164 HK)</a> is an add to both indices. <a href="https://www.smartkarma.com/entities/endesa-sa" target="_blank" data-smartkarma-citation="entities:21264:1" rel="noopener">Endesa SA</a> is a delete from the Uranium&amp;Nuclear Energy Index, <a href="https://www.smartkarma.com/entities/encore-energy-corp" target="_blank" data-smartkarma-citation="entities:39218:1" rel="noopener">Encore Energy</a> is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.</li>
<li>The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.

Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&amp;Nuclear Energy Index, Encore Energy is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.
The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Kazatomprom (KAP LN, NR) announced on 17 Dec that its Russian partner, Uranium One Group (part of Rosatom), will sell the stakes in two JVs in Kazakhstan to China State Nuclear Uranium Resources Development and China Uranium Development Company.</li><li>This suggests that Chinese SOEs further increase the interest in Kazakhstan’s uranium resources to support the fast-growing nuclear power installation in China.</li><li>We expect more spending on exploration to boost reserves following the investment from China. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kazatomprom (KAP LN, NR) announced on 17 Dec that its Russian partner, Uranium One Group (part of Rosatom), will sell the stakes in two JVs in Kazakhstan to China State Nuclear Uranium Resources Development and China Uranium Development Company.This suggests that Chinese SOEs further increase the interest in Kazakhstan’s uranium resources to support the fast-growing nuclear power installation in China.We expect more spending on exploration to boost reserves following the investment from China. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Materials - China to Secure More Uranium Resources in Kazakhstan

Kazakhstan

NAC Kazatomprom JSC produces and markets minerals. The Company specializes in natural uranium production. NAC Kazatomprom also imports and exports uranium compounds, nuclear power plant fuel, and uranium components. NAC Kazatomprom serves customers worldwide.

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NAC Kazatomprom JSC (KAP LI)

Uranium's Shortfall And Nuclear Viability

A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, coupled with a material...

David Blennerhassett

Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

There are 2 adds and capping changes in July for an estimated one-way turnover of 16.3% and a round-trip trade of US$1.4bn. Only 3 days to...

Brian Freitas

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

CGN Mining is a double add, while Endesa and enCore Energy are deletes. Estimated net round-trip trade across both indices is US$560m.

Brian Freitas

Materials - China to Secure More Uranium Resources in Kazakhstan

This suggests that Chinese SOEs further increase the interest in Kazakhstan’s uranium resources to support the fast-growing nuclear power...

CMB International

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