IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> IE considers CC Capital’s scheme offer at A$4.80 fair and reasonable, as it is within its valuation range of A$4.49 to A$5.08.</li>
<li>The key scheme conditions are shareholder, FIRB and APRA approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.</li>
<li>The offer is attractive, particularly as peers have derated. At the last close and for a 28 April payment, the gross/annualised spread is 2.8%/19.1%.  </li>
</ul>


The Insignia Financial (IFL AU) IE considers CC Capital’s scheme offer at A$4.80 fair and reasonable, as it is within its valuation range of A$4.49 to A$5.08.
The key scheme conditions are shareholder, FIRB and APRA approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.
The offer is attractive, particularly as peers have derated. At the last close and for a 28 April payment, the gross/annualised spread is 2.8%/19.1%.  


Insignia Financial (IFL AU): Scheme Vote on 13 April

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>There could be 1 change for the ASX20, 2 for the ASX50, 3 for the ASX100, 4 for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200</a> and 17 adds/10 deletes for the ASX300 in March.</li>
<li>Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. </li>
<li>While the forecast adds have outperformed the forecast deletes over the last few months, there was a drawdown for most indices in January. Most of that underperformance has now reversed.</li>
</ul>


There could be 1 change for the ASX20, 2 for the ASX50, 3 for the ASX100, 4 for the S&amp;P/ASX 200 and 17 adds/10 deletes for the ASX300 in March.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&amp;P/ASX 200 (AS51 INDEX). 
While the forecast adds have outperformed the forecast deletes over the last few months, there was a drawdown for most indices in January. Most of that underperformance has now reversed.


S&P/​​​​​​​​​ASX Index Rebalance Preview (Mar 26): Plenty of Change with Big Flow & Impact

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we have presented our latest expectations for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2026 index rebal event.</li>
<li>Our expectations for ASX 20, 50, and 100 have changed as we anticipated might (in our last insight) might happen. The reference period is about to end soon.</li>
<li>We now expect one change for ASX 20, two changes for ASX 50, two changes for ASX 100, three changes for ASX 200, and 15 ADDs/8 DELs for ASX 300.</li>
</ul>


In this insight, we have presented our latest expectations for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2026 index rebal event.
Our expectations for ASX 20, 50, and 100 have changed as we anticipated might (in our last insight) might happen. The reference period is about to end soon.
We now expect one change for ASX 20, two changes for ASX 50, two changes for ASX 100, three changes for ASX 200, and 15 ADDs/8 DELs for ASX 300.


Quiddity Leaderboard ASX Mar26: Multiple Changes to Key Ranks as Anticipated; Many High-Impact Names

Vulcan Energy Resources / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2026 index rebal event.</li>
<li>We expect one change for ASX 50, one change for ASX 100, and three changes for ASX 200. Separately we see 14 ADDs and 8 DELs for ASX 300.</li>
<li>The official index changes will be announced after the close on Friday 5th March 2026.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2026 index rebal event.
We expect one change for ASX 50, one change for ASX 100, and three changes for ASX 200. Separately we see 14 ADDs and 8 DELs for ASX 300.
The official index changes will be announced after the close on Friday 5th March 2026.


Quiddity Leaderboard ASX Mar26: Many Names With Multiple Days to Trade

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 ASX Stocks as of Nov 7th (reported today). The aggregated short interest was USD26.6bn.</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 James Hardie Industries, Resmed Inc DRC, Charter Hall, Steadfast, Dexus Property.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 7th (reported today). The aggregated short interest was USD26.6bn.
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 James Hardie Industries, Resmed Inc DRC, Charter Hall, Steadfast, Dexus Property.


ASX Short Interest Weekly (Nov 7th): James Hardie Industries, Resmed Inc DRC, Charter Hall

Australia

Netwealth Group Limited provides investment management services. The Company offers portfolio management, insurance, advisory, and investment solutions. Netwealth Group focuses on funds, deposits, accounts, cash, and securities. Netwealth Group serves customers in Australia.

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Netwealth Group (NWL AU)

Insignia Financial (IFL AU): Scheme Vote on 13 April

Regulatory approvals should be forthcoming, and the scheme vote is low-risk. At the last close and for a 28 April payment, the gross/annualised...

Arun George

S&P/ASX Index Rebalance Preview (Mar 26): Plenty of Change with Big Flow & Impact

There could be 46 changes across the ASX family of indices in March. Passive trackers need to trade a lot of stock in many names. Some names are...

Brian Freitas

Quiddity Leaderboard ASX Mar26: Multiple Changes to Key Ranks as Anticipated; Many High-Impact Names

The expected changes for ASX 200 and ASX 300 have fairly high impacts expected in the upcoming rebalance. The ASX 20, 50, and 100 have large...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ASX Mar26: Many Names With Multiple Days to Trade

With roughly five weeks left in the reference period, our expectations for the ASX March 2026 index review can still change since there are...

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Nov 7th): James Hardie Industries, Resmed Inc DRC, Charter Hall

We analyzed ASX short interest report for the past week and highlight short interest changes in James Hardie Industries, Resmed Inc DRC, Charter...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Insignia Financial (IFL AU): Scheme Vote on 13 April

Regulatory approvals should be forthcoming, and the scheme vote is low-risk. At the last close and for a 28 April payment, the gross/annualised...

Arun George

S&P/​​​​​​​​​ASX Index Rebalance Preview (Mar 26): Plenty of Change with Big Flow & Impact

There could be 46 changes across the ASX family of indices in March. Passive trackers need to trade a lot of stock in many names. Some names are...

Brian Freitas

Quiddity Leaderboard ASX Mar26: Multiple Changes to Key Ranks as Anticipated; Many High-Impact Names

The expected changes for ASX 200 and ASX 300 have fairly high impacts expected in the upcoming rebalance. The ASX 20, 50, and 100 have large...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ASX Mar26: Many Names With Multiple Days to Trade

With roughly five weeks left in the reference period, our expectations for the ASX March 2026 index review can still change since there are...

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Nov 7th): James Hardie Industries, Resmed Inc DRC, Charter Hall

We analyzed ASX short interest report for the past week and highlight short interest changes in James Hardie Industries, Resmed Inc DRC, Charter...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance Preview (Mar 26): Plenty of Change with Big Flow & Impact