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

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Boss delivered a robust March 2025 quarter, with Honeymoon generating free cash flow and production ramping sharply.</li>
<li>The company targets ~2.9M lbs annual output by FY27, supported by Alta Mesa and multiple exploration assets.</li>
<li>Valuations remain attractive at ~8× forward P/E, though uranium price volatility and execution risks persist.</li>
</ul>


Boss delivered a robust March 2025 quarter, with Honeymoon generating free cash flow and production ramping sharply.
The company targets ~2.9M lbs annual output by FY27, supported by Alta Mesa and multiple exploration assets.
Valuations remain attractive at ~8× forward P/E, though uranium price volatility and execution risks persist.


Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

<ul>
<li>NexGen is preparing to begin construction of its fully permitted Rook I uranium project, targeting production by late 2027.</li>
<li>Rook I offers 29.2 Mlbs/year output at US$9.98/lb, among the industry’s lowest costs. With 240 Mlbs in reserves and 24-year mine life, it ranks as a top-tier long-duration uranium asset.</li>
<li>Valuation premium reflects low cost, high-grade profile, and uranium demand tailwinds—but hinges on timely permits, financing, and execution.</li>
</ul>


NexGen is preparing to begin construction of its fully permitted Rook I uranium project, targeting production by late 2027.
Rook I offers 29.2 Mlbs/year output at US$9.98/lb, among the industry’s lowest costs. With 240 Mlbs in reserves and 24-year mine life, it ranks as a top-tier long-duration uranium asset.
Valuation premium reflects low cost, high-grade profile, and uranium demand tailwinds—but hinges on timely permits, financing, and execution.


NexGen Energy Ltd. (TSX: NXE, NYSE: NXE) – Advancing a World-Class Uranium Asset Toward Production

<ul>
<li>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There is only 1 delete with implementation at the close on 31 January.</li>
<li>As expected, <a href="https://www.smartkarma.com/entities/goviex-uranium-inc" target="_blank" data-smartkarma-citation="entities:35742:1" rel="noopener">GoviEx Uranium (GXU CN)</a> will be deleted from the index and there will be a bunch of capping changes, especially for non-pure play stocks.</li>
<li>Estimated one-way turnover is 5.8% resulting in a round-trip trade of US$386m. There are many stocks with multiple days of ADV to trade.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There is only 1 delete with implementation at the close on 31 January.
As expected, GoviEx Uranium (GXU CN) will be deleted from the index and there will be a bunch of capping changes, especially for non-pure play stocks.
Estimated one-way turnover is 5.8% resulting in a round-trip trade of US$386m. There are many stocks with multiple days of ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance: DeepSeek Led Selloff & 1 Delete

<ul>
<li>Based on prices and turnover from 22 January, there could be one deletion from the index in January. Plus there will be capping and float changes.</li>
<li>There are four stocks that meet the inclusion criteria, but all are non-pure play companies, and the index is already at the limit of 15 non-pure play companies.</li>
<li>Estimated one-way turnover is 6.8% resulting in a round-trip trade of US$506m. There are many stocks with multiple days of ADV to trade.</li>
</ul>


Based on prices and turnover from 22 January, there could be one deletion from the index in January. Plus there will be capping and float changes.
There are four stocks that meet the inclusion criteria, but all are non-pure play companies, and the index is already at the limit of 15 non-pure play companies.
Estimated one-way turnover is 6.8% resulting in a round-trip trade of US$506m. There are many stocks with multiple days of ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Potential Changes Next Week

Canada

NexGen Energy Ltd. operates as a special purpose uranium exploration company. The Company acquires, explores and develops properties for uranium resources in Canada.

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Nexgen Energy (NXE CN)

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

Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...

Rahul Jain

NexGen Energy Ltd. (TSX: NXE, NYSE: NXE) – Advancing a World-Class Uranium Asset Toward Production

NexGen set to construct Rook I uranium project with low costs, high reserves, and long mine life, aiming for production by 2027. Valuation depends...

Rahul Jain

Solactive Global Uranium & Nuclear Components Index Rebalance: DeepSeek Led Selloff & 1 Delete

GoviEx Uranium will be deleted from the URA ETF on Friday. The deletion plus capping changes lead to a one-way turnover of 5.8% resulting in a...

Brian Freitas

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Potential Changes Next Week

There could be 1 delete in Jan. There are unlikely to be any adds; one name is close. Estimated 1-way turnover is 6.8% resulting in a round-trip...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

​Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...

Rahul Jain

NexGen Energy Ltd. (TSX: NXE, NYSE: NXE) – Advancing a World-Class Uranium Asset Toward Production

​NexGen set to construct Rook I uranium project with low costs, high reserves, and long mine life, aiming for production by 2027. Valuation depends...

Rahul Jain

Solactive Global Uranium & Nuclear Components Index Rebalance: DeepSeek Led Selloff & 1 Delete

GoviEx Uranium will be deleted from the URA ETF on Friday. The deletion plus capping changes lead to a one-way turnover of 5.8% resulting in a...

Brian Freitas

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Potential Changes Next Week

There could be 1 delete in Jan. There are unlikely to be any adds; one name is close. Estimated 1-way turnover is 6.8% resulting in a round-trip...

Brian Freitas

Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...

NexGen set to construct Rook I uranium project with low costs, high reserves, and long mine life, aiming for production by 2027. Valuation depends...