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

Domain Holdings Australia  / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> bought a 16.9% stake in <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a> yesterday at A$4.2/share in cash. That is a 34.6% premium to the last close.</li>
<li>Then, <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> made a non-binding indicative proposal to buy all the <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a> shares it did not own at A$4.2/share.</li>
<li>
<a href="https://www.smartkarma.com/entities/nine-entertainment-co-holdings-ltd" target="_blank" data-smartkarma-citation="entities:708:1" rel="noopener">Nine Entertainment Co Holdings (NEC AU)</a> owns just over 60% of <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a> and should move higher on the offer.</li>
</ul>



Costar Group (CSGP US) bought a 16.9% stake in Domain Holdings Australia (DHG AU) yesterday at A$4.2/share in cash. That is a 34.6% premium to the last close.
Then, Costar Group (CSGP US) made a non-binding indicative proposal to buy all the Domain Holdings Australia (DHG AU) shares it did not own at A$4.2/share.

Nine Entertainment Co Holdings (NEC AU) owns just over 60% of Domain Holdings Australia (DHG AU) and should move higher on the offer.


Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today

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 Feb 14th (reported today) which has an aggregated short interest worth USD24.0bn.</li>
<li>We tabulate league table 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 Aristocrat Leisure, Treasury Wine Estates, Sigma Pharmaceuticals, Santos, A2 Milk Company, Nextdc.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 14th (reported today) which has an aggregated short interest worth USD24.0bn.
We tabulate league table 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 Aristocrat Leisure, Treasury Wine Estates, Sigma Pharmaceuticals, Santos, A2 Milk Company, Nextdc.


ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

Index Rebalance

<ul>
<li>There is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, and no regular changes for the S&amp;P/ASX200 INDEX in June.</li>
<li>The surprise inclusion of <a href="https://www.smartkarma.com/entities/wisetech-global-ltd" target="_blank" data-smartkarma-citation="entities:22669:1" rel="noopener">Wisetech Global (WTC AU)</a> means that positioning is likely to be lower than the passive buying and there could be a move higher in the stock.</li>
<li>There will be one adhoc inclusion 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> at the close on 19 June following Cie De Saint-Gobain (SGO FP)'s acquisition of CSR Ltd (CSR AU). </li>
</ul>


There is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, and no regular changes for the S&amp;P/ASX200 INDEX in June.
The surprise inclusion of Wisetech Global (WTC AU) means that positioning is likely to be lower than the passive buying and there could be a move higher in the stock.
There will be one adhoc inclusion to the S&amp;P/ASX 200 (AS51 INDEX) at the close on 19 June following Cie De Saint-Gobain (SGO FP)'s acquisition of CSR Ltd (CSR AU). 


S&P/​​​​ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The ASX 20/50/100 index changes for the June 2024 index rebal event was announced after market close on Friday 7th June 2024.</li>
<li>In this insight, we take a look at our flow expectations for the ADDs/DELs and the trends in short interest buildup for these names.</li>
<li>Separately, the completion of the <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> M&amp;A deal could trigger an intra-review deletion in June 2024 and the potential replacement name could have very high-impact.</li>
</ul>


The ASX 20/50/100 index changes for the June 2024 index rebal event was announced after market close on Friday 7th June 2024.
In this insight, we take a look at our flow expectations for the ADDs/DELs and the trends in short interest buildup for these names.
Separately, the completion of the CSR Ltd (CSR AU) M&amp;A deal could trigger an intra-review deletion in June 2024 and the potential replacement name could have very high-impact.


Quiddity ASX Jun 24 Rebal: Regular Index Changes + One Potential Intra-Review Replacement

<ul>
<li>With the review period complete, we take a look at the potential index changes at the June rebalance as well as potential index inclusions due to M&amp;A.</li>
<li>Timing is key for the ad hoc inclusions 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> with an ad hoc inclusion being announced prior to the regular announcement.</li>
<li>Passive trackers will need to buy 1.3-27x ADV on the expected adds and have 0.8-4.7x ADV to sell on the expected deletes. Shorts have built up on the potential deletes.</li>
</ul>


With the review period complete, we take a look at the potential index changes at the June rebalance as well as potential index inclusions due to M&amp;A.
Timing is key for the ad hoc inclusions to the S&amp;P/ASX 200 (AS51 INDEX) with an ad hoc inclusion being announced prior to the regular announcement.
Passive trackers will need to buy 1.3-27x ADV on the expected adds and have 0.8-4.7x ADV to sell on the expected deletes. Shorts have built up on the potential deletes.


S&P/​​​​​​​​​ASX Index Rebalance Preview: Regular & Ad Hoc Changes in June

Australia

Nine Entertainment Company Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, broadcast news and current affairs, sporting events, comedy, entertainment, and lifestyle programs. Nine Entertainment serves customers throughout Australia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nine Entertainment Co Holdings (NEC AU)

Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today

Costar has bought 16.9% of Domain and made an offer to buy the rest at A$3.2/share in cash. Short interest is 15x ADV and 4.6% of float and there...

Brian Freitas

ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

There is 1 change for the ASX20, 1 change for the ASX50, 2 changes for the ASX100 in June. Codan and Judo Capital are locked in a race to replace...

Brian Freitas

Quiddity ASX Jun 24 Rebal: Regular Index Changes + One Potential Intra-Review Replacement

We see Judo Capital (JDO AU) as the potential ASX 200 intra-review replacement for CSR (CSR AU). Coda (CDA AU) is a close-second.

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview: Regular & Ad Hoc Changes in June

There should be changes for the ASX20, ASX100, ASX200 in June. Timing of the ASX200 inclusions is key with 2 M&A events leading to ad hoc...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today

Costar has bought 16.9% of Domain and made an offer to buy the rest at A$3.2/share in cash. Short interest is 15x ADV and 4.6% of float and there...

Brian Freitas

ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma...

Ke Yan, CFA, FRM

S&P/​​​​ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

There is 1 change for the ASX20, 1 change for the ASX50, 2 changes for the ASX100 in June. Codan and Judo Capital are locked in a race to replace...

Brian Freitas

Quiddity ASX Jun 24 Rebal: Regular Index Changes + One Potential Intra-Review Replacement

We see Judo Capital (JDO AU) as the potential ASX 200 intra-review replacement for CSR (CSR AU). Coda (CDA AU) is a close-second.

Janaghan Jeyakumar, CFA

S&P/​​​​​​​​​ASX Index Rebalance Preview: Regular & Ad Hoc Changes in June

There should be changes for the ASX20, ASX100, ASX200 in June. Timing of the ASX200 inclusions is key with 2 M&A events leading to ad hoc...

Brian Freitas

S&P/ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

S&P/ASX Index Rebalance Preview: Regular & Ad Hoc Changes in June