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>The announcement of the inclusion of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a> in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> was a big one last week. There were announcements for some other indices too.</li>
<li>There are many indices in China that will be rebalanced at the close on Friday, the biggest being the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KWEB US</a>.</li>
<li>Relatively quiet in ETF world with net inflows to China focused ETFs and net outflows for Japan.</li>
</ul>


The announcement of the inclusion of Uber Technologies (UBER US) in the S&amp;P 500 INDEX was a big one last week. There were announcements for some other indices too.
There are many indices in China that will be rebalanced at the close on Friday, the biggest being the CSI 300, CSI 500, STAR50, SSE50 and KWEB US.
Relatively quiet in ETF world with net inflows to China focused ETFs and net outflows for Japan.


Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>October's industry numbers hide pricing turmoil seen at company level</li>
<li>STO Express appears to be using price to gain share from Yunda, others</li>
<li>We believe price competition continues to hurt 'ground' express margins</li>
</ul>


October's industry numbers hide pricing turmoil seen at company level
STO Express appears to be using price to gain share from Yunda, others
We believe price competition continues to hurt 'ground' express margins


Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)

<ul>
<li>There are 14 changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX)</a> at the upcoming rebalance that will be implemented at the close of trading on 8 December.</li>
<li>While most changes are in line with forecasts, there are some stocks that have not been added or deleted as the index committee has used their discretion.</li>
<li>The adds outperformed the deletes in the first half of the year with performance staying stable over the second half of the year. Position for outperformance ahead of implementation.</li>
</ul>


There are 14 changes for the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX) at the upcoming rebalance that will be implemented at the close of trading on 8 December.
While most changes are in line with forecasts, there are some stocks that have not been added or deleted as the index committee has used their discretion.
The adds outperformed the deletes in the first half of the year with performance staying stable over the second half of the year. Position for outperformance ahead of implementation.


CSI300 Index Rebalance: 14 Changes & A Few Surprises

Equity Capital Markets

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>Led by international activity, CaiNiao booked +25% Y/Y revenue growth in FYQ2</li>
<li>FYQ2 EBITA margin improved Y/Y and Q/Q, even as express companies struggled</li>
<li>Result bolsters CaiNiao status as vehicle to access BABA's international growth</li>
</ul>


Led by international activity, CaiNiao booked +25% Y/Y revenue growth in FYQ2
FYQ2 EBITA margin improved Y/Y and Q/Q, even as express companies struggled
Result bolsters CaiNiao status as vehicle to access BABA's international growth


CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

<ul>
<li>Non-Core items boosted Q3 earnings, but core margins plunged vs Q2</li>
<li>In a surprise move, ZTO has abandoned its aggressive pursuit of share</li>
<li>Medium term growth is likely to slow, and pressure on margins remains</li>
</ul>


Non-Core items boosted Q3 earnings, but core margins plunged vs Q2
In a surprise move, ZTO has abandoned its aggressive pursuit of share
Medium term growth is likely to slow, and pressure on margins remains


ZTO Express Q3: Margins Plunge Vs Q2 | Abandons Pursuit of Share Gains | Is There a New Strategy?

China

Yunda Holding Co Ltd operates as a holding company. The Company, through its subsidiaries, provides industrial investment, enterprise management, business consulting, car rental, technical development, information technology, and advertising services. Yunda Holding serves customers in China.

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

Yunda Holding (002120 CH)

Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)

Companies focused on China's domestic 'ground' express continued to experience price pressures in October. These pressures will continue in the...

Tracking Traffic

CSI300 Index Rebalance: 14 Changes & A Few Surprises

There are 14 changes for the CSI300 in December. Most of the changes were expected and there are a few surprises as the index committee has...

Brian Freitas

CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

CaiNiao's FYQ2 revenue growth was solid, and core margins improved. The company has emerged as a vehicle for gaining access to Alibaba's...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)

Companies focused on China's domestic 'ground' express continued to experience price pressures in October. These pressures will continue in the...

Tracking Traffic

CSI300 Index Rebalance: 14 Changes & A Few Surprises

There are 14 changes for the CSI300 in December. Most of the changes were expected and there are a few surprises as the index committee has...

Brian Freitas

CaiNiao's FYQ2: Revenue +25% Y/Y, Led by Int'l | EBITA Margin Up, Too | Solid Showing Ahead of IPO

CaiNiao's FYQ2 revenue growth was solid, and core margins improved. The company has emerged as a vehicle for gaining access to Alibaba's...

Tracking Traffic

ZTO Express Q3: Margins Plunge Vs Q2 | Abandons Pursuit of Share Gains | Is There a New Strategy?

ZTO has long employed a strategy of market share gains it uses to offset declining unit prices. Under current depressed market conditions, it has...

Tracking Traffic