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 is 1 change for the S&amp;P/ASX50 Index, 3 changes for the S&amp;P/ASX100 Index, 9 changes 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/ASX200 (AS51 INDEX)</a> and 17 adds/ 12 deletes for the S&amp;P/ASX300 Index.</li>
<li>Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.</li>
<li>The adds have outperformed the deletes across all indices and performance has been especially strong for the S&amp;P/ASX100 Index and S&amp;P/ASX300 Index changes.</li>
</ul>


There is 1 change for the S&amp;P/ASX50 Index, 3 changes for the S&amp;P/ASX100 Index, 9 changes for the S&amp;P/ASX200 (AS51 INDEX) and 17 adds/ 12 deletes for the S&amp;P/ASX300 Index.
Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.
The adds have outperformed the deletes across all indices and performance has been especially strong for the S&amp;P/ASX100 Index and S&amp;P/ASX300 Index changes.


S&P/​​​​ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

<ul>
<li>S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.</li>
<li>The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.</li>
<li>The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular 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 (AS51 INDEX)</a> and S&amp;P/ASX 300 Index changes.</li>
</ul>


S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.
The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.
The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular for the S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Index changes.


S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

<ul>
<li>S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.</li>
<li>The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.</li>
<li>We currently forecast 47 changes to the S&amp;P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.</li>
</ul>


S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.
The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.
We currently forecast 47 changes to the S&amp;P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.


S&P/ASX Indices: Proposed Methodology Changes & The BIG September Rebalance

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-ltd" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal (1229Z AU)</a> is looking to raise A$337m (US$218m) in its Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In this note, we look at the updates since our last look-through and share our thoughts on valuation.</li>
</ul>



Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In this note, we look at the updates since our last look-through and share our thoughts on valuation.


Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.


Cuscal IPO - Peer Comparison & Thoughts on Valuation

Australia

OFX Group Limited provides online international payment services. The Company offers single and recurring transfer, foreign exchange, and other related services. OFX Group serves clients worldwide.

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OFX Group (OFX AU)

S&P/ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

There are 53 stocks that are adds/deletes across the ASX family of indices. There are some surprises and big flow/impact across the changes. Adds...

Brian Freitas

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

The review period for the September rebalance is done and the proposals in the market consultation will be implemented. That means a lot of change...

Brian Freitas

S&P/ASX Indices: Proposed Methodology Changes & The BIG September Rebalance

The market consultation ends in 2 weeks, and the conclusions should be announced soon after that. A lot of the stocks have moved significantly over...

Brian Freitas

Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO. In this note, we look at the updates since our last look-through and...

Clarence Chu

Cuscal IPO - Peer Comparison & Thoughts on Valuation

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note we will undertake a peer comparison and share our...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P/​​​​ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

There are 53 stocks that are adds/deletes across the ASX family of indices. There are some surprises and big flow/impact across the changes. Adds...

Brian Freitas

S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

The review period for the September rebalance is done and the proposals in the market consultation will be implemented. That means a lot of change...

Brian Freitas

S&P/ASX Indices: Proposed Methodology Changes & The BIG September Rebalance

The market consultation ends in 2 weeks, and the conclusions should be announced soon after that. A lot of the stocks have moved significantly over...

Brian Freitas

Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO. In this note, we look at the updates since our last look-through and...

Clarence Chu

Cuscal IPO - Peer Comparison & Thoughts on Valuation

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note we will undertake a peer comparison and share our...

Clarence Chu

S&P/ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated