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>As forecast, <a href="https://www.smartkarma.com/entities/rl-commercial-reit" target="_blank" data-smartkarma-citation="entities:33809:1" rel="noopener">RL Commercial REIT (RCR PM)</a> will replace <a href="https://www.smartkarma.com/entities/alliance-global-group-inc" target="_blank" data-smartkarma-citation="entities:16224:1" rel="noopener">Alliance Global (AGI PM)</a> in the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> at the close of trading on 30 January.</li>
<li>Passive trackers will need to buy over 10 days of ADV in <a href="https://www.smartkarma.com/entities/rl-commercial-reit" target="_blank" data-smartkarma-citation="entities:33809:1" rel="noopener">RL Commercial REIT</a> and will need to sell nearly 13 days of ADV in <a href="https://www.smartkarma.com/entities/alliance-global-group-inc" target="_blank" data-smartkarma-citation="entities:16224:1" rel="noopener">Alliance Global Group</a>.</li>
<li>Both stocks look under positioned. There were wild moves at the January rebalance last year and it could be worth putting on a position in the stocks.</li>
</ul>


As forecast, RL Commercial REIT (RCR PM) will replace Alliance Global (AGI PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 30 January.
Passive trackers will need to buy over 10 days of ADV in RL Commercial REIT and will need to sell nearly 13 days of ADV in Alliance Global Group.
Both stocks look under positioned. There were wild moves at the January rebalance last year and it could be worth putting on a position in the stocks.


PCOMP Index Rebalance: One Set of Changes as RCR Replaces AGI

<ul>
<li>With the review period for the February rebalance of the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> complete, there could be one change for the index.</li>
<li>
<a href="https://www.smartkarma.com/entities/rl-commercial-reit" target="_blank" data-smartkarma-citation="entities:33809:1" rel="noopener">RL Commercial REIT (RCR PM)</a> could replace <a href="https://www.smartkarma.com/entities/alliance-global-group-inc" target="_blank" data-smartkarma-citation="entities:16224:1" rel="noopener">Alliance Global Group (AGI PM)</a> in the index. <a href="https://www.smartkarma.com/entities/rl-commercial-reit" target="_blank" data-smartkarma-citation="entities:33809:1" rel="noopener">RL Commercial REIT</a> will be the second REIT to be added to the index.</li>
<li>There were wild moves at the January rebalance last year and it could be worth putting on a position in the stocks.</li>
</ul>


With the review period for the February rebalance of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) complete, there could be one change for the index.

RL Commercial REIT (RCR PM) could replace Alliance Global Group (AGI PM) in the index. RL Commercial REIT will be the second REIT to be added to the index.
There were wild moves at the January rebalance last year and it could be worth putting on a position in the stocks.


PCOMP Index Rebalance Preview: One Set of Changes Likely in Feb

<ul>
<li>As forecast, <a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS PM)</a> will replace <a href="https://www.smartkarma.com/entities/bloomberry-resorts-corp" target="_blank" data-smartkarma-citation="entities:17961:1" rel="noopener">Bloomberry Resorts (BLOOM PM)</a> in the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> at the close of trading on 15 August.</li>
<li>
<a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive</a> has traded lower following the filing of the Online Gambling Regulatory bill that aims to enhance responsible gaming standards and strengthen regulatory oversight in the sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive</a> is in the early stages of a buyback and is looking to launch in Brazil and South Africa. The index inclusion could provide some respite in the short-term.</li>
</ul>


As forecast, DigiPlus Interactive (PLUS PM) will replace Bloomberry Resorts (BLOOM PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 15 August.

DigiPlus Interactive has traded lower following the filing of the Online Gambling Regulatory bill that aims to enhance responsible gaming standards and strengthen regulatory oversight in the sector.

DigiPlus Interactive is in the early stages of a buyback and is looking to launch in Brazil and South Africa. The index inclusion could provide some respite in the short-term.


PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services (MYNLD PH)</a> is looking to raise up to US$860m by selling shares at ₱20/share, valuing the company at US$2.82bn.</li>
<li>The market cap and free float will depend on the number of shares sold in the IPO and whether the shares in the upsize option are primary or secondary shares.</li>
<li>Global index inclusions should take place in November and December, while <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> inclusion could take place in August 2026.</li>
</ul>



Maynilad Water Services (MYNLD PH) is looking to raise up to US$860m by selling shares at ₱20/share, valuing the company at US$2.82bn.
The market cap and free float will depend on the number of shares sold in the IPO and whether the shares in the upsize option are primary or secondary shares.
Global index inclusions should take place in November and December, while Philippines Stock Exchange PSEi Index (PCOMP INDEX) inclusion could take place in August 2026.


Maynilad Water (MYNLD PM): Index Inclusion Timing for a Large Philippines IPO

<ul>
<li>We look at the performance of the index rebalance strategy over the year using weekly forecasts. In short, it has been a mixed bag for Asia.</li>
<li>India and China have been among the worst performing markets in the region while Australia and Korea have been among the better performers.</li>
<li>A lot of the outperformance appears to be front loaded, so getting the forecasts right early in the review period is of paramount importance.</li>
</ul>


We look at the performance of the index rebalance strategy over the year using weekly forecasts. In short, it has been a mixed bag for Asia.
India and China have been among the worst performing markets in the region while Australia and Korea have been among the better performers.
A lot of the outperformance appears to be front loaded, so getting the forecasts right early in the review period is of paramount importance.


Index Rebalance Strategy YTD Performance: Not Many Places to Hide in Asia

Philippines

The Philippine Stock Exchange PSEi Index is a capitalization-weighted index composed of stocks representative of the Industrial, Properties, Services, Holding Firms, Financial and Mining & Oil Sectors of the PSE. The index has a base value of 1022.045 as of February 28, 1990. 

Philippines Stock Exchange PSEi Index (PCOMP INDEX)

Philippines Stock Exchange PSEi Index (PCOMP INDEX)

PCOMP Index Rebalance: One Set of Changes as RCR Replaces AGI

RCR replaces AGI in the PCOMP Index at the close on 30 January. There are only 4 trading days to implementation, and both stocks appear...

Brian Freitas

PCOMP Index Rebalance Preview: One Set of Changes Likely in Feb

RL Commercial REIT could replace Alliance Global in the index. The impact on the stocks is high, and it could be worth putting on a position in...

Brian Freitas

PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock

DigiPlus will replace Bloomberry in the PCOMP. DigiPlus has sold off on regulatory concerns and has launched a buyback. Bloomberry has continued to...

Brian Freitas

Maynilad Water (MYNLD PM): Index Inclusion Timing for a Large Philippines IPO

Maynilad Water could raise upto US$860m by selling shares at ₱20/shr, valuing the company at US$2.82bn. Global index inclusions could take place in...

Brian Freitas

Index Rebalance Strategy YTD Performance: Not Many Places to Hide in Asia

A positive start to the year for Asia index rebals has turned negative as the momentum/ value unwind began a few weeks ago. Higher volatility and a...

Brian Freitas