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>
<a href="https://www.smartkarma.com/entities/reece-ltd" target="_blank" data-smartkarma-citation="entities:3186:1" rel="noopener">Reece Ltd (REH AU)</a>'s stock price has dropped a lot over the last year, and the significantly lower market cap could result in global index deletion in August. </li>
<li>Short interest started to pick up early this year and has accelerated over the last couple of months. There are indications of positioning in the stock.</li>
<li>
<a href="https://www.smartkarma.com/entities/reece-ltd" target="_blank" data-smartkarma-citation="entities:3186:1" rel="noopener">Reece Ltd (REH AU)</a> has underperformed its peers but still trades at a higher EV/EBITDA and forward PE compared to most of its peer group.</li>
</ul>



Reece Ltd (REH AU)'s stock price has dropped a lot over the last year, and the significantly lower market cap could result in global index deletion in August. 
Short interest started to pick up early this year and has accelerated over the last couple of months. There are indications of positioning in the stock.

Reece Ltd (REH AU) has underperformed its peers but still trades at a higher EV/EBITDA and forward PE compared to most of its peer group.


Reece (REH AU): Positioning Increases as Global Index Deletion Nears

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>It is not just Australia suffering a housing affordability crisis.</li><li>The US is also suffering, particularly in the south, impacting Reece's revenues and margins</li></ul>

It is not just Australia suffering a housing affordability crisis.The US is also suffering, particularly in the south, impacting Reece's revenues and margins

Reece Battling Tariffs, Competition & Cost Crises

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Clarity Pharmaceuticals Ltd / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.</li>
<li>We expect two changes for ASX 50, two changes for ASX 100, and seven changes for ASX 200.</li>
<li>The official index changes will be announced after the close on Friday 5th December 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
We expect two changes for ASX 50, two changes for ASX 100, and seven changes for ASX 200.
The official index changes will be announced after the close on Friday 5th December 2025.


Quiddity Leaderboard ASX Dec25: Reference Period Ending Soon; Some Surprises Possible

<ul>
<li>There could be 2 changes each for the ASX50 and ASX100 indices and 7 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/ASX 200 (AS51 INDEX)</a> in December.</li>
<li>Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes 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>. </li>
<li>The forecast adds have outperformed (and continue to outperform) the forecast deletes to the S&amp;P/ASX 100 Index and 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>. </li>
</ul>


There could be 2 changes each for the ASX50 and ASX100 indices and 7 changes for the S&amp;P/ASX 200 (AS51 INDEX) in December.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&amp;P/ASX 200 (AS51 INDEX). 
The forecast adds have outperformed (and continue to outperform) the forecast deletes to the S&amp;P/ASX 100 Index and the S&amp;P/ASX 200 (AS51 INDEX). 


S&P/​​​​​​​​​ASX Index Rebalance Preview (Dec 25): Changes Across Indices as Positioning Picks Up

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 24th (reported today). The aggregated short interest was USD27.5bn.</li>
<li>We tabulate league tables 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 Reece, Bluescope Steel, APA, Transurban, Sigma Pharmaceuticals.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 24th (reported today). The aggregated short interest was USD27.5bn.
We tabulate league tables 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 Reece, Bluescope Steel, APA, Transurban, Sigma Pharmaceuticals.


ASX Short Interest Weekly (Oct 24th): Reece, Bluescope Steel, APA, Transurban, Sigma Pharmaceuticals

Australia

Reece Limited operates as a plumbing, building and hardware merchant throughout Australia.  The Company offers a variety of bathroom, kitchen and laundry products through its national stores and showrooms.  Reece's products are utilized by plumbers, consumers, architects, builders and interior designers.

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Reece Ltd (REH AU)

Reece (REH AU): Positioning Increases as Global Index Deletion Nears

Reece is a high probability deletion from a global index next month. Short interest has surged over the last few months. Despite underperforming...

Brian Freitas

Reece Battling Tariffs, Competition & Cost Crises

It is not just Australia suffering a housing affordability crisis. The US is also suffering, particularly in the south, impacting Reece's revenues...

FNArena

Quiddity Leaderboard ASX Dec25: Reference Period Ending Soon; Some Surprises Possible

We have revised our expectations for ASX 100 (please see discussion point below the insight). These are our final expectations for the December...

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview (Dec 25): Changes Across Indices as Positioning Picks Up

There could be 22 changes across the ASX family in Dec. Plus passive buying in LNW due to a sole listing on the ASX. The adds have outperformed and...

Brian Freitas

ASX Short Interest Weekly (Oct 24th): Reece, Bluescope Steel, APA, Transurban, Sigma Pharmaceuticals

We analyzed ASX short interest report for the past week and highlight short interest changes in Reece, Bluescope Steel, APA, Transurban, Sigma...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Reece (REH AU): Positioning Increases as Global Index Deletion Nears

Reece is a high probability deletion from a global index next month. Short interest has surged over the last few months. Despite underperforming...

Brian Freitas

Reece Battling Tariffs, Competition & Cost Crises

It is not just Australia suffering a housing affordability crisis. The US is also suffering, particularly in the south, impacting Reece's revenues...

FNArena

Quiddity Leaderboard ASX Dec25: Reference Period Ending Soon; Some Surprises Possible

We have revised our expectations for ASX 100 (please see discussion point below the insight). These are our final expectations for the December...

Janaghan Jeyakumar, CFA

S&P/​​​​​​​​​ASX Index Rebalance Preview (Dec 25): Changes Across Indices as Positioning Picks Up

There could be 22 changes across the ASX family in Dec. Plus passive buying in LNW due to a sole listing on the ASX. The adds have outperformed and...

Brian Freitas

ASX Short Interest Weekly (Oct 24th): Reece, Bluescope Steel, APA, Transurban, Sigma Pharmaceuticals

We analyzed ASX short interest report for the past week and highlight short interest changes in Reece, Bluescope Steel, APA, Transurban, Sigma...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance Preview (Dec 25): Changes Across Indices as Positioning Picks Up