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 FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The 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">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 bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.</li>
<li>The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.</li>
<li>I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.</li>
</ul>


Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.


Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xero-ltd" target="_blank" data-smartkarma-citation="entities:390:1" rel="noopener">Xero Ltd (XRO AU)</a>  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.</li>
<li>The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Xero Ltd (XRO AU)  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.
The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

<ul>
<li>Klarna, a leading BNPL player in Europe, will try to push ahead with IPO in the second half of the year. The fintech unicorn plans to raise up to ~$1B.</li>
<li>Klarna picked a not great time to take the company public, keeping in mind negative impact of Trump’s tariffs on BNPL players in the U.S. and European Union.</li>
<li>I believe the company may price its IPO above last round valuation of ~$6.7B led by Sequoia Capital, Silver Lake, CPPIB, and Mubadala Investment Company, among others.</li>
</ul>


Klarna, a leading BNPL player in Europe, will try to push ahead with IPO in the second half of the year. The fintech unicorn plans to raise up to ~$1B.
Klarna picked a not great time to take the company public, keeping in mind negative impact of Trump’s tariffs on BNPL players in the U.S. and European Union.
I believe the company may price its IPO above last round valuation of ~$6.7B led by Sequoia Capital, Silver Lake, CPPIB, and Mubadala Investment Company, among others.


Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.</li><li>During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.</li><li>The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS TMT News - Thursday, April 10, 2025

Canada

Shopify Inc. provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand. Shopify serves customers in Canada.

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Shopify (SHOP CN)

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

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

Brian Freitas

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Andrei Zakharov

Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Ltd (XRO AU) plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.

Sumeet Singh

Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...

Andrei Zakharov

BRIDS TMT News - Thursday, April 10, 2025

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

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

Brian Freitas

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

​Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Andrei Zakharov

Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Ltd (XRO AU) plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.

Sumeet Singh

Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

​Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...

Andrei Zakharov

BRIDS TMT News - Thursday, April 10, 2025

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.

BRI Danareksa Research

Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...