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 review period for the March rebalance ends on 31 January, the changes will be announced first week of March and implemented at the close of trading on 13 March.</li>
<li>We forecast constituent changes for the Battery, Bio, Internet and BBIG indices. Plus there will be capping changes for all indices.</li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation</a>, Samsung Epis Holdings, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics</a>, <a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a> and <a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F</a>.</li>
</ul>


The review period for the March rebalance ends on 31 January, the changes will be announced first week of March and implemented at the close of trading on 13 March.
We forecast constituent changes for the Battery, Bio, Internet and BBIG indices. Plus there will be capping changes for all indices.
The largest flows are expected in Samsung SDI, SK Innovation, Samsung Epis Holdings, Samsung Biologics, ABLBio, Alteogen and L&amp;F.


KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation (096770 KS) starting 20 November 2025.</li>
<li>This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks.</li>
<li>SK Innovation is currently trading at relatively high valuation multiples. We remain Bearish on SK Innovation.</li>
</ul>


There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation (096770 KS) starting 20 November 2025.
This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks.
SK Innovation is currently trading at relatively high valuation multiples. We remain Bearish on SK Innovation.


SK Innovation - End of Lockup Period For 33% of Outstanding Shares

<ul>
<li><em><strong>SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won. </strong></em></li>
<li>SK Group is taking on a major restructuring of its renewable energy businesses, including  including fuel cells, energy storage systems (ESS), and solar/wind power generation facilities. </li>
<li>A consensus has been forming in the local media regarding Chairman Chey's expected divorce payment to his wife Roh So-young to be about 400 billion won to 700 billion won.</li>
</ul>


SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won. 
SK Group is taking on a major restructuring of its renewable energy businesses, including  including fuel cells, energy storage systems (ESS), and solar/wind power generation facilities. 
A consensus has been forming in the local media regarding Chairman Chey's expected divorce payment to his wife Roh So-young to be about 400 billion won to 700 billion won.


SK: Restructuring of Renewable Energy Business of Nearly 1 Trillion Won & Chey's Divorce Payment

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD6,402mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.
We estimate that foreign flows to be outflows of USD6,402mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  </li>
<li>The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.</li>
<li>Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.</li>
</ul>


Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  
The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.
Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.


Asian Equities: What's Being Discounted Now, After the Carnage?

South Korea

SK Innovation Co., Ltd. refines, markets, and distributes oil.  The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil.  SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

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SK Innovation (096770 KS)

KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

There will be multiple changes for the New Deal indices in March. The largest flows will be in Samsung SDI and SK Innovation.

Brian Freitas

SK Innovation - End of Lockup Period For 33% of Outstanding Shares

There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation starting 20 November. This could...

Douglas Kim

SK: Restructuring of Renewable Energy Business of Nearly 1 Trillion Won & Chey's Divorce Payment

SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won.

Douglas Kim

KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Woori Financial,...

Ke Yan, CFA, FRM

Asian Equities: What's Being Discounted Now, After the Carnage?

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

There will be multiple changes for the New Deal indices in March. The largest flows will be in Samsung SDI and SK Innovation.

Brian Freitas

SK Innovation - End of Lockup Period For 33% of Outstanding Shares

There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation starting 20 November. This could...

Douglas Kim

SK: Restructuring of Renewable Energy Business of Nearly 1 Trillion Won & Chey's Divorce Payment

SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won.

Douglas Kim

KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Woori Financial,...

Ke Yan, CFA, FRM

Asian Equities: What's Being Discounted Now, After the Carnage?

​Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...