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/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>, <a href="https://www.smartkarma.com/entities/japan-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1184:1" rel="noopener">Japan Airlines (9201 JP)</a> will replace <a href="https://www.smartkarma.com/entities/toyobo-co-ltd" target="_blank" data-smartkarma-citation="entities:6187:1" rel="noopener">Toyobo (3101 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-light-metal-holdings" target="_blank" data-smartkarma-citation="entities:1485:1" rel="noopener">Nippon Light Metal (5703 JP)</a>, <a href="https://www.smartkarma.com/entities/toho-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:2796:1" rel="noopener">Toho Zinc (5707 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a>.</li>
<li>Estimated one-way turnover at the rebalance is 1.08% and will result in a round-trip trade of JPY 412.8bn (US$3.16bn) at the close on 31 March.</li>
<li>There has been recent pre-positioning on the stocks as well as movement in short interest over the last couple of months.</li>
</ul>



Oriental Land (4661 JP), Renesas Electronics (6723 JP), Japan Airlines (9201 JP) will replace Toyobo (3101 JP), Nippon Light Metal (5703 JP), Toho Zinc (5707 JP) in the Nikkei 225.
Estimated one-way turnover at the rebalance is 1.08% and will result in a round-trip trade of JPY 412.8bn (US$3.16bn) at the close on 31 March.
There has been recent pre-positioning on the stocks as well as movement in short interest over the last couple of months.


Nikkei 225 Index Rebalance: Passives Trade on Friday

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.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Japan and Indonesia appear to be the hubs of APAC ECM activity with <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> and <a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> going live</li>
<li>On the placements front, this week was comparatively quiet, given the market volatility. There are a few lockup expiries coming up next week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Japan and Indonesia appear to be the hubs of APAC ECM activity with Rakuten Bank (5838 JP) and PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) going live
On the placements front, this week was comparatively quiet, given the market volatility. There are a few lockup expiries coming up next week.


ECM Weekly (26th Mar 2023) - Meituan, Rakuten Bank, SBI, Harita, Trial, DPC, Onewo, Leap, Growatt

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/lippo-karawaci-tbk-pt' target='_blank' rel='noopener'>Lippo Karawaci</a></li><li><a href='/entities/japfa-comfeed-indonesia-tbk-pt' target='_blank' rel='noopener'>Japfa Comfeed Indonesia</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:EvergrandeVedanta ResourcesSino-Ocean GroupLippo KarawaciJapfa Comfeed Indonesiaand more...

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX ekes out +0.3% gains; Only Tech &amp; Telcos Positive while other 9 sectors in the Red; Fed's dot plot says 5.1%;  Hinderburg takes aim at BLOCK (Square)</li>
<li>JAPAN.  NKY Futs -1.2% vs Cash; USDJPY 130.9 as US Rate hike fears wane;  Japan ends export restrictions on semi materials to S. Korea; Softbank's ARM to change pricing rules</li>
<li>NUGGET. Japan's Hay Fever Hell: Few Winners, Many Losers. Winners: drugstores, pharmacists, e-commerce; Losers: everyone related to Outdoor activities !</li>
</ul>


OVERSEAS. SPX ekes out +0.3% gains; Only Tech &amp; Telcos Positive while other 9 sectors in the Red; Fed's dot plot says 5.1%;  Hinderburg takes aim at BLOCK (Square)
JAPAN.  NKY Futs -1.2% vs Cash; USDJPY 130.9 as US Rate hike fears wane;  Japan ends export restrictions on semi materials to S. Korea; Softbank's ARM to change pricing rules
NUGGET. Japan's Hay Fever Hell: Few Winners, Many Losers. Winners: drugstores, pharmacists, e-commerce; Losers: everyone related to Outdoor activities !


Good Morning Japan |Dot Plot Says 5.1%; Tech Leads Gains; NUGGET: Japan's Hay Fever Hell-Few Winners

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, aims to raise up to around US$900m in its Japan listing in April 2023.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.


Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Nikkei 225 Index Rebalance: Passives Trade on Friday

Oriental Land, Renesas, JAL replace Toyobo, Nippon Light Metal, Toho Zinc. Estimated one-way turnover at the rebalance is 1.08% resulting in a...

Brian Freitas

ECM Weekly (26th Mar 2023) - Meituan, Rakuten Bank, SBI, Harita, Trial, DPC, Onewo, Leap, Growatt

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Wrap - 24 Mar 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Good Morning Japan |Dot Plot Says 5.1%; Tech Leads Gains; NUGGET: Japan's Hay Fever Hell-Few Winners

NKY Futs -1.2% vs Cash while the USD/JPY exchange rate was 130.9 as fears over US interest rate hikes moderates. With lower rate hike expectations,...

Mark Chadwick

Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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