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

DZT Research

DZT 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.

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.</li>
<li>This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.</li>
<li>We also discuss our preliminary thoughts on valuation based on A-H premium.</li>
</ul>


Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.
This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.
We also discuss our preliminary thoughts on valuation based on A-H premium.


Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Index Rebalance

<ul>
<li>MSCI announced the quarterly review results after market close. As the cycle enters implementation, this note updates the stock setup.</li>
<li>ADDs entered implementation after a large pre-announcement move and still carry first-week give-back risk.</li>
<li>DELETEs were mild before implementation, but low-velocity DELETEs retain the weakest historical post-implementation profile.</li>
</ul>


MSCI announced the quarterly review results after market close. As the cycle enters implementation, this note updates the stock setup.
ADDs entered implementation after a large pre-announcement move and still carry first-week give-back risk.
DELETEs were mild before implementation, but low-velocity DELETEs retain the weakest historical post-implementation profile.


MS-Japan June 2026 Rebalance: Pre-Implementation Update

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

<ul>
<li>The changes to a global index in May will be announced pre-market open Wednesday and will be implemented at the close of trading on 29 May.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>There have been big price moves in stocks over the last few months with the forecast adds continuing to perform well and the forecast deletes beginning to catch a bid.</li>
</ul>


The changes to a global index in May will be announced pre-market open Wednesday and will be implemented at the close of trading on 29 May.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.
There have been big price moves in stocks over the last few months with the forecast adds continuing to perform well and the forecast deletes beginning to catch a bid.


Global Index: Potential Changes in May for Asia Pac

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>KHI has opened a Physical AI Center in Silicon Valley, where it will collaborate with Nvidia, Analog Devices, Microsoft and Fujitsu</li>
<li>The Kawasaki Physical AI Center will first work on robotic surgery and hospital process management, then move on to semiconductors, mobility and other applications.</li>
<li>This should high standards of accuracy and reliability for all KHI robotics and other AI-enabled products. </li>
</ul>


KHI has opened a Physical AI Center in Silicon Valley, where it will collaborate with Nvidia, Analog Devices, Microsoft and Fujitsu
The Kawasaki Physical AI Center will first work on robotic surgery and hospital process management, then move on to semiconductors, mobility and other applications.
This should high standards of accuracy and reliability for all KHI robotics and other AI-enabled products. 


Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>In Japan, high Beta names and names with a high % of Foreign Investors underperformed this week after doing very well the previous week. It has been quite a while since high Beta names have consistently outperformed. However, Retail Investor names continue to do well. </p>

In Japan, high Beta names and names with a high % of Foreign Investors underperformed this week after doing very well the previous week. It has been quite a while since high Beta names have consistently outperformed. However, Retail Investor names continue to do well. 

High Beta and Names with a High % of Foreign Investors Underperformed This Week in Japan....

Japan

SYSMEX CORPORATION manufactures reagents and equipment for clinical tests including hematologic (blood) and immune tests. The Company also develops, manufactures, and trades particle analyzers such as blood coagulation analyzer and related software. Manufacturing and sales outside Japan include the United States, EMEA, China and Asia Pacific regions.

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Sysmex (6869 JT)

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Mindray is seeking to raise at least USD500m through an A+H listing. The note covers business quality, industry context, peer valuation, and A-H...

Ke Yan, CFA, FRM

MS-Japan June 2026 Rebalance: Pre-Implementation Update

MS-Japan enters the implementation phase on 1 June 2026. We update stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Global Index: Potential Changes in May for Asia Pac

The index rebalances at the close tomorrow and there will be huge volume in the constituent changes at the close. Since announcement, the adds have...

Brian Freitas

KHI (7012 JP): Progress with Physical AI

KHI opened a Physical AI Center in San Jose, where it will collaborate with Nvidia, Analog Devices, Microsoft and Fujitsu. It is also working with...

Scott Foster

High Beta and Names with a High % of Foreign Investors Underperformed This Week in Japan....

In Japan, high Beta names and names with a high % of Foreign Investors underperformed this week after doing very well the previous week. It has...

Custom Products Group

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