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>There could be one change 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> in July following the privatisation of <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>. </li>
<li>Then there will be a whole bunch of changes to the S&amp;P/ASX 100 Index, <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> and S&amp;P/ASX 300 Index in September as part of the regular rebalance. </li>
<li>There is large short interest on a couple of the potential adds and a lot of the potential deletes. That will drive stock price moves closer to implementation.</li>
</ul>


There could be one change to the S&amp;P/ASX 200 (AS51 INDEX) in July following the privatisation of Uniti Group Ltd (UWL AU). 
Then there will be a whole bunch of changes to the S&amp;P/ASX 100 Index, S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Index in September as part of the regular rebalance. 
There is large short interest on a couple of the potential adds and a lot of the potential deletes. That will drive stock price moves closer to implementation.


S&P/​​ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The S&amp;P ASX June 2022 index changes were announced on 3rd June as I discussed in <a href="https://www.smartkarma.com/insights/s-p-asx-june-2022-rebalance-adds-are-mostly-mining-companies-dels-are-mostly-tech-financials" target="_blank" data-smartkarma-citation="insights:71075" rel="noopener">S&amp;P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials</a>.</li>
<li>With the Inclusion/Exclusion events expected to take place at the end of this week, below is a closer look at the price and volume performance of the candidates so far.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> could get deleted from ASX 100 and ASX 200 in the next few trading days and I have picked out the potential replacements.</li>
</ul>


The S&amp;P ASX June 2022 index changes were announced on 3rd June as I discussed in S&amp;P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials.
With the Inclusion/Exclusion events expected to take place at the end of this week, below is a closer look at the price and volume performance of the candidates so far.
Separately, Crown Resorts (CWN AU) could get deleted from ASX 100 and ASX 200 in the next few trading days and I have picked out the potential replacements.


S&P/​ASX June 2022 Rebal Final Look and Crown Resorts Replacements

<ul>
<li>There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes 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>. </li>
<li>Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.</li>
</ul>


There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for the S&amp;P/ASX 200 (AS51 INDEX). 
Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.

Core Lithium Ltd (CXO AU) is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.


S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

<ul>
<li>The <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts</a> Scheme Meeting is scheduled for 20 May and the last trading day could be 24 May, while <a href="https://www.smartkarma.com/entities/the-lottery-corporation-limited" target="_blank" data-smartkarma-citation="entities:35970:1" rel="noopener">The Lottery Corp</a> is expected to start trading 24 May.</li>
<li>The changes for the S&amp;P/ASX 50 Index and S&amp;P/ASX 100 Index will depend on the market cap of <a href="https://www.smartkarma.com/entities/the-lottery-corporation-limited" target="_blank" data-smartkarma-citation="entities:35970:1" rel="noopener">The Lottery Corp (TLC AU)</a> and new <a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a>.</li>
<li>The potential adds have outperformed the potential deletes over the last week and couple of months so there will be some pre-positions in there already.</li>
</ul>


The Crown Resorts Scheme Meeting is scheduled for 20 May and the last trading day could be 24 May, while The Lottery Corp is expected to start trading 24 May.
The changes for the S&amp;P/ASX 50 Index and S&amp;P/ASX 100 Index will depend on the market cap of The Lottery Corp (TLC AU) and new Tabcorp Ltd (TAH AU).
The potential adds have outperformed the potential deletes over the last week and couple of months so there will be some pre-positions in there already.


S&P/​ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a> will soon spin out its Lottery and Keno business, to be called <a href="https://www.smartkarma.com/entities/the-lottery-corporation-limited" target="_blank" data-smartkarma-citation="entities:35970:1" rel="noopener">The Lottery Corp (TLC AU)</a>. TAH shares go ex-TLC on 24 May.  </li>
<li>The question is where do they trade. What is in the price? What is not? What are the potential index implications?</li>
<li>This insight provides a grid of index implications and pro-forma valuations (EV/EBITDA, PER, Dividend Yield) for each and both and the combined entity.</li>
</ul>



Tabcorp Ltd (TAH AU) will soon spin out its Lottery and Keno business, to be called The Lottery Corp (TLC AU). TAH shares go ex-TLC on 24 May.  
The question is where do they trade. What is in the price? What is not? What are the potential index implications?
This insight provides a grid of index implications and pro-forma valuations (EV/EBITDA, PER, Dividend Yield) for each and both and the combined entity.


Tabcorp & The Lottery Co Spin-Off - Valuation Grids and Index Treatment

Australia

Tabcorp Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides gambling, gaming, wagering, and entertainment services. Tabcorp Holdings serves customers in Australia and in the United Kingdom.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tabcorp Ltd (TAH AU)

S&P/ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes

There are a lot of potential changes to the S&P/ASX family of indices over the next few months. Passive trading impact is high on a lot of stocks...

Brian Freitas

S&P/ASX June 2022 Rebal Final Look and Crown Resorts Replacements

A final look at the June 2022 rebalance trade for the S&P ASX Indices and a discussion on potential replacements for Crown Resorts

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

S&P/ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

The Crown Resorts privatisation and Tabcorp spinoff will add to the S&P/ASX changes in June. There is a lot to trade on the potential adds/deletes...

Brian Freitas

Tabcorp & The Lottery Co Spin-Off - Valuation Grids and Index Treatment

Tabcorp will spin off its lottery and keno business into The Lottery Company in one week's time and will trade as "New Tabcorp" (the parent of the...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P/​​ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes

There are a lot of potential changes to the S&P/ASX family of indices over the next few months. Passive trading impact is high on a lot of stocks...

Brian Freitas

S&P/​ASX June 2022 Rebal Final Look and Crown Resorts Replacements

A final look at the June 2022 rebalance trade for the S&P ASX Indices and a discussion on potential replacements for Crown Resorts

Janaghan Jeyakumar, CFA

S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

S&P/​ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

The Crown Resorts privatisation and Tabcorp spinoff will add to the S&P/ASX changes in June. There is a lot to trade on the potential adds/deletes...

Brian Freitas

Tabcorp & The Lottery Co Spin-Off - Valuation Grids and Index Treatment

Tabcorp will spin off its lottery and keno business into The Lottery Company in one week's time and will trade as "New Tabcorp" (the parent of the...

Travis Lundy

S&P/ASX Index Rebalance Preview (Sep): Plenty of High Impact Changes

S&P/ASX June 2022 Rebal Final Look and Crown Resorts Replacements

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

S&P/ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June