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>We see one potential change for the S&amp;P/ASX 50 Index and two potential changes 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</a> at the December rebalance, though some stocks are close to the cutoffs.</li>
<li>The potential passive buying on 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> adds will exceed 11 days of ADV while the impact on the other stocks ranges from 1.5-4 days of ADV.</li>
<li>Most stocks have been moving the right way and there will be pre-positions built up on some of the stocks. Shorts have been active on a few names too.</li>
</ul>


We see one potential change for the S&amp;P/ASX 50 Index and two potential changes for the S&amp;P/ASX 200 at the December rebalance, though some stocks are close to the cutoffs.
The potential passive buying on the S&amp;P/ASX 200 (AS51 INDEX) adds will exceed 11 days of ADV while the impact on the other stocks ranges from 1.5-4 days of ADV.
Most stocks have been moving the right way and there will be pre-positions built up on some of the stocks. Shorts have been active on a few names too.


S&P/​​​​​ASX Index Rebalance Preview: Moving the Right Way

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onetwo (2602 HK)</a> poor debuts. <a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a> prices at the low-end.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Leapmotor (9863 HK) and Onetwo (2602 HK) poor debuts. CALB (3931 HK) prices at the low-end.
Event-Driven developments - SATS (SATS SP), Jinke Smart Services (9666 HK), EVOC Intelligent Technology Company Limited H (2308 HK), Tassal (TGR AU), MACA Ltd (MLD AU), Nearmap Ltd (NEA AU). 


Weekly Deals Digest (02 Oct) - SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Growatt, CALB

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> has convened a Scheme Meeting on the 3 November for shareholders to vote on the proposal from Cooke Inc at A$5.23/share.</li>
<li>The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable with a fair range of A$4.65-A$5.35/share. </li>
<li>Trading at a gross/annualised spread of 1.2%/8.8%, assuming late-November completion. </li>
</ul>



Tassal (TGR AU) has convened a Scheme Meeting on the 3 November for shareholders to vote on the proposal from Cooke Inc at A$5.23/share.
The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable with a fair range of A$4.65-A$5.35/share. 
Trading at a gross/annualised spread of 1.2%/8.8%, assuming late-November completion. 


Tassal (TGR AU): 3rd November Shareholder Vote On Cooke Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.</li>
<li>The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.</li>
<li>We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.</li>
</ul>



Tassal (TGR AU)'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.
The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.
We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.


<ul>
<li>At the December rebalance, we expect changes to the S&amp;P/ASX 50 Index and <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>. Announcement is on 2 December with implementation on 16 December.</li>
<li>If added 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>, passive trackers will need to buy over 9 days of ADV on <a href="https://www.smartkarma.com/entities/monadelphous-group-ltd" target="_blank" data-smartkarma-citation="entities:553:1" rel="noopener">Monadelphous (MND AU)</a> and <a href="https://www.smartkarma.com/entities/ioneer-ltd" target="_blank" data-smartkarma-citation="entities:10264:1" rel="noopener">ioneer Ltd (INR AU)</a>.</li>
<li>Shorts have dropped on nearly all potential adds and deletes over the last couple of months. With shorts at low levels, short covering will have limited impact at the rebalance.</li>
</ul>


At the December rebalance, we expect changes to the S&amp;P/ASX 50 Index and S&amp;P/ASX 200 (AS51 INDEX). Announcement is on 2 December with implementation on 16 December.
If added to the S&amp;P/ASX 200 (AS51 INDEX), passive trackers will need to buy over 9 days of ADV on Monadelphous (MND AU) and ioneer Ltd (INR AU).
Shorts have dropped on nearly all potential adds and deletes over the last couple of months. With shorts at low levels, short covering will have limited impact at the rebalance.


S&P/​​​​ASX Index Rebalance Preview: A Few High Impact Adds

Australia

Tassal Group Limited produces and markets Atlantic salmon and ocean trout.  The Company's product is marketed under the Royal Tasman Salmon brand.  The products are distributed in Australia, Japan and other international markets.

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Tassal (TGR AU)

S&P/ASX Index Rebalance Preview: Moving the Right Way

We see 1 change for the ASX50 and 2 for the ASX200. Impact on the ASX200 adds is high. There is pre-positioning on the long & short side and the...

Brian Freitas

Weekly Deals Digest (02 Oct) - SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Growatt, CALB

Last week, notable developments occurred in Event-Driven (SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Nearmap, Ramsay, Infomedia) and ECM...

Arun George

Tassal (TGR AU): 3rd November Shareholder Vote On Cooke Offer

The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable with a fair range...

David Blennerhassett

Tassal Scheme Meeting on 3 November

This looks like a done deal. At the last close price and for the 21 November implementation date, the annualised spread is 8.8%.

Arun George

S&P/ASX Index Rebalance Preview: A Few High Impact Adds

There could be two changes each for the ASX50 and ASX200 indices in December. There is a large impact expected on a couple of the adds while short...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P/​​​​​ASX Index Rebalance Preview: Moving the Right Way

We see 1 change for the ASX50 and 2 for the ASX200. Impact on the ASX200 adds is high. There is pre-positioning on the long & short side and the...

Brian Freitas

Weekly Deals Digest (02 Oct) - SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Growatt, CALB

Last week, notable developments occurred in Event-Driven (SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Nearmap, Ramsay, Infomedia) and ECM...

Arun George

Tassal (TGR AU): 3rd November Shareholder Vote On Cooke Offer

The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable with a fair range...

David Blennerhassett

Tassal Scheme Meeting on 3 November

This looks like a done deal. At the last close price and for the 21 November implementation date, the annualised spread is 8.8%.

Arun George

S&P/​​​​ASX Index Rebalance Preview: A Few High Impact Adds

There could be two changes each for the ASX50 and ASX200 indices in December. There is a large impact expected on a couple of the adds while short...

Brian Freitas

S&P/ASX Index Rebalance Preview: Moving the Right Way

S&P/ASX Index Rebalance Preview: A Few High Impact Adds