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

Event-Driven

<ul>
<li>WisdomTree has dropped ESG considerations while selecting stocks for the EMXSOE, CHXSOE and WTEMXC indices.</li>
<li>That results in a lot of inclusions and fewer deletions across indices that will be implemented at the close on 15 March.</li>
<li>The round-trip trade across the indices will exceed US$500m with <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> as the largest buy.</li>
</ul>


WisdomTree has dropped ESG considerations while selecting stocks for the EMXSOE, CHXSOE and WTEMXC indices.
That results in a lot of inclusions and fewer deletions across indices that will be implemented at the close on 15 March.
The round-trip trade across the indices will exceed US$500m with Tencent (700 HK) as the largest buy.


WisdomTree Indexes Special Rebalance: ESG Considerations Dropped

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 8th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for thre stocks, Meituan, China Mobile, and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for thre stocks, Meituan, China Mobile, and CNOOC.


Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Meituan, Shk Ppt, Baba, Bud Apac, New World Dev.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 1st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Meituan, Shk Ppt, Baba, Bud Apac, New World Dev.


HK Short Interest Weekly: Meituan, Shk Ppt, Baba, Bud Apac, New World Dev

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>We expect Tencent to report C4Q23 revenue, IFRS op. profit and IFRS net income in line, (3.3%) and (4.9%) vs. consensus.</li>
<li>The robust topline growth was mainly contributed by fast growing WeChat VA (Video Account) and strong performances of &lt;Dream Star&gt; in December.</li>
<li>We cut our TP to HK$362 to reflect operating margin decline caused by increased sales and marketing. </li>
</ul>


We expect Tencent to report C4Q23 revenue, IFRS op. profit and IFRS net income in line, (3.3%) and (4.9%) vs. consensus.
The robust topline growth was mainly contributed by fast growing WeChat VA (Video Account) and strong performances of &lt;Dream Star&gt; in December.
We cut our TP to HK$362 to reflect operating margin decline caused by increased sales and marketing. 


[Tencent (700 HK, BUY, TP HK$362) TP Change]: Core Business Is Robust While VA Is Expanding Fast

Thematic (Sector/Industry)

<ul>
<li>700 HK: Tencent has announced a new SLG mobile game titled &lt;Civilization Mobile&gt;（+）</li>
<li>BABA: Alibaba launches new AI tool targeting content creation for merchants (+)</li>
<li>BILI: Source suggested that Bilibili will establish a new game development department.(/)</li>
</ul>


700 HK: Tencent has announced a new SLG mobile game titled &lt;Civilization Mobile&gt;（+）
BABA: Alibaba launches new AI tool targeting content creation for merchants (+)
BILI: Source suggested that Bilibili will establish a new game development department.(/)


[Blue Lotus Daily - TMT Update]:700 HK/BABA/BILI

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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

Tencent Holdings (ADR) (TCEHY US)

WisdomTree Indexes Special Rebalance: ESG Considerations Dropped

WisdomTree has dropped ESG considerations while selecting stocks for the EMXSOE, CHXSOE and WTEMXC indices. The round-trip trade will be over...

Brian Freitas

Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week. We estimate the inflows to be USD1.4bn and highlight flows for Meituan, China...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Shk Ppt, Baba, Bud Apac, New World Dev

We analyzed the latest HK SFC report for aggregate short position as of Mar 1st and highlight short interest changes in Meituan, Shk Ppt, Baba, Bud...

Ke Yan, CFA, FRM

[Tencent (700 HK, BUY, TP HK$362) TP Change]: Core Business Is Robust While VA Is Expanding Fast

Tencent's strong revenue growth driven by WeChat VA and <dream star>, but operating margin decline leads to lower price target of HK$362.</dream>

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/BABA/BILI

Tencent has announced a new SLG mobile game titled ;Alibaba launches new AI tool ;Source suggested that Bilibili will establish a new game...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WisdomTree Indexes Special Rebalance: ESG Considerations Dropped

WisdomTree has dropped ESG considerations while selecting stocks for the EMXSOE, CHXSOE and WTEMXC indices. The round-trip trade will be over...

Brian Freitas

Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week. We estimate the inflows to be USD1.4bn and highlight flows for Meituan, China...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Shk Ppt, Baba, Bud Apac, New World Dev

We analyzed the latest HK SFC report for aggregate short position as of Mar 1st and highlight short interest changes in Meituan, Shk Ppt, Baba, Bud...

Ke Yan, CFA, FRM

[Tencent (700 HK, BUY, TP HK$362) TP Change]: Core Business Is Robust While VA Is Expanding Fast

​Tencent's strong revenue growth driven by WeChat VA and <dream star>, but operating margin decline leads to lower price target of HK$362.</dream>

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/BABA/BILI

Tencent has announced a new SLG mobile game titled ;Alibaba launches new AI tool ;Source suggested that Bilibili will establish a new game...

Blue Lotus Research Institute

Tencent's strong revenue growth driven by WeChat VA and <dream star>, but operating margin decline leads to lower price target of HK$362.</dream>