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 were 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. Then another ad hoc change was added on top of that.</li>
<li>Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.</li>
<li>Apart from the constituent changes, there are expected to be inflows in <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors</a> and <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> and outflows from <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>.</li>
</ul>


There were 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. Then another ad hoc change was added on top of that.
Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.
Apart from the constituent changes, there are expected to be inflows in Tesla Motors and Broadcom and outflows from Apple, Microsoft, Amazon.com and NVIDIA.


NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>BYD offers a reward up to RMB5 million for reporting defamation.</li>
<li>NIO denied further layoff after releasing the 3Q23 results with both revenue and loss increasing significantly.</li>
<li>Meituan’s GMV of live broadcasting food delivery reached RMB2 billion.</li>
</ul>


BYD offers a reward up to RMB5 million for reporting defamation.
NIO denied further layoff after releasing the 3Q23 results with both revenue and loss increasing significantly.
Meituan’s GMV of live broadcasting food delivery reached RMB2 billion.


China Consumption Weekly (11 Dec 2023): BYD, NIO, Meituan, Alibaba, Tencent

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy</a> is looking to raise around US$300m in its Hong Kong IPO.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Is TSMC Leaving Samsung in the Dust with its New 3nm Process Technology?</li>
<li>Our Pick Himax a Top Loser... Apple Lens Supplier, Yageo Peer, and Taiwan AI Chip Designer Top Winners</li>
<li>Positive Sign for Apple Revenue -- Hon Hai November Revenue Higher Than Expected, Guides for Better December</li>
</ul>


Is TSMC Leaving Samsung in the Dust with its New 3nm Process Technology?
Our Pick Himax a Top Loser... Apple Lens Supplier, Yageo Peer, and Taiwan AI Chip Designer Top Winners
Positive Sign for Apple Revenue -- Hon Hai November Revenue Higher Than Expected, Guides for Better December


Taiwan Tech Weekly: TSMC Extending Lead Vs. Samsung with 3nm Tech; Hon Hai Result Positive for Apple

Robosense Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (ROBO HK)</a> (RT) is now looking to raise up to US$150m in its upcoming Hong Kong IPO, down from US$300-400m earlier.</li>
<li>As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.</li>
<li>We looked at its past performance in our earlier notes. In this note, we talk about its PHIP updates.</li>
</ul>



Robosense Technology (ROBO HK) (RT) is now looking to raise up to US$150m in its upcoming Hong Kong IPO, down from US$300-400m earlier.
As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.
We looked at its past performance in our earlier notes. In this note, we talk about its PHIP updates.


Robosense Technology Pre-IPO - PHIP Updates - ADAS Sales Strong but Profitability Remains Distant

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

There are 7 changes at the close on 15 December with an estimated one-way trade of US$18.7bn. Impact on the constituent changes varies from 1-8...

Brian Freitas

China Consumption Weekly (11 Dec 2023): BYD, NIO, Meituan, Alibaba, Tencent

BYD offers a reward up to RMB5 million for reporting defamation. NIO denied further layoff. Meituan’s GMV of live broadcasting food delivery...

Ming Lu

REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO. We have looked at the past performance in our earlier notes, in this...

Sumeet Singh

Taiwan Tech Weekly: TSMC Extending Lead Vs. Samsung with 3nm Tech; Hon Hai Result Positive for Apple

TSMC appears to be beating Samsung repeatedly when it comes to winning clients to produce leading-edge 3-nm chips. TSMC has repeatedly been chosen...

Vincent Fernando, CFA

Robosense Technology Pre-IPO - PHIP Updates - ADAS Sales Strong but Profitability Remains Distant

Robosense Technology (ROBO HK) (RT) is now looking to raise up to US$150m in its upcoming Hong Kong IPO, down from US$300-400m earlier.

Sumeet Singh

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