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>Nearing the halfway mark in the review period, we see 3 potential changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> at the June rebalance.</li>
<li>Passive trackers will need to buy between 1.2-4.5 days of ADV on the inclusions and sell 0.9-1.3 days of ADV on the deletions.</li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> continues to be a close add on liquidity while <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> and <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> continue to be close deletes.</li>
</ul>


Nearing the halfway mark in the review period, we see 3 potential changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the June rebalance.
Passive trackers will need to buy between 1.2-4.5 days of ADV on the inclusions and sell 0.9-1.3 days of ADV on the deletions.

Berli Jucker (BJC TB) continues to be a close add on liquidity while Gulf Energy Development (GULF TB) and Intouch Holdings (INTUCH TB) continue to be close deletes.


SET50 Index Rebalance Preview: Three Potential Changes in June

<ul>
<li>Early days, but there could be three changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index</a> at the June rebalance. Two names are reversals of the December changes.</li>
<li>Passive trackers will need to buy between 1.5-3.6 days of ADV on the inclusions and sell 1.1-1.4 days of ADV on the deletions.</li>
<li>There are a couple of stocks that are close to passing/failing the liquidity tests and a couple close to cutoff ranks. That could result in further changes to the index.</li>
</ul>


Early days, but there could be three changes for the Stock Exchange of Thailand SET 50 Index at the June rebalance. Two names are reversals of the December changes.
Passive trackers will need to buy between 1.5-3.6 days of ADV on the inclusions and sell 1.1-1.4 days of ADV on the deletions.
There are a couple of stocks that are close to passing/failing the liquidity tests and a couple close to cutoff ranks. That could result in further changes to the index.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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 Capital Markets

Thai Credit Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL (3674238Z TB)</a> raised around US$281m in its Thailand IPO.</li>
<li>TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.</li>
<li>We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.</li>
</ul>



Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO.
TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.


Thai Credit Bank IPO Trading - Half the Deal Already Spoken For, the Other Half Should Be Liquid

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL (3674238Z TB)</a> is looking to raise up to US$281m in its Thailand IPO.</li>
<li>TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.</li>
<li>In this note, we will look at the updates since, undertake a quick peer comparison, and share our thoughts on valuation.</li>
</ul>



Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO.
TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
In this note, we will look at the updates since, undertake a quick peer comparison, and share our thoughts on valuation.


Thai Credit Bank IPO - Sentiment Isn’t the Best, but Valuations Aren't Demanding

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL (3674238Z TB)</a> is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in its Thailand IPO.</li>
<li>TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in its Thailand IPO.
TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers. 
In this note, we will talk about the not so positive aspects of the deal.


Thai Credit Bank Pre-IPO - The Negatives - Although NPLs Are Rising, and Market Seems Fragmented

Thailand

Thanachart Capital Public Company Limited operates as an investment holding company and is the parent company of Thanachart Group. It offers a diverse range of financial services including hire purchase, non-life and life insurance, securities brokerage, asset-based financing, non-performing asset management, and investment businesses. The company was incorporated in 1959 and is headquartered in Bangkok, Thailand.

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Thanachart Capital (TCAP TB)

SET50 Index Rebalance Preview: Three Potential Changes in June

There could be 3 changes for the SET50 Index in June. There are a few stocks that are close adds/deletes on liquidity and that will need to be...

Brian Freitas

SET50 Index Rebalance Preview: Three Potential Changes in June

There could be 3 changes for the SET50 in June. Big moves in liquidity could result in more changes for the index. With the index using full market...

Brian Freitas

Thai Credit Bank IPO Trading - Half the Deal Already Spoken For, the Other Half Should Be Liquid

Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO. In this note, we will look at the trading dynamics.

Clarence Chu

Thai Credit Bank IPO - Sentiment Isn’t the Best, but Valuations Aren't Demanding

Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO. In this note, we will look at the updates since, and...

Clarence Chu

Thai Credit Bank Pre-IPO - The Negatives - Although NPLs Are Rising, and Market Seems Fragmented

Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in...

Clarence Chu

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