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 are 2 constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> in March, plus a bunch of float and capping changes.</li>
<li>Estimated one-way turnover is 5.6% resulting in a round-trip trade of US$4.9bn. There are 2 stocks with over half a yard to trade.</li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology</a>, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm</a>, <a href="https://www.smartkarma.com/entities/lam-research-corp" target="_blank" data-smartkarma-citation="entities:1116:1" rel="noopener">Lam Research</a>, <a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC</a>, <a href="https://www.smartkarma.com/entities/asml-holding-nv-b0092428-e3ec-4a92-bdd6-2f6eff7f1879" target="_blank" data-smartkarma-citation="entities:28204:1" rel="noopener">ASML Holding</a>, <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> and <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a>.</li>
</ul>


There are 2 constituent changes for the VanEck Vectors Semiconductor (SMH US) in March, plus a bunch of float and capping changes.
Estimated one-way turnover is 5.6% resulting in a round-trip trade of US$4.9bn. There are 2 stocks with over half a yard to trade.
The largest flows will be in Micron Technology, NVIDIA, Qualcomm, Lam Research, Applied Materials, TSMC, ASML Holding, Broadcom and ARM Holdings.


MV US Listed Semiconductor 25 Index Rebalance: 2 Changes & US$4.9bn Trade

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Universal Display Corporation, a leader in the organic light-emitting diode (OLED) industry, reported record performance for the second quarter of 2025.</li><li>The company's revenue reached $172 million, a notable increase from $159 million in the same quarter the previous year.</li><li>Net income was $67 million, or $1.41 per diluted share, reflecting significant growth over $52 million, or $1.10 per diluted share, from the same quarter in 2024.</li></ul>

Universal Display Corporation, a leader in the organic light-emitting diode (OLED) industry, reported record performance for the second quarter of 2025.The company's revenue reached $172 million, a notable increase from $159 million in the same quarter the previous year.Net income was $67 million, or $1.41 per diluted share, reflecting significant growth over $52 million, or $1.10 per diluted share, from the same quarter in 2024.

Universal Display Corporation (OLED)’s Emerging Market Edge – Why Is China Key to Its Growth Story?

<ul><li>Universal Display Corporation reported its first quarter 2025 financial results, reflecting a stable performance with total revenue reaching $166 million, a marginal increase from $165 million reported in the same quarter of the previous year.</li><li>The company achieved an operating profit of $70 million, compared to $63 million in the first quarter of 2024, and net income rose more than 13% to $64 million, equating to $1.35 per diluted share.</li><li>Despite a dynamic global environment and ongoing tariff discussions, the company anticipates full-year revenues to remain between $640 million to $700 million.</li></ul>

Universal Display Corporation reported its first quarter 2025 financial results, reflecting a stable performance with total revenue reaching $166 million, a marginal increase from $165 million reported in the same quarter of the previous year.The company achieved an operating profit of $70 million, compared to $63 million in the first quarter of 2024, and net income rose more than 13% to $64 million, equating to $1.35 per diluted share.Despite a dynamic global environment and ongoing tariff discussions, the company anticipates full-year revenues to remain between $640 million to $700 million.

Universal Display (OLED): Phosphorescent Blue Development & Commercialization Is A Critical Growth Catalyst!

<ul><li>Universal Display Corporation has reported record financial performance for 2024, with revenues reaching $648 million, an increase of 12% from the previous year.</li><li>The revenue growth was driven by material sales amounting to $365 million and royalty and license revenues of $267 million.</li><li>The company achieved a net income of $222 million or $4.65 per diluted share, although earnings per share were partially offset by restructuring costs related to the closure of its OVJP California location and foreign currency exchange losses.</li></ul>

Universal Display Corporation has reported record financial performance for 2024, with revenues reaching $648 million, an increase of 12% from the previous year.The revenue growth was driven by material sales amounting to $365 million and royalty and license revenues of $267 million.The company achieved a net income of $222 million or $4.65 per diluted share, although earnings per share were partially offset by restructuring costs related to the closure of its OVJP California location and foreign currency exchange losses.

Universal Display Corporation (OLED): The Phosphorescent Blue Innovation

<ul><li>Universal Display Corporation reported its third-quarter earnings, showing a mix of growth and challenges.</li><li>Revenue for the quarter was $162 million, an increase from $141 million in the same quarter last year.</li><li>Net income stood at $67 million, translating to earnings per diluted share of $1.40.</li></ul>

Universal Display Corporation reported its third-quarter earnings, showing a mix of growth and challenges.Revenue for the quarter was $162 million, an increase from $141 million in the same quarter last year.Net income stood at $67 million, translating to earnings per diluted share of $1.40.

Universal Display Corporation (OLED): Increased Penetration in the Foldable & Flexible Display Market & Other Major Drivers

United States

Universal Display Corporation is a member of the United States Display Consortium.  The consortium is a cooperative industry/government effort aimed at developing an infrastructure to support a North American flat panel display infrastructure.  The Company and its partners are developing high-resolution, full color, light weight Organic Light Emitting Diode (OLED) technology.

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Universal Display (OLED US)

MV US Listed Semiconductor 25 Index Rebalance: 2 Changes & US$4.9bn Trade

ARM Holdings and Astera Labs replace Universal Display and Qorvo in March. Plenty of float and capping changes result in an estimated one-way...

Brian Freitas

Universal Display Corporation (OLED)’s Emerging Market Edge – Why Is China Key to Its Growth Story?

Universal Display Corporation, a leader in the organic light-emitting diode (OLED) industry, reported record performance for the second quarter of...

Baptista Research

Universal Display (OLED): Phosphorescent Blue Development & Commercialization Is A Critical Growth Catalyst!

Universal Display Corporation reported its first quarter 2025 financial results, reflecting a stable performance with total revenue reaching $166...

Baptista Research

Universal Display Corporation (OLED): The Phosphorescent Blue Innovation

Universal Display Corporation has reported record financial performance for 2024, with revenues reaching $648 million, an increase of 12% from the...

Baptista Research

Universal Display Corporation (OLED): Increased Penetration in the Foldable & Flexible Display Market & Other Major Drivers

Universal Display Corporation reported its third-quarter earnings, showing a mix of growth and challenges. Revenue for the quarter was $162...

Baptista Research

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