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>Nam A Commercial Joint Stock Bank (NAB VN) will be added to the MarketVector Vietnam Local Index at the close on 21 March.</li>
<li>Estimated one-way turnover is 3.1% and that results in a round-trip trade of US$26m. There are 3 stocks with more than 1x ADV to trade from passives.</li>
<li>Vietnam is on the watchlist of a global index provider for possible reclassification from Frontier to Secondary Emerging Market and that could lead to inflows to the stocks.</li>
</ul>


Nam A Commercial Joint Stock Bank (NAB VN) will be added to the MarketVector Vietnam Local Index at the close on 21 March.
Estimated one-way turnover is 3.1% and that results in a round-trip trade of US$26m. There are 3 stocks with more than 1x ADV to trade from passives.
Vietnam is on the watchlist of a global index provider for possible reclassification from Frontier to Secondary Emerging Market and that could lead to inflows to the stocks.


MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul>
<li>Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.</li>
<li>Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.</li>
<li>Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.</li>
<li>While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. </li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including loans and bond investments.
Specifically, the loan book and investment portfolio surged 21.8% YoY and 20.7% YoY, respectively.
Credit growth (including loans and corporate bonds) accelerated 21.7% YoY to VND683tr, comprising 69.8% of total assets.
While TCB’s credit growth trailed some sector leaders, its steady expansion across quarters—without excessive disbursement towards year-end—reflected a prudent and well-calibrated approach. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations (Vietnam Market)_March 2025

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li><p style="text-align: justify;">Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. </p></li><li><p style="text-align: justify;">Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).</p></li><li>Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - 2025 to Witness Increased Market Activities

<ul><li>In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.</li><li>Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.</li><li>The goal is to ease the financial burden on borrowers and stimulate demand in the housing sector.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.The goal is to ease the financial burden on borrowers and stimulate demand in the housing sector.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations (Vietnam Market) - November 2024

Vietnam

Vinhomes Joint Stock Company offers real estate services. The Company provides sale and leasing of residential complexes and apartments, as well as professional and personalized services, community building activities, and other facilities. Vinhomes serves customers in Vietnam.

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Vinhomes (VHM VN)

MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

Nam A Commercial JSB is an add and there are capping and float changes. Vietnam could move from Frontier to Secondary Emerging Market in a global...

Brian Freitas

Stock Recommendations (Vietnam Market)_March 2025

Despite a moderate 15.2% YoY expansion in total assets to VND978tr, TCB demonstrated robust growth in core profit-generating assets, including...

Mirae Asset Securities

Vietnam Residential Real Estate Sector Flash - 2025 to Witness Increased Market Activities

Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150%...

Vietcap

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - November 2024

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

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