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>There will be passive buying in <a href="https://www.smartkarma.com/entities/nextdc-ltd" target="_blank" data-smartkarma-citation="entities:8570:1" rel="noopener">Nextdc Ltd (NXT AU)</a> and <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> and selling in <a href="https://www.smartkarma.com/entities/vital-healthcare-property-trust" target="_blank" data-smartkarma-citation="entities:3510:1" rel="noopener">Vital Healthcare Property Trust (VHP NZ)</a> at the close on 20 September.</li>
<li>
<a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a>'s stock price jumped following announcement of results and that was accompanied by big short covering. There should still be more positioning here. </li>
<li>
<a href="https://www.smartkarma.com/entities/nextdc-ltd" target="_blank" data-smartkarma-citation="entities:8570:1" rel="noopener">Nextdc Ltd (NXT AU)</a>'s increase in cumulative excess volume came on a drop in the stock price. There could be some covering here as positioning builds up.</li>
</ul>


There will be passive buying in Nextdc Ltd (NXT AU) and Charter Hall (CHC AU) and selling in Vital Healthcare Property Trust (VHP NZ) at the close on 20 September.

Charter Hall (CHC AU)'s stock price jumped following announcement of results and that was accompanied by big short covering. There should still be more positioning here. 

Nextdc Ltd (NXT AU)'s increase in cumulative excess volume came on a drop in the stock price. There could be some covering here as positioning builds up.


Australia/NZ Real Estate: Stocks With (Large) Passive Flows

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<p><a href="https://www.smartkarma.com/entities/27794" target="_blank" data-smartkarma-citation="entities:27794:1">Heathley Healthcare REIT (HHR AU)</a> plans to raise US$165m in its IPO on the Australian Stock Exchange.</p>
<p>The REIT primarily consists of healthcare assets with a bigger focus on daycare facilities rather than secondary or tertiary hospital assets. The entire portfolio is being sourced from the sponsor who has been running a healthcare fund for more than 5 years. </p>
<p>While the tailwinds for the industry remain highly supportive, not all the assets being injected in the REIT are truly healthcare assets. Some of the medical centres are essentially just retail properties, the medical offices are regular offices while the smaller aged care facilities look and sound like they are big homes/residential assets. Thus, it's not truly a 100% healthcare portfolio, i.e. not one where the underlying exposure is just to hospitals,  daycare or otherwise.</p>
<p>There are also other issues with respect to some conflict of interest with the sponsor's other funds, which could hamper near-term inorganic growth for HHR.</p>

Heathley Healthcare REIT (HHR AU) plans to raise US$165m in its IPO on the Australian Stock Exchange.
The REIT primarily consists of healthcare assets with a bigger focus on daycare facilities rather than secondary or tertiary hospital assets. The entire portfolio is being sourced from the sponsor who has been running a healthcare fund for more than 5 years. 
While the tailwinds for the industry remain highly supportive, not all the assets being injected in the REIT are truly healthcare assets. Some of the medical centres are essentially just retail properties, the medical offices are regular offices while the smaller aged care facilities look and sound like they are big homes/residential assets. Thus, it's not truly a 100% healthcare portfolio, i.e. not one where the underlying exposure is just to hospitals,  daycare or otherwise.
There are also other issues with respect to some conflict of interest with the sponsor's other funds, which could hamper near-term inorganic growth for HHR.

Heathley Healthcare REIT IPO - Not Really 100% Healthcare

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<p><a href="https://www.smartkarma.com/entities/726" target="_blank" data-smartkarma-citation="entities:726:1">Healthscope Ltd (HSO AU)</a>  <a href="https://www.asx.com.au/asxpdf/20180514/pdf/43v00dyj7kmghl.pdf" target="_blank">announced</a> it has received an unsolicited, non-binding proposal from Brookfield Asset Management, with an indicative price of $2.50, compared to the $2.36/share indicative <a href="https://www.asx.com.au/asxpdf/20180426/pdf/43tgzmm9g4y38m.pdf" target="_blank">offer</a> from the BGH-AustralianSuper consortium.</p><p>Brookfield's offer comes with a raft of conditions, however, the one of most interest is the "satisfaction of a level playing field" condition.</p><blockquote><p>The "level playing field condition" requires that Healthscope not grant any potential acquirer of the Healthscope…</p></blockquote>

Healthscope Ltd (HSO AU)  announced it has received an unsolicited, non-binding proposal from Brookfield Asset Management, with an indicative price of $2.50, compared to the $2.36/share indicative offer from the BGH-AustralianSuper consortium.Brookfield's offer comes with a raft of conditions, however, the one of most interest is the "satisfaction of a level playing field" condition.The "level playing field condition" requires that Healthscope not grant any potential acquirer of the Healthscope…

Healthscope: Brookfield's Counter and Level Playing Field Condition

Healthcare Specialist

Winnie Wong

Thematic (Sector/Industry)

<div class="content-highlight"><p><strong>The Aussie Healthcare Daily</strong> is a summary of major news and announcements from ASX-listed healthcare companies as well as developments and trends in the healthcare industry.</p></div><div><h2>Market Highlights</h2></div><div>
<table class="table table-striped"><tbody>
<tr>
<td>Index</td>
<td>% Price Change</td>
</tr>
<tr>
<td>S&amp;P/ASX All Ordinaries</td>
<td>0.07%</td>
</tr>
<tr>
<td>S&amp;P/ASX 200</td>
<td>0.06%</td>
</tr>
<tr>
<td>ASX Small Ordinaries</td>
<td>0.11%</td>
</tr>
<tr>
<td><strong>S&amp;P/ASX 200 Health Care</strong></td>
<td>-0.13%</td>
</tr>
<tr>
<td>Top Gainer in the ASX200 Health Care index: Sigma Healthcare Ltd (SIG AU)</td>
<td>3.49%</td>
</tr>
<tr>
<td>Top Loser in the ASX200 Health Care index: <a href="https://www.smartkarma.com/entities/673" target="_blank" data-smartkarma-citation="entities:673:1">Ramsay Health Care Ltd (RHC AU)</a>
</td>
<td>-0.61%</td>
</tr>
<tr>
<td>Top by Volume in the ASX200 Health</td>
</tr>
</tbody></table>…</div>

The Aussie Healthcare Daily is a summary of major news and announcements from ASX-listed healthcare companies as well as developments and trends in the healthcare industry.Market Highlights


Index
% Price Change


S&amp;P/ASX All Ordinaries
0.07%


S&amp;P/ASX 200
0.06%


ASX Small Ordinaries
0.11%


S&amp;P/ASX 200 Health Care
-0.13%


Top Gainer in the ASX200 Health Care index: Sigma Healthcare Ltd (SIG AU)
3.49%


Top Loser in the ASX200 Health Care index: Ramsay Health Care Ltd (RHC AU)

-0.61%


Top by Volume in the ASX200 Health

…

New Zealand

Vital Healthcare Property Trust is a property trust that invests in and manages healthcare facilities in New Zealand and Australia.

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Vital Healthcare Property Trust (VHP NZ)

Australia/NZ Real Estate: Stocks With (Large) Passive Flows

Charter Hall Group and NEXTDC will be added to global real estate indices and Vital Healthcare will be deleted. With positioning low, expect the...

Brian Freitas

Heathley Healthcare REIT IPO - Not Really 100% Healthcare

Heathley Healthcare REIT (HHR AU) plans to raise US$165m in its IPO on the Australian Stock Exchange. The REIT primarily consists of healthcare...

Sumeet Singh

Healthscope: Brookfield's Counter and Level Playing Field Condition

Healthscope Ltd (HSO AU) announced it has received an unsolicited, non-binding proposal from Brookfield Asset Management, with an indicative price...

David Blennerhassett

Aussie Healthcare Daily: 11 Dec 2017

The Aussie Healthcare Daily is a summary of major news and announcements from ASX-listed healthcare companies as well as developments and trends in...

Winnie Wong

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)