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

Vulcan Energy Resources / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vulcan-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:30774:1" rel="noopener">Vulcan Energy Resources (VUL AU)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> while <a href="https://www.smartkarma.com/entities/tianqi-lithium-corp" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi Lithium (9696 HK)</a> will be deleted from the index.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover of 2.5% and in a round-trip trade of US$37m.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/vulcan-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:30774:1" rel="noopener">Vulcan Energy Resources (VUL AU)</a>, <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a>, <a href="https://www.smartkarma.com/entities/ganfeng-lithium-co-ltd" target="_blank" data-smartkarma-citation="entities:26795:1" rel="noopener">Ganfeng Lithium (1772 HK)</a> and <a href="https://www.smartkarma.com/entities/tronox-holdings-plc" target="_blank" data-smartkarma-citation="entities:6778:1" rel="noopener">Tronox Holdings (TROX US)</a>. </li>
</ul>



Vulcan Energy Resources (VUL AU) will be added to the VanEck Rare Earth/Strategic Me (REMX US) while Tianqi Lithium (9696 HK) will be deleted from the index.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 2.5% and in a round-trip trade of US$37m.
The largest inflows will be in Vulcan Energy Resources (VUL AU), Lynas Corp Ltd (LYC AU), Ganfeng Lithium (1772 HK) and Tronox Holdings (TROX US). 


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Add, One Delete & Other Changes

<ul>
<li>Solactive has announced the constituent changes for the Global Lithium Index. There are 3 adds and 3 deletes with implementation at the close on 31 October.</li>
<li>Estimated one-way turnover is 13.8% and will result in a one-way trade of US$174m. There are a few stocks with over 1x ADV to trade.</li>
<li>The index is not very widely tracked and there could be big moves in some stocks over the next few days - especially where there is multiple days ADV.</li>
</ul>


Solactive has announced the constituent changes for the Global Lithium Index. There are 3 adds and 3 deletes with implementation at the close on 31 October.
Estimated one-way turnover is 13.8% and will result in a one-way trade of US$174m. There are a few stocks with over 1x ADV to trade.
The index is not very widely tracked and there could be big moves in some stocks over the next few days - especially where there is multiple days ADV.


Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28 March, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> rejected the third proposal of $2.50/share from <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle (ALB US)</a>, the world’s largest lithium producer, citing terms were opportunistic.</li>
<li>Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged. </li>
<li>Now Albemarle has returned with a revised indicative proposal of $3.00/share - best and final. Due diligence has been granted. The board is supportive if terms are firmed.</li>
</ul>


Back on the 28 March, Liontown Resources (LTR AU) rejected the third proposal of $2.50/share from Albemarle (ALB US), the world’s largest lithium producer, citing terms were opportunistic.
Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged. 
Now Albemarle has returned with a revised indicative proposal of $3.00/share - best and final. Due diligence has been granted. The board is supportive if terms are firmed.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jul 21st (reported today) which has an aggregated short interest worth USD16.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in BHP, ANZ, Endeavour, South32, Mineral Resource, Igo, Woodside Energy, Northern Star Re, Whitehaven Coal.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 21st (reported today) which has an aggregated short interest worth USD16.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in BHP, ANZ, Endeavour, South32, Mineral Resource, Igo, Woodside Energy, Northern Star Re, Whitehaven Coal.


ASX Short Interest Weekly (Jul 21st): BHP, ANZ, Endeavour, South32, Mineral Resource, Igo, Woodside

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Thematic (Sector/Industry)

<ul>
<li>Navigating the ESG landscape is challenging for small and mid-caps</li>
<li>For smaller companies access to competitively priced capital is perhaps the single most important challenge</li>
<li>ESG / Sustainability Report provides an opportunity for small and mid-cap miners on the ASX</li>
</ul>


Navigating the ESG landscape is challenging for small and mid-caps
For smaller companies access to competitively priced capital is perhaps the single most important challenge
ESG / Sustainability Report provides an opportunity for small and mid-cap miners on the ASX


ESG Sustainability Report 2023 Metals & Mining ASX 13062023.pdf

Australia

Vulcan Energy Resources Limited operates as a mineral exploration company. The Company focuses on exploring and developing solutions for copper, zinc, and other mineral properties. Vulcan Energy Resources serves customers in Australia.

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Vulcan Energy Resources (VUL AU)

MV Global Rare Earth/Strategic Metals Index Rebalance: One Add, One Delete & Other Changes

Vulcan Energy is an add and Tianqi Lithium is a delete. Estimated one-way turnover is 2.5% and the round-trip trade is US$37m. Vulcan is up a lot...

Brian Freitas

Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

There are 3 adds/3 deletes for the Solactive Global Lithium Index resulting in an estimated one-way turnover of 13.8% and in a one-way trade of...

Brian Freitas

Liontown Warms To Albemarle's Bump

Albermarle withdraws NBIO "due to the growing complexities associated with executing the transaction". Shares subsequently halted until Wednesday...

David Blennerhassett

ASX Short Interest Weekly (Jul 21st): BHP, ANZ, Endeavour, South32, Mineral Resource, Igo, Woodside

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, ANZ, Endeavour, South32, Mineral Resource,...

Ke Yan, CFA, FRM

ESG Sustainability Report 2023 Metals & Mining ASX 13062023.pdf

This ESG report provides an opportunity for small and mid-cap miners on the ASX to show off their transparency and accountability to mitigating...

ACF Equity Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Add, One Delete & Other Changes

Vulcan Energy is an add and Tianqi Lithium is a delete. Estimated one-way turnover is 2.5% and the round-trip trade is US$37m. Vulcan is up a lot...

Brian Freitas

Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

There are 3 adds/3 deletes for the Solactive Global Lithium Index resulting in an estimated one-way turnover of 13.8% and in a one-way trade of...

Brian Freitas

Liontown Warms To Albemarle's Bump

Albermarle withdraws NBIO "due to the growing complexities associated with executing the transaction". Shares subsequently halted until Wednesday...

David Blennerhassett

ASX Short Interest Weekly (Jul 21st): BHP, ANZ, Endeavour, South32, Mineral Resource, Igo, Woodside

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, ANZ, Endeavour, South32, Mineral Resource,...

Ke Yan, CFA, FRM

ESG Sustainability Report 2023 Metals & Mining ASX 13062023.pdf

This ESG report provides an opportunity for small and mid-cap miners on the ASX to show off their transparency and accountability to mitigating...

ACF Equity Research

MV Global Rare Earth/Strategic Metals Index Rebalance: One Add, One Delete & Other Changes