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 will be 16 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the next rebalance to be implemented at the close on 11 December.</li>
<li>Making use of their discretionary powers, the index committee has not added <a href="https://www.smartkarma.com/entities/wonik-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6485:1" rel="noopener">Wonik Holdings Co., Ltd (030530 KS)</a>, <a href="https://www.smartkarma.com/entities/samhyun-co-ltd" target="_blank" data-smartkarma-citation="entities:40872:1" rel="noopener">Samhyun (437730 KS)</a> and <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> to the index.</li>
<li>The adds have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> over the last 6 months and there has been a short-term move higher too. Watch out for short covering.</li>
</ul>


There will be 16 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 11 December.
Making use of their discretionary powers, the index committee has not added Wonik Holdings Co., Ltd (030530 KS), Samhyun (437730 KS) and Fadu (440110 KS) to the index.
The adds have outperformed the deletes and the KOSDAQ 150 Index over the last 6 months and there has been a short-term move higher too. Watch out for short covering.


KOSDAQ150 Index Rebalance: 16 Changes a Side; Fadu a Casualty Yet Again

<ul>
<li>With the review period for the December rebalance complete, we highlight 17 potential changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a>. </li>
<li>The estimated impact on the potential inclusions ranges from 0.1-3.2 days of ADV while the impact on the potential deletions varies from 0.7-11.2 days of ADV.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 6 months with a big move higher in the last couple of months. Trim positions into strength.</li>
</ul>


With the review period for the December rebalance complete, we highlight 17 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX). 
The estimated impact on the potential inclusions ranges from 0.1-3.2 days of ADV while the impact on the potential deletions varies from 0.7-11.2 days of ADV.
The forecast adds have outperformed the forecast deletes over the last 6 months with a big move higher in the last couple of months. Trim positions into strength.


KOSDAQ150 Index Rebalance Preview: Large Number of Changes Likely in December; Huge Outperformance

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

Woori Financial Group  / Equity Capital Markets

<ul>
<li>KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG).</li>
<li>This is almost a clean-up trade considering that KDIC had a stake of nearly 18% at the start of 2021 and will now be reduced to a less than 2%.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG).
This is almost a clean-up trade considering that KDIC had a stake of nearly 18% at the start of 2021 and will now be reduced to a less than 2%.
In this note, we will run the deal through our ECM framework.


Woori Financials Placement - Almost a Clean-Up Although past Deals Haven’t Done Much

South Korea

Woori Technology Inc. manufactures and sells communications devices, such as audio video receivers (AVR) and digital convergence platform (DCP).  The Company also produces industrial monitoring systems, such as power management, distributed control, plant monitoring and digital radiation monitoring systems.

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Woori Technology (032820 KS)

KOSDAQ150 Index Rebalance: 16 Changes a Side; Fadu a Casualty Yet Again

There are 16 changes a side for the KOSDAQ150 in Dec. The index committee has decided not to add Fadu for yet another review. Short interest is...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: Large Number of Changes Likely in December; Huge Outperformance

There could be 17 changes for the KOSDAQ150 Index in Dec. Use of discretion could lead to fewer changes. The forecast adds have hugely outperformed...

Brian Freitas

Woori Financials Placement - Almost a Clean-Up Although past Deals Haven’t Done Much

KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG) to raise around US$160m. This is almost a clean-up trade.

Sumeet Singh

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