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>We expect the maximum permitted 30 changes at a single review to take place at the June rebalance. Most changes are high probability.</li>
<li>We estimate a one-way turnover of 4.25% at the rebalance leading to a one-way trade of CNY 10.677bn.</li>
<li>Industrials, Information Technology and Materials sectors are expected to have the most net inclusions, while Health Care and Financials are expected to have the most net deletions.</li>
</ul>


We expect the maximum permitted 30 changes at a single review to take place at the June rebalance. Most changes are high probability.
We estimate a one-way turnover of 4.25% at the rebalance leading to a one-way trade of CNY 10.677bn.
Industrials, Information Technology and Materials sectors are expected to have the most net inclusions, while Health Care and Financials are expected to have the most net deletions.


CSI300 Index Rebalance Preview: 30 Potential Changes as Sector Rotation Continues

Yankuang Energy Group   / Index Rebalance

<ul>
<li>With a few weeks to the end of the review period, we see 30 potential changes (the maximum allowed at a review) to the index in June.</li>
<li>Most of the changes are high probability ones. We estimate a one-way turnover of 4.48% at the June rebalance leading to a one-way trade of CNY 7.86bn.</li>
<li>The potential inclusions have outperformed the potential deletions over the last couple of months. There could be more to go here as positions are built in the next few weeks.</li>
</ul>


With a few weeks to the end of the review period, we see 30 potential changes (the maximum allowed at a review) to the index in June.
Most of the changes are high probability ones. We estimate a one-way turnover of 4.48% at the June rebalance leading to a one-way trade of CNY 7.86bn.
The potential inclusions have outperformed the potential deletions over the last couple of months. There could be more to go here as positions are built in the next few weeks.


CSI300 Index Rebalance Preview (June): Maxing Out the 30 Changes

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Medbanks Network Technology / Equity Capital Markets

<ul>
<li>For Medbanks, who entered the market from the SMO business and then PBM business, building core competitiveness around this closed loop may be quite challenging.</li>
<li>The PRS business has growth ceilings; The low margins of PBM and PPS business and the increasing competition make Medbanks difficult to generate solid financial position for future business expansion.</li>
<li>Therefore, based on the analysis above, we are conservative about this Company’s outlook.</li>
</ul>


For Medbanks, who entered the market from the SMO business and then PBM business, building core competitiveness around this closed loop may be quite challenging.
The PRS business has growth ceilings; The low margins of PBM and PPS business and the increasing competition make Medbanks difficult to generate solid financial position for future business expansion.
Therefore, based on the analysis above, we are conservative about this Company’s outlook.


Pre-IPO Medbanks Network Technology - Conservative About the Outlook

<ul>
<li>Nearly midway through the review period for the June rebalance of the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a>, we see 29 potential changes to the index.</li>
<li>There are a lot of high and medium probability changes that could result in a one-way turnover of 4.2% and a one-way trade of CNY 10.17bn at the June rebalance.</li>
<li>The potential inclusions have underperformed the potential deletions by c.15% over the last month and this provides a good entry point into a long short/trade.</li>
</ul>


Nearly midway through the review period for the June rebalance of the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX), we see 29 potential changes to the index.
There are a lot of high and medium probability changes that could result in a one-way turnover of 4.2% and a one-way trade of CNY 10.17bn at the June rebalance.
The potential inclusions have underperformed the potential deletions by c.15% over the last month and this provides a good entry point into a long short/trade.


CSI300 Index Rebalance Preview (June 2022): Changes Near the Midway Mark

Dingdang Health Technology Gro / Equity Capital Markets

<p>On June 22, 2021, <a href="https://www.smartkarma.com/entities/dingdang-health-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:33528:1" rel="noopener">Dingdang Health Technology Group (DDH HK)</a> submitted the prospectus to HKEX and officially started its IPO process. If all goes well, Dingdang would become another listed digital healthcare service provider after <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>. However, in the face of fierce competition, Dingdang's future looks challenging. This insight mainly analyzed the concerns of the Company that worth investors’ attention.</p>

On June 22, 2021, Dingdang Health Technology Group (DDH HK) submitted the prospectus to HKEX and officially started its IPO process. If all goes well, Dingdang would become another listed digital healthcare service provider after Alibaba Health Information Technology (241 HK), Ping An Healthcare and Technology Company Limited (1833 HK) and JD Health (6618 HK). However, in the face of fierce competition, Dingdang's future looks challenging. This insight mainly analyzed the concerns of the Company that worth investors’ attention.

Pre-IPO Dingdang Health Technology - The Future Looks Challenging

China

Yifeng Pharmacy Chain Co., Ltd. operates as a chain of retail stores that specialize in pharmaceutical and over the counter remedies and personal care products.

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Yifeng Pharmacy Chain (603939 CH)

CSI300 Index Rebalance Preview: 30 Potential Changes as Sector Rotation Continues

We forecast 30 changes at the June rebalance for the CSI300 Index - most high probability. Industrials, IT and Materials sectors will have net...

Brian Freitas

CSI300 Index Rebalance Preview (June): Maxing Out the 30 Changes

We estimate 30 changes at the June rebalance with a one-way turnover of 4.48% leading to a one-way trade of CNY 7.86bn. The potential adds have...

Brian Freitas

Pre-IPO Medbanks Network Technology - Conservative About the Outlook

We analyzed the business logic, concerns and outlook of Medbanks's three business lines PRS, PBM and PPS. The low margin, fierce competition and...

Xinyao (Criss) Wang

CSI300 Index Rebalance Preview (June 2022): Changes Near the Midway Mark

Nearly midway through the review period for the June rebalance of the CSI300 index, we see 29 potential changes resulting in a one-way turnover of...

Brian Freitas

Pre-IPO Dingdang Health Technology - The Future Looks Challenging

The article mainly analyzed the concerns that worth the investors' attention about Dingdang Health in terms of fierce competition, financial...

Xinyao (Criss) Wang

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