Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

KOSPI200 Index: Should Capping Be (Re)Introduced?

SK Hynix (000660 KS; SKHY US): No Local to ADR Conversion; Premium Play Dynamix

Hanwha Corp (000880 KS): Spin-Off & KOSPI200 Index Treatment

Korea Value-Up Index Rebalance: US$1.4bn Round-Trip Trade Tomorrow

FnGuide Semiconductor Top10 Index Rebalance Preview: VERY Significant Impact for the Changes

SK Hynix (000660 KS; SKHY US) ADR Issue: Large Index Flows & Potential Timing

KOSPI200 Index Rebalance Preview: Positioning Expected to Pick Up

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>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> raised US$26.5bn selling 177.9m shares of <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> at US$149/share. <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> closed at a 15.5% premium to the local line.</li>
<li>There will be passive buying in the local shares and the ADR line over the next few months. The ADR line could trade at a premium in the near-term.</li>
<li>We expect the ADR to trade between a 30-35% premium in the very short-term and that could drift lower following the limited passive buying in the ADR.</li>
</ul>



SK Hynix (000660 KS) raised US$26.5bn selling 177.9m shares of SK Hynix (SKHY US) at US$149/share. SK Hynix (SKHY US) closed at a 15.5% premium to the local line.
There will be passive buying in the local shares and the ADR line over the next few months. The ADR line could trade at a premium in the near-term.
We expect the ADR to trade between a 30-35% premium in the very short-term and that could drift lower following the limited passive buying in the ADR.


TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)

Mirae Asset TIGER Fn Semiconductor Top 10 ETF

SK Hynix (000660 KS; SKHY US): Updated Index Flows/Timing & Where Could the Premium Settle?