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>From December 2022, the minimum free float requirement to be a part of the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> increases from 15% to 20%.</li>
<li>We see a high probability of <a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings (DMC PM)</a> replacing <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador (EMP PM)</a> in the index at the upcoming rebalance.</li>
<li>There are a few other potential changes to the index and the passive flow on the stocks will be material.</li>
</ul>


From December 2022, the minimum free float requirement to be a part of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) increases from 15% to 20%.
We see a high probability of DMCI Holdings (DMC PM) replacing Emperador (EMP PM) in the index at the upcoming rebalance.
There are a few other potential changes to the index and the passive flow on the stocks will be material.


PCOMP Index Rebalance Preview Feb 23: Higher Free Float Means Fewer Changes

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

<ul>
<li>While Macau remains hostage to Beijing's zero tolerance covid policy, Philippine gaming has taken the lead in ASEAN recovery ramp.</li>
<li>The Soliare property at manila has outperformed expectations on the basis of pent up demand beginning to show in domestic player revenue. </li>
<li>CEO Razon has confirmed continuing expansion plans at Cebu and Emerald Bay to be completed before the end of 2023. Both will be accretive to group EBITDA.</li>
</ul>


While Macau remains hostage to Beijing's zero tolerance covid policy, Philippine gaming has taken the lead in ASEAN recovery ramp.
The Soliare property at manila has outperformed expectations on the basis of pent up demand beginning to show in domestic player revenue. 
CEO Razon has confirmed continuing expansion plans at Cebu and Emerald Bay to be completed before the end of 2023. Both will be accretive to group EBITDA.


Bloomberry Resorts Corp: 3Q22 Revenue Surge Reinforces Our Strong Buy Guidance

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> to divest 3 light industrial/logistics asset in Germany and France for EUR22m</li><li><a href="https://www.smartkarma.com/entities/esr-group-limited" target="_blank" data-smartkarma-citation="entities:27983" rel="noopener">ESR Group (1821 HK)</a> in partnership with GIC to launch its Australia third core-plus logistics fund</li><li><a href="https://www.smartkarma.com/entities/kop-ltd" target="_blank" data-smartkarma-citation="entities:8401" rel="noopener">Kop Ltd (KOPL SP)</a> auditors flagged material uncertainty as a going concern</li></ul>

Cromwell European REIT (CERT SP) to divest 3 light industrial/logistics asset in Germany and France for EUR22mESR Group (1821 HK) in partnership with GIC to launch its Australia third core-plus logistics fundKop Ltd (KOPL SP) auditors flagged material uncertainty as a going concern

ASEAN Builder's Scoop (12Sep22) - CERT Divests 3 Logistics Assets for EUR22m

<ul>
<li>We have been bullish on BLOOM since before the pandemic. We now find the early recovery trend signaling an average weight to an overweight position. </li>
<li>BLOOM has announced plans for a third integrated resort in the Philippines tracking the rapid build up of GGR in that nation as covid lockdowns wane.</li>
<li>International flights to the Philippines have returned to 71% of 2019. Inbound recovery is strong without China.</li>
</ul>


We have been bullish on BLOOM since before the pandemic. We now find the early recovery trend signaling an average weight to an overweight position. 
BLOOM has announced plans for a third integrated resort in the Philippines tracking the rapid build up of GGR in that nation as covid lockdowns wane.
International flights to the Philippines have returned to 71% of 2019. Inbound recovery is strong without China.


Bloomberry Resorts Corp: Time to Consider Overweight on Rapid Recovery Trend and Expansion Plans

<ul><li>Freehold GCB at Swiss Club Road up for sale at S$39.9m; 1H22 tally -60% YoY</li><li>Collective sale attempt for People’s Park Centre closed without any bids</li><li>Belmont Road bungalow on sale for S$55.5m or S$2,055psf; Seller to gain ~60% profit</li></ul>

Freehold GCB at Swiss Club Road up for sale at S$39.9m; 1H22 tally -60% YoYCollective sale attempt for People’s Park Centre closed without any bidsBelmont Road bungalow on sale for S$55.5m or S$2,055psf; Seller to gain ~60% profit

ASEAN Builder's Scoop (19Aug22) - GCB 1H22 Tally Fell -60% YoY

Philippines

Bloomberry Resorts Corp is a holding company for its subsidiaries which provide lodging and leisure services. The Subsidiaries operates and develops, tourist facilities, casinos, and hotel and amusement-themed projects.

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Bloomberry Resorts (BLOOM PM)

PCOMP Index Rebalance Preview Feb 23: Higher Free Float Means Fewer Changes

We see DMCI replacing Emperador at the Feb rebalance. There could be other changes due to the minimum free float threshold change. Passive trackers...

Brian Freitas

Bloomberry Resorts Corp: 3Q22 Revenue Surge Reinforces Our Strong Buy Guidance

Shares of Bloomberry Resorts are undervalued as investors continue to focus on Macau and China travel bans. But growth story in Philippines gaming...

Howard J Klein

ASEAN Builder's Scoop (12Sep22) - CERT Divests 3 Logistics Assets for EUR22m

ESR/GIC launching 3rd AUS fund; KOPL auditors flagged material uncertainty; RCR detailed value-accretive infusions; Colliers Phils - FDI to drive...

SCCM Asia Research

Bloomberry Resorts Corp: Time to Consider Overweight on Rapid Recovery Trend and Expansion Plans

Bloomberry Resorts is rapidly moving toward recovery as Philippine market shakes off covid pauses and lockdowns. Stock does not yet reflect values...

Howard J Klein

ASEAN Builder's Scoop (19Aug22) - GCB 1H22 Tally Fell -60% YoY

People's Park Centre enbloc attempt failed; BLOOM to develop new Cavite casino; Phils BSP hikes benchmark rate; Manila retail prices accelerated in...

SCCM Asia Research

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