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

Temple & Webster Group Ltd / Event-Driven

<ul>
<li>Global Industry Classification Standard (GICS) structure updates will lead to changes to the S&amp;P/ASX All Technology Index at the March rebalance.</li>
<li>To better reflect the GICS changes and reduce constituent turnover, S&amp;P DJI has proposed changes to the index universe for constituent selection.</li>
<li>We expect there will be 4 deletions from the index in March, but that could increase to 10 if the changes are not adopted.</li>
</ul>


Global Industry Classification Standard (GICS) structure updates will lead to changes to the S&amp;P/ASX All Technology Index at the March rebalance.
To better reflect the GICS changes and reduce constituent turnover, S&amp;P DJI has proposed changes to the index universe for constituent selection.
We expect there will be 4 deletions from the index in March, but that could increase to 10 if the changes are not adopted.


S&P/ASX All Technology Index: GICS Changes, Market Consultation & Potential Index Changes

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>In response to media reports, <a href="https://www.smartkarma.com/entities/appen-ltd" target="_blank" data-smartkarma-citation="entities:15825:1" rel="noopener">Appen Ltd (APX AU)</a> disclosed a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/telus-international-cda-inc" target="_blank" data-smartkarma-citation="entities:35398:1" rel="noopener">Telus International (TIXT US)</a> at A$9.50, a 48.4% premium to the undisturbed price of A$6.40.</li>
<li>Appen also announced a weak trading update. The 1HFY22 EBITDA is expected to be materially lower than the comparable period due to the lower revenue and the ongoing investment. </li>
<li>Subsequently, Appen noted that Telus revoked its indicative proposal. No reason was given for the decision. Nevertheless, Appen’s depressed share price will continue to attract suitors. </li>
</ul>


In response to media reports, Appen Ltd (APX AU) disclosed a non-binding indicative proposal from Telus International (TIXT US) at A$9.50, a 48.4% premium to the undisturbed price of A$6.40.
Appen also announced a weak trading update. The 1HFY22 EBITDA is expected to be materially lower than the comparable period due to the lower revenue and the ongoing investment. 
Subsequently, Appen noted that Telus revoked its indicative proposal. No reason was given for the decision. Nevertheless, Appen’s depressed share price will continue to attract suitors. 


Telus Revokes It’s A$9.50 Bid for Appen

<ul>
<li>TA Associates and Viburnum Funds’ non-binding indicative privatisation proposal is A$1.70 per <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a> share in cash, a 32.8% premium to the last close.</li>
<li>The timing of the bid looks opportunistic in the context of the shares hitting a 3-year low on 9 May. Viburnum with a 14.5% stake is the largest shareholder.</li>
<li>The Board notes expressions of interest from other parties. TA and Viburnum’s bid is the catalyst for other bidders to show their hands.  </li>
</ul>


TA Associates and Viburnum Funds’ non-binding indicative privatisation proposal is A$1.70 per Infomedia Ltd (IFM AU) share in cash, a 32.8% premium to the last close.
The timing of the bid looks opportunistic in the context of the shares hitting a 3-year low on 9 May. Viburnum with a 14.5% stake is the largest shareholder.
The Board notes expressions of interest from other parties. TA and Viburnum’s bid is the catalyst for other bidders to show their hands.  


Infomedia Receives a A$1.70 Per Share Offer from TA Associates and Viburnum

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

<ul>
<li>Education Australia, the largest shareholder of IDP Education, last raised around US$858m (A$1.1bn) via selling 15% of IDP Education in Aug 2021.</li>
<li>The lock-up from that deal is set to expire later this month, which will result in an additional 12.5% of the company’s shares, worth US$670m (A$927m) being unlocked. </li>
<li>In this note we will talk about the recent results and the upcoming lockup expiry.</li>
</ul>


Education Australia, the largest shareholder of IDP Education, last raised around US$858m (A$1.1bn) via selling 15% of IDP Education in Aug 2021.
The lock-up from that deal is set to expire later this month, which will result in an additional 12.5% of the company’s shares, worth US$670m (A$927m) being unlocked. 
In this note we will talk about the recent results and the upcoming lockup expiry.


IDP Education Placement - Time for Round 2 (US$700m Worth) Of the Selldown

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. </li>
<li>In March 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20. </li>
<li>In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential intra-quarterly changes.</li>
</ul>


The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. 
In March 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20. 
In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential intra-quarterly changes.


S&P/​ASX Indices: Quiddity Leaderboard for March 2022 Rebalance

Australia

WiseTech Global Pty Ltd provides various technology and information technology management solutions. The Company offers cloud based various technology platforms, market specific software and logistics technology solutions, such as edienterprise, a platform supply chain logistics management system, software-as-a-service, and clinical management software. 

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Wisetech Global (WTC AU)

S&P/ASX All Technology Index: GICS Changes, Market Consultation & Potential Index Changes

Changes to the GICS structure will result in deletions from the S&P/ASX All Tech Index in March. There could be 4 deletions if the index universe...

Brian Freitas

Telus Revokes It’s A$9.50 Bid for Appen

Telus pulled its A$9.50 indicative offer likely due to the weak trading update. Nevertheless, Appen’s depressed share price will continue to...

Arun George

IDP Education Placement - Time for Round 2 (US$700m Worth) Of the Selldown

Education Australia, the largest shareholder of IDP Education, last raised around US$858m (A$1.1bn) via selling 15% of IDP Education in Aug 2021....

Sumeet Singh

S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance

A look at the leading candidates who could become Adds/Deletes for the S&P ASX Indices during the March 2022 Rebalance and other potential intra...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

P/E

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S&P/ASX All Technology Index: GICS Changes, Market Consultation & Potential Index Changes

Changes to the GICS structure will result in deletions from the S&P/ASX All Tech Index in March. There could be 4 deletions if the index universe...

Brian Freitas

Telus Revokes It’s A$9.50 Bid for Appen

Telus pulled its A$9.50 indicative offer likely due to the weak trading update. Nevertheless, Appen’s depressed share price will continue to...

Arun George

Infomedia Receives a A$1.70 Per Share Offer from TA Associates and Viburnum

TA and Viburnum's indicative offer of A$1.70 is a 32.8% premium to the last close. Expressions of interest from other bidders suggest the potential...

Arun George

IDP Education Placement - Time for Round 2 (US$700m Worth) Of the Selldown

Education Australia, the largest shareholder of IDP Education, last raised around US$858m (A$1.1bn) via selling 15% of IDP Education in Aug 2021....

Sumeet Singh

S&P/​ASX Indices: Quiddity Leaderboard for March 2022 Rebalance

A look at the leading candidates who could become Adds/Deletes for the S&P ASX Indices during the March 2022 Rebalance and other potential intra...

Janaghan Jeyakumar, CFA

S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance