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>The <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF (CPSEBE IN)</a> and <a href="https://www.smartkarma.com/entities/nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index (NSEBANK INDEX)</a> will have its quarterly rebalancing at the close on 29 June.</li>
<li>There are no constituent changes for the indices in June but there will be capping and float changes for the stocks and there is a reasonable impact on many stocks.</li>
<li>Both indices have performed well over the recent past and active investors can take advantage of the passive flows to increase or decrease existing positions.</li>
</ul>


The CPSE ETF (CPSEBE IN) and Nifty Bank Index (NSEBANK INDEX) will have its quarterly rebalancing at the close on 29 June.
There are no constituent changes for the indices in June but there will be capping and float changes for the stocks and there is a reasonable impact on many stocks.
Both indices have performed well over the recent past and active investors can take advantage of the passive flows to increase or decrease existing positions.


CPSE / CNXBANK Index Rebalance Preview: Capping Changes in June

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

SBFC Finance Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (1547353D IN)</a><a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener"> </a>is looking to raise up to US$145m in its upcoming India IPO. </li>
<li>SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold. </li>
<li>Even through COVID-19, it had managed to more than double its AUM through its branch expansion efforts. However, its NIM declined over the track record period and profitability growth slowed. </li>
</ul>



SBFC Finance Limited (1547353D IN) is looking to raise up to US$145m in its upcoming India IPO. 
SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold. 
Even through COVID-19, it had managed to more than double its AUM through its branch expansion efforts. However, its NIM declined over the track record period and profitability growth slowed. 


SBFC Finance Pre-IPO - Has Grown Fast While Maintaining Asset Quality

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, Australia finally got its IPO counter ticking for the year with <a href="https://www.smartkarma.com/entities/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> raised to increase its stake in One NZ. While <a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> will see a lockup expiry in the coming week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Australia finally got its IPO counter ticking for the year with Redox (RDX AU).
On the placement front, Infratil Ltd (IFT NZ) raised to increase its stake in One NZ. While Skymark Airlines (9204 JP) will see a lockup expiry in the coming week.


ECM Weekly (11th June 2023) - Alibaba, Tencent, PDD, Redox, Amman, Kotak, Infratil, Skymark

<ul>
<li>The changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a>, <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ150 Index</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI300 Index</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> and a bunch of other onshore China indices were implemented last week.</li>
<li>The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.</li>
<li>AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.</li>
</ul>


The changes for the KOSPI2 INDEX, KOSDAQ150 Index, CSI300 Index, STAR50 INDEX and a bunch of other onshore China indices were implemented last week.
The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.
AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.


Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

Kotak Mahindra Bank / Equity Capital Markets

<ul>
<li>CPPIB aims to raise around US$750m via selling a 1.6% stake in <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a>. </li>
<li>This is not the first time that CPPIB will be selling down some of its stake, the previous deal held up well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


CPPIB aims to raise around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). 
This is not the first time that CPPIB will be selling down some of its stake, the previous deal held up well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kotak Placement - Has Sold Before, Stock Has Run-Up Recently but It Has Still Underperformed

India

Housing Development Finance Corporation Ltd. HDFC provides housing finance company. The Company provides wide range of housing loans, loan for home improvement, extensions, top ups, and non housing loans and loans for non resident Indian (NRI). HDFC serves customers in India, kuwait, Singapore, Oman, UAE, and the United Kingdom.

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HDFC Limited (HDFC IN)

CPSE / CNXBANK Index Rebalance Preview: Capping Changes in June

There are no constituent changes for the indices but there are capping and float changes that will lead to large impact flows on quite a few...

Brian Freitas

SBFC Finance Pre-IPO - Has Grown Fast While Maintaining Asset Quality

SBFC Finance Limited (1547353D IN) is looking to raise up to US$145m in its upcoming India IPO. Even through COVID-19, it had managed to more than...

Ethan Aw

ECM Weekly (11th June 2023) - Alibaba, Tencent, PDD, Redox, Amman, Kotak, Infratil, Skymark

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Kotak Placement - Has Sold Before, Stock Has Run-Up Recently but It Has Still Underperformed

CPPIB aims to raise around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). The previous selldown by CPPIB held up well.

Sumeet Singh

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