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>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> will raise KRW 435bn (US$315m) in its IPO, valuing the company at KRW 3,482bn (US$2.52bn). Listing is expected later this month.</li>
<li>Competition for the shares has been fierce with institutional investors indicating demand for 226x the number of shares on offer at prices higher than the top end of the range.</li>
<li>Inclusion in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> looks likely in June 2025, while inclusion in global indices is likely in December. But there could be some passive inflows in September.</li>
</ul>



Shift Up (462870 KS) will raise KRW 435bn (US$315m) in its IPO, valuing the company at KRW 3,482bn (US$2.52bn). Listing is expected later this month.
Competition for the shares has been fierce with institutional investors indicating demand for 226x the number of shares on offer at prices higher than the top end of the range.
Inclusion in the KOSPI 200 looks likely in June 2025, while inclusion in global indices is likely in December. But there could be some passive inflows in September.


Shift Up IPO: Details, Bookbuilding & Index Inclusion

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Jun 28th which has an aggregated holding worth USD564.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD33mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsung Electronics, Sk Hynix, Samsung SDI, Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Jun 28th which has an aggregated holding worth USD564.4bn.
We estimate that foreign flows to be inflows of USD33mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics, Sk Hynix, Samsung SDI, Celltrion.


KRX Foreign Holding Weekly (Jun 28th): Samsung Electronics, Sk Hynix, Samsung SDI, Celltrion

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> is looking to raise up to US$164m in its Korean IPO.</li>
<li>Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards.  As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Sanil Electric (062040 KS) is looking to raise up to US$164m in its Korean IPO.
Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards.  As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.
In this note, we talk about the company’s historical performance.


Sanil Electric IPO - Strong Profitability Growth, but Highly Dependent on Its Top Customers

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share additional thoughts on valuation.</li>
</ul>



Webtoon Entertainment (WBTN US) is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share additional thoughts on valuation.


Webtoon Entertainment IPO - Further Thoughts on Valuation - Acquisitions, Buyouts

<ul>
<li>Woori PE, NH PE and KDB Capital seek to raise around KRW195bn (US$141m) through a secondary block deal, selling 0.71m shares (3.64% of TSO) of <a href="https://www.smartkarma.com/entities/enchem-co-ltd" target="_blank" data-smartkarma-citation="entities:34297:1" rel="noopener">Enchem (348370 KS).</a>
</li>
<li>The deal is a small one to digest at only 1.1 days of three-month ADV. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Woori PE, NH PE and KDB Capital seek to raise around KRW195bn (US$141m) through a secondary block deal, selling 0.71m shares (3.64% of TSO) of Enchem (348370 KS).

The deal is a small one to digest at only 1.1 days of three-month ADV. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Enchem Placement- Easily Digestible but a Punt at Best

South Korea

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

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Samsung Heavy Industries (010140 KS)

Shift Up IPO: Details, Bookbuilding & Index Inclusion

Shift Up will raise US$315m in its IPO, valuing the company at US$2.52bn. Inclusion in the KOSPI200 is likely in June25 while inclusion in global...

Brian Freitas

KRX Foreign Holding Weekly (Jun 28th): Samsung Electronics, Sk Hynix, Samsung SDI, Celltrion

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sk Hynix, Samsung SDI,...

Ke Yan, CFA, FRM

Sanil Electric IPO - Strong Profitability Growth, but Highly Dependent on Its Top Customers

Sanil Electric (062040 KS) is looking to raise up to US$164m in its Korean IPO. In this note, we talk about the company’s historical performance.

Ethan Aw

Webtoon Entertainment IPO - Further Thoughts on Valuation - Acquisitions, Buyouts

Webtoon Entertainment (WBTN US) is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m. In this note, we...

Ethan Aw

Enchem Placement- Easily Digestible but a Punt at Best

Woori PE, NH PE and KDB Capital seek to raise around KRW195bn (US$141m) through a secondary block deal, selling 0.71m shares (3.64% of TSO) of...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)