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 review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>A quarter of the way through the review period, we forecast 37 migrating stocks. Among new listings, 1 could be added to LargeCap, 3 to MidCap and 2 to SmallCap.</li>
<li>Four downward migrations were deleted from a global index in November. Now, three more downward migrations could be deleted from the same global index in February.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
A quarter of the way through the review period, we forecast 37 migrating stocks. Among new listings, 1 could be added to LargeCap, 3 to MidCap and 2 to SmallCap.
Four downward migrations were deleted from a global index in November. Now, three more downward migrations could be deleted from the same global index in February.


KOSPI Size Indices: Overlap Between Global Passive Selling & Downward Migrations

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

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In the next several days, it is likely that the Doosan Group is likely to cancel its restructuring plan involving Doosan Enerbility, Doosan Bobcat, and Doosan Robotics.</li>
<li>As a result of the sharp decline in share prices of major Doosan Group companies, the cost of appraisal rights may be too much for the Doosan Group.</li>
<li>Despite the negative impact of recent political events in Korea, a cancellation of  Doosan Group restructuring plan could have a near-term positive impact on all the major Doosan Group companies.</li>
</ul>


In the next several days, it is likely that the Doosan Group is likely to cancel its restructuring plan involving Doosan Enerbility, Doosan Bobcat, and Doosan Robotics.
As a result of the sharp decline in share prices of major Doosan Group companies, the cost of appraisal rights may be too much for the Doosan Group.
Despite the negative impact of recent political events in Korea, a cancellation of  Doosan Group restructuring plan could have a near-term positive impact on all the major Doosan Group companies.


Doosan Group Is Likely To Cancel Its Restructuring Plans

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commences on 1 December and will end on 28 February.</li>
<li>We see 5 migrations from MidCap to LargeCap, 1 new addition to LargeCap, 8 stocks moving from SmallCap to MidCap and 1 new addition to MidCap.</li>
<li>The migrations from MidCap to LargeCap have outperformed the other migration categories. Four potential LargeCap to MidCap migrations will be deleted from a global index later this month.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commences on 1 December and will end on 28 February.
We see 5 migrations from MidCap to LargeCap, 1 new addition to LargeCap, 8 stocks moving from SmallCap to MidCap and 1 new addition to MidCap.
The migrations from MidCap to LargeCap have outperformed the other migration categories. Four potential LargeCap to MidCap migrations will be deleted from a global index later this month.


KOSPI Size Indices: Global Index Selling Leads to Potential Downward Migration

<ul>
<li>Our overall assessment of the new reorganization plan by the Doosan Group continues to be Negative, because Doosan has not given up trying to eventually merge Bobcat and Robotics.</li>
<li>Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.</li>
<li>We have also provided three main recommendations on how to raise the valuation of Doosan Bobcat without rushing to merge Bobcat and Robotics.</li>
</ul>


Our overall assessment of the new reorganization plan by the Doosan Group continues to be Negative, because Doosan has not given up trying to eventually merge Bobcat and Robotics.
Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.
We have also provided three main recommendations on how to raise the valuation of Doosan Bobcat without rushing to merge Bobcat and Robotics.


New Reorganization Plan Increases Overhang Risk for Doosan Bobcat

South Korea

Doosan Co., Ltd operates as a diversified manufacturing and service company. The Company conducts electronic components production, logistics equipment manufacturing, information technology consulting, and other businesses. Doosan provides services worldwide.

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Doosan Corp (000150 KS)

KOSPI Size Indices: Overlap Between Global Passive Selling & Downward Migrations

There could be 37 migrations for the KOSPI Size indices in March, plus 1 LargeCap and 3 MidCap inclusions. The MidCap to LargeCap migrations have...

Brian Freitas

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Doosan Group Is Likely To Cancel Its Restructuring Plans

In the next several days, it is likely that the Doosan Group is likely to cancel its restructuring plan involving Doosan Enerbility, Doosan Bobcat,...

Douglas Kim

KOSPI Size Indices: Global Index Selling Leads to Potential Downward Migration

There could be 29 migrations for the KOSPI Size indices in March, plus 1 LargeCap and 1 MidCap inclusion. The MidCap to LargeCap migrations have...

Brian Freitas

New Reorganization Plan Increases Overhang Risk for Doosan Bobcat

Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.

Douglas Kim

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52-week Range

Market Cap (USDm)

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Dividend (Yield)