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/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts</a> Scheme Meeting is scheduled for 20 May and the last trading day could be 24 May, while <a href="https://www.smartkarma.com/entities/the-lottery-corporation-limited" target="_blank" data-smartkarma-citation="entities:35970:1" rel="noopener">The Lottery Corp</a> is expected to start trading 24 May.</li>
<li>The changes for the S&amp;P/ASX 50 Index and S&amp;P/ASX 100 Index will depend on the market cap of <a href="https://www.smartkarma.com/entities/the-lottery-corporation-limited" target="_blank" data-smartkarma-citation="entities:35970:1" rel="noopener">The Lottery Corp (TLC AU)</a> and new <a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a>.</li>
<li>The potential adds have outperformed the potential deletes over the last week and couple of months so there will be some pre-positions in there already.</li>
</ul>


The Crown Resorts Scheme Meeting is scheduled for 20 May and the last trading day could be 24 May, while The Lottery Corp is expected to start trading 24 May.
The changes for the S&amp;P/ASX 50 Index and S&amp;P/ASX 100 Index will depend on the market cap of The Lottery Corp (TLC AU) and new Tabcorp Ltd (TAH AU).
The potential adds have outperformed the potential deletes over the last week and couple of months so there will be some pre-positions in there already.


S&P/​ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">Seven Group Holdings (SVW AU)</a> and <a href="https://www.smartkarma.com/entities/lake-resources-nl" target="_blank" data-smartkarma-citation="entities:14597:1" rel="noopener">Lake Resources Nl (LKE AU)</a> could be added the S&amp;P/ASX100 Index and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200</a> respectively next week following the privatisation of <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>. </li>
<li>Then we have the <a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a> spinoff in May that will add to the changes at the regular rebalance in June for the indices.</li>
<li>Short interest has spiked on <a href="https://www.smartkarma.com/entities/lake-resources-nl" target="_blank" data-smartkarma-citation="entities:14597:1" rel="noopener">Lake Resources Nl (LKE AU)</a> and <a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> recently following the huge rally in the stocks.</li>
</ul>



Seven Group Holdings (SVW AU) and Lake Resources Nl (LKE AU) could be added the S&amp;P/ASX100 Index and S&amp;P/ASX 200 respectively next week following the privatisation of Crown Resorts (CWN AU). 
Then we have the Tabcorp Ltd (TAH AU) spinoff in May that will add to the changes at the regular rebalance in June for the indices.
Short interest has spiked on Lake Resources Nl (LKE AU) and Core Lithium Ltd (CXO AU) recently following the huge rally in the stocks.


S&P/ASX Index Rebalance Preview: Potential Changes in May & June

<ul>
<li>A KKR led consortium has made a conditional, non-binding, indicative proposal to acquire 100% of the shares in <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> at A$88/share in cash.</li>
<li>The offer values <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> at A$20.14bn and is a premium of 36.7% to the last close. The premium is over 30% even using longer term VWAPs.</li>
<li>There will be changes to the S&amp;P/ASX family of indices to maintain the number of index members. We will know more once an indicative timeline is published.</li>
</ul>


A KKR led consortium has made a conditional, non-binding, indicative proposal to acquire 100% of the shares in Ramsay Health Care (RHC AU) at A$88/share in cash.
The offer values Ramsay Health Care (RHC AU) at A$20.14bn and is a premium of 36.7% to the last close. The premium is over 30% even using longer term VWAPs.
There will be changes to the S&amp;P/ASX family of indices to maintain the number of index members. We will know more once an indicative timeline is published.


Ramsay Health Care (RHC AU): Indicative Proposal from KKR & Index Implications

<ul>
<li>
<a href="https://www.smartkarma.com/entities/homeco-daily-needs-reit" target="_blank" data-smartkarma-citation="entities:33526:1" rel="noopener">HomeCo Daily Needs REIT (HDN AU)</a> will replace <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a> in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the close of trading on 11 April.</li>
<li>The change has come earlier than expected as Hochtief hold nearly 90% of CIMIC. Positioning on HDN could be light- the stock could rally over the next couple of days.</li>
<li>There could be another ad hoc change prior to the June rebalance and then there will be more changes at the regular rebalance in June.</li>
</ul>



HomeCo Daily Needs REIT (HDN AU) will replace CIMIC Group Ltd (CIM AU) in the S&amp;P/ASX 200 (AS51 INDEX) at the close of trading on 11 April.
The change has come earlier than expected as Hochtief hold nearly 90% of CIMIC. Positioning on HDN could be light- the stock could rally over the next couple of days.
There could be another ad hoc change prior to the June rebalance and then there will be more changes at the regular rebalance in June.


ASX200 Index Rebalance: HomeCo Daily Needs REIT (HDN) Replaces CIMIC; More Changes in May & June

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 June 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including 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 June 2022 Rebalance and other potential irregular 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 June 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including 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 June 2022 Rebalance and other potential irregular changes.


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

Australia

Seven Group Holdings Ltd. is a diversified operating and investment group. The Groups interests include media holdings that include Seven Network, a commercial television network and publishing company, a telecommunications company, and a heavy equipment dealer that operates  Caterpillar dealerships in Australia and North Eastern China.

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Seven Group Holdings (SVW AU)

S&P/ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

The Crown Resorts privatisation and Tabcorp spinoff will add to the S&P/ASX changes in June. There is a lot to trade on the potential adds/deletes...

Brian Freitas

S&P/ASX Index Rebalance Preview: Potential Changes in May & June

There could be one change in May followed by a bunch of changes in June. SVW and LKE could be added on 3 May following CWN's privatisation. TAH's...

Brian Freitas

Ramsay Health Care (RHC AU): Indicative Proposal from KKR & Index Implications

A KKR led consortium has made a conditional, non-binding, indicative proposal to acquire 100% of Ramsay Health Care (RHC AU) at A$88/share in cash....

Brian Freitas

ASX200 Index Rebalance: HomeCo Daily Needs REIT (HDN) Replaces CIMIC; More Changes in May & June

HDN AU will replace CIM AU in the ASX200 at the close on 11 April. LKE AU could replace CWN AU in May. Then there could be another 4 changes to the...

Brian Freitas

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

A discussion on potential ADDs and DELETEs to the S&P ASX Indices between now and the completion of the June 2022 Regular Rebalance.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P/​ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

The Crown Resorts privatisation and Tabcorp spinoff will add to the S&P/ASX changes in June. There is a lot to trade on the potential adds/deletes...

Brian Freitas

S&P/ASX Index Rebalance Preview: Potential Changes in May & June

There could be one change in May followed by a bunch of changes in June. SVW and LKE could be added on 3 May following CWN's privatisation. TAH's...

Brian Freitas

Ramsay Health Care (RHC AU): Indicative Proposal from KKR & Index Implications

A KKR led consortium has made a conditional, non-binding, indicative proposal to acquire 100% of Ramsay Health Care (RHC AU) at A$88/share in cash....

Brian Freitas

ASX200 Index Rebalance: HomeCo Daily Needs REIT (HDN) Replaces CIMIC; More Changes in May & June

HDN AU will replace CIM AU in the ASX200 at the close on 11 April. LKE AU could replace CWN AU in May. Then there could be another 4 changes to the...

Brian Freitas

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

A discussion on potential ADDs and DELETEs to the S&P ASX Indices between now and the completion of the June 2022 Regular Rebalance.

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview: Tabcorp, Crown & Potential Changes in June

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