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 September rebalance ends today, the changes will be announced in the first week of September and implemented at the close of trading on 12 September.</li>
<li>There is at least one change expected for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. </li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/posco-future-m-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Future M</a>, <a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM</a>, <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc-38a560c3-749f-4bd5-8671-c0df9cb659d7" target="_blank" data-smartkarma-citation="entities:26893:1" rel="noopener">Celltrion</a>, <a href="https://www.smartkarma.com/entities/skc-co-ltd" target="_blank" data-smartkarma-citation="entities:3970:1" rel="noopener">SKC Co</a>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp</a>, <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon</a>, <a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener">Krafton</a> and <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics</a>.</li>
</ul>


The review period for the September rebalance ends today, the changes will be announced in the first week of September and implemented at the close of trading on 12 September.
There is at least one change expected for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. 
The largest flows will be in Posco Future M, Ecopro BM, SK Biopharmaceuticals, Alteogen, Celltrion, SKC Co, Kakao Corp, Douzone Bizon, Krafton and Samsung Biologics.


KRX New Deal Index Rebalance Preview: Potential Changes as Review Period Ends Today

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> received approval for first product, Tergase, a recombinant human hyaluronidase liquid product, in Korea. Tergase increases penetration during intramuscular or subcutaneous injection and local anesthesia.</li>
<li>With excellent safety profile compared to existing animal-derived hyaluronidase products, Tergase stands to emerge as a promising alternative in the global hyaluronidase market estimated to be $1B in near future.</li>
<li>Alteogen’s subsidiary, Altos Biologics submitted marketing authorization approval to the European Medicines Agency for Eylea biosimilar. Approval is expected by next year.</li>
</ul>



Alteogen Inc (196170 KS) received approval for first product, Tergase, a recombinant human hyaluronidase liquid product, in Korea. Tergase increases penetration during intramuscular or subcutaneous injection and local anesthesia.
With excellent safety profile compared to existing animal-derived hyaluronidase products, Tergase stands to emerge as a promising alternative in the global hyaluronidase market estimated to be $1B in near future.
Alteogen’s subsidiary, Altos Biologics submitted marketing authorization approval to the European Medicines Agency for Eylea biosimilar. Approval is expected by next year.


Alteogen (196170 KS): Transitioning Toward Becoming Commercial Stage Biotech Company

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock in after-hours trading in block deal sale. </li>
<li>The block deal sale price was 197,770 won. Alteogen's share price declined by 10.9% today to 195,600 won. Block deal sale amount was about 316 billion won. </li>
<li>This block deal sale combined with the sharp recent, share price increase are likely to result in a near-term consolidation of its share price in the next several months.</li>
</ul>


On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock in after-hours trading in block deal sale. 
The block deal sale price was 197,770 won. Alteogen's share price declined by 10.9% today to 195,600 won. Block deal sale amount was about 316 billion won. 
This block deal sale combined with the sharp recent, share price increase are likely to result in a near-term consolidation of its share price in the next several months.


Alteogen: Block Deal Sale of About 3% of Shares

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.</li>
<li>Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.</li>
<li>Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  </li>
</ul>



Alteogen Inc (196170 KS) has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.
Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.
Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  


Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

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 short interest of KRX stocks as of Nov 15th which has an aggregated short interest worth USD4.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Korzinc, Posco, Alteogen, Doosan Enerbility .</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 15th which has an aggregated short interest worth USD4.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Korzinc, Posco, Alteogen, Doosan Enerbility .


KRX Short Interest Weekly (Nov 15th): Korzinc, Posco, Alteogen, Doosan Enerbility

South Korea

Alteogen Inc. is a pharmaceutical research company.  The Company researches and develops bio-medicines such as bio-better and bio-similar.

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Alteogen Inc (196170 KS)

KRX New Deal Index Rebalance Preview: Potential Changes as Review Period Ends Today

We expect at least 1 change for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. Flows are pretty big on some of the stocks and...

Brian Freitas

Alteogen (196170 KS): Transitioning Toward Becoming Commercial Stage Biotech Company

Alteogen entered into a new hyaluronidase co-development and license agreement with Sandoz. Sandoz will utilize Alteogen’s biobetter platforms for...

Tina Banerjee

Alteogen: Block Deal Sale of About 3% of Shares

On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock (3% of...

Douglas Kim

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

KRX Short Interest Weekly (Nov 15th): Korzinc, Posco, Alteogen, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in Korzinc, Posco, Alteogen, Doosan Enerbility.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX New Deal Index Rebalance Preview: Potential Changes as Review Period Ends Today

We expect at least 1 change for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. Flows are pretty big on some of the stocks and...

Brian Freitas

Alteogen (196170 KS): Transitioning Toward Becoming Commercial Stage Biotech Company

Alteogen entered into a new hyaluronidase co-development and license agreement with Sandoz. Sandoz will utilize Alteogen’s biobetter platforms for...

Tina Banerjee

Alteogen: Block Deal Sale of About 3% of Shares

On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock (3% of...

Douglas Kim

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

​Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

KRX Short Interest Weekly (Nov 15th): Korzinc, Posco, Alteogen, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in Korzinc, Posco, Alteogen, Doosan Enerbility.

Ke Yan, CFA, FRM

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...