SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

10 in 10 with Cromwell European REIT - Unlocking value from logistics pivot

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>There were a lot of rebalance implementations in China on Friday, plus a few upcoming index changes that were announced during the week.</li>
<li>There are a lot of implementations this week, with <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> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> on Thursday and then others across a bunch of countries on Friday.</li>
<li>There were big inflows to <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong (2800 HK)</a> during the week taking units outstanding to a new high. ETF inflows continue even as the market drops.</li>
</ul>


There were a lot of rebalance implementations in China on Friday, plus a few upcoming index changes that were announced during the week.
There are a lot of implementations this week, with KOSPI 200 and KOSDAQ 150 on Thursday and then others across a bunch of countries on Friday.
There were big inflows to Tracker Fund of Hong Kong (2800 HK) during the week taking units outstanding to a new high. ETF inflows continue even as the market drops.


Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

<ul>
<li>There are 3 changes for 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> that will be implemented at the close on 15 December. One name is a relative surprise.</li>
<li>There will be 8-15 days of ADV to buy on the inclusions and there will be 12-18 days of ADV to sell on the deletions.</li>
<li>Cumulative excess volume and changes in short interest indicate there will be positioning in most stocks. But it may not yet be enough to cover the passive trade.</li>
</ul>


There are 3 changes for the S&amp;P/ASX 200 (AS51 INDEX) that will be implemented at the close on 15 December. One name is a relative surprise.
There will be 8-15 days of ADV to buy on the inclusions and there will be 12-18 days of ADV to sell on the deletions.
Cumulative excess volume and changes in short interest indicate there will be positioning in most stocks. But it may not yet be enough to cover the passive trade.


S&P/​​​​ASX 200 Index Rebalance (Dec 2023): There Is Positioning but Probably Not Enough

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 December 2023 review results for ASX indices were announced after the close on Friday 1st December 2023.</li>
<li>There will be three ADDs and thee DELs for the ASX 200 index. There are no changes for ASX 20, 50, and 100.</li>
<li>In this insight, we take a look at our index flow expectations, trends in short interest, and the recent trading performance of the names involved in the ASX 200 changes.</li>
</ul>


The December 2023 review results for ASX indices were announced after the close on Friday 1st December 2023.
There will be three ADDs and thee DELs for the ASX 200 index. There are no changes for ASX 20, 50, and 100.
In this insight, we take a look at our index flow expectations, trends in short interest, and the recent trading performance of the names involved in the ASX 200 changes.


Quiddity ASX Dec 23 Index Rebal: Beware of Pre-Positioning

<ul>
<li>The capping for the Hang Seng family of indices will use closing prices from 28 November while implementation will take place at the close on 1 December.</li>
<li>The changes for the next <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> rebalance will be announced after the close of trading on 1 December.</li>
<li>It was another week of inflows for the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets (EMXC US)</a> to take units outstanding to a new high.</li>
</ul>


The capping for the Hang Seng family of indices will use closing prices from 28 November while implementation will take place at the close on 1 December.
The changes for the next S&amp;P/ASX 200 (AS51 INDEX) rebalance will be announced after the close of trading on 1 December.
It was another week of inflows for the iShares Emerging Markets (EMXC US) to take units outstanding to a new high.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

Australia

Charter Hall Social Infrastructure REIT operates as a real estate investment trust. The Company invests in social infrastructure properties, as well as provides assets and capital management services. Charter Hall Social Infrastructure serves clients in Australia and New Zealand.

Charter Hall Social Infrastructure REIT (CQE AU)

Rural Funds Group is a real estate property trust which owns Australian agricultural assets.

Arena REIT operates as a real estate investment trust. The Trust owns a portfolio in sectors such as childcare, healthcare, education and government tenanted facilities in Australia.

Hotel Property Investments owns a portfolio of properties.  The Company's properties consist of pubs, detached bottle shops and other on-site specialty stores, which are used to generate capital returns for its security holders. Hotel Property Investment's properties are located throughout Queensland and South Australia.

Growthpoint Properties Australia Limited operates as a real estate investment trust. The Company focuses on office, residential, and industrial sectors. Growthpoint Properties Australia serves customers in Australia.

Growthpoint Properties Australia (GOZ AU)

Carindale Property Trust is a development property trust which has an interest in the Westfield Shoppingtown Carindale.  The Centre includes a department store-based shopping center, tavern and home and leisure center.

GDI Property Group is an integrated, internally managed property and funds management group with capabilities in ownership, management, refurbishment, leasing and syndication of office properties.

Aspen Group is a property company specializing in the investment, ownership and management of high yielding commercial properties including tourism and caravan parks.  The Group also provides fund management services.

Garda Property Group operates as an asset management company. The Company invests in commercial offices and industrial facilities, as well as provides fund management and real estate advisory services. Garda Property Group serves customers in Australia.

Charter Hall Retail REIT owns a portfolio of supermarkets and shopping centers located in non-metropolitan areas throughout Australia, New Zealand and the United States.

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

CPN Retail Growth Leasehold REIT is a closed-end fund incorporated in Thailand. The Fund invests in shopping complex projects: Central Plaza Rama II, Central Plaza Ratchada-Rama II, & Central Plaza Pinklao.

CPN Retail Growth Leasehold REIT (CPNREIT TB)

Vital Healthcare Property Trust is a property trust that invests in and manages healthcare facilities in New Zealand and Australia.

Summit Hotel Properties, Inc. is a real estate investment trust.  The trust invests in hotels in the United States that do not serve food and beverages and serve the middle and upscale markets.  Most of the hotels are franchised from brand name hotel companies.

Whitestone REIT is a real estate investment trust.  The Trust invests in and operates retail, industrial and office properties.

Cathay No.1 REIT is a property trust established in Taiwan by Cathay Financial Holding Co. The Company purchases and leases a portfolio of commercial properties in Taipei.

Hudson Pacific Properties Inc. is a real estate company focusing on owning, operating, and acquiring office properties.  The Company focuses on opportunities in Northern and Southern California.

Global One Real Estate Investment Corp., Ltd. is a real estate investment trust (REIT) that invests in income producing properties.  The Company mainly invests in office buildings in metropolitan, Chubu, and Kinki areas.

Global One Real Estate Investment Corp (8958 JP)

Axis Real Estate Investment Trust is a real estate investment trust that owns and invests in a portfolio of commercial, office and office/retail real estate located in Malaysia. The portfolio includes Axis Business Park, Menara Axis, Crystal Plaza, Infinite Centre and Axis Plaza.

Property for Industry Limited is a property company that invests in New Zealand industrial properties. The Company's property portfolio includes sites in Auckland, Hamilton, Tauranga, Wellington and Christchurch.

Cromwell Property Group is a property and funds manager. The Company, through its subsidiary, provides funds management, property transactions, property and facilities management, finance, compliance, debenture issues, and debt management.

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Cromwell Property (CMW AU)

10 in 10 with Cromwell European REIT - Unlocking value from logistics pivot

10 in 10 with Cromwell European REIT - Unlocking value from logistics pivot

Singapore Exchange Ltd (SGX)

Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

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

Brian Freitas

S&P/ASX 200 Index Rebalance (Dec 2023): There Is Positioning but Probably Not Enough

As expected, 3 changes for the ASX200 in Dec. But one add is a relative 'surprise'. There is a lot to trade from passives. But there is positioning...

Brian Freitas

Quiddity ASX Dec 23 Index Rebal: Beware of Pre-Positioning

The DELs have seen their short interests rise steeply in the last few months. This could imply that there is some pre-positioning. However, the...

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

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

Brian Freitas

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52-week Range

Market Cap (USDm)

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10 in 10 with Cromwell European REIT - Unlocking value from logistics pivot

10 in 10 with Cromwell European REIT - Unlocking value from logistics pivot

Singapore Exchange Ltd (SGX)

Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

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

Brian Freitas

S&P/​​​​ASX 200 Index Rebalance (Dec 2023): There Is Positioning but Probably Not Enough

As expected, 3 changes for the ASX200 in Dec. But one add is a relative 'surprise'. There is a lot to trade from passives. But there is positioning...

Brian Freitas

Quiddity ASX Dec 23 Index Rebal: Beware of Pre-Positioning

The DELs have seen their short interests rise steeply in the last few months. This could imply that there is some pre-positioning. However, the...

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

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

Brian Freitas

S&P/ASX 200 Index Rebalance (Dec 2023): There Is Positioning but Probably Not Enough