Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 3 June 2022, the S&amp;P DJI Global Index team announced changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P SmallCap 600 indices (and a number of other smaller indices).</li>
<li>
<a href="https://www.smartkarma.com/entities/vici-properties-inc" target="_blank" data-smartkarma-citation="entities:28786:1" rel="noopener"></a>VICI Properties (VICI) will replace Cerner (CERN) in S&amp;P500 at close of 7 June. Keurig DrPepper and ON Semiconductor will replace UnderArmour and IPG Photonics at close 17 June.</li>
<li>This set of rebalances is particularly interesting in terms of non-offsetting flows, unlike many rebals which are just a game of musical shares between the three top indices.</li>
</ul>


On 3 June 2022, the S&amp;P DJI Global Index team announced changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P SmallCap 600 indices (and a number of other smaller indices).

VICI Properties (VICI) will replace Cerner (CERN) in S&amp;P500 at close of 7 June. Keurig DrPepper and ON Semiconductor will replace UnderArmour and IPG Photonics at close 17 June.
This set of rebalances is particularly interesting in terms of non-offsetting flows, unlike many rebals which are just a game of musical shares between the three top indices.


S&P500, S&PMid400, and S&PSmall600 Index Changes for June 2022 - More Interesting Than Usual

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$130m in its India IPO.
It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we talk about the company’s historical performance.


Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>In 1Q23, <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals Co Ltd (326030 KS)</a> recorded Xcopri U.S. revenue of KRW53.9B, up 70% YoY and 8% QoQ. Xcopri growth is expected to accelerate in US in H2.</li>
<li>The company’s operating loss narrowed to KRW23B in 1Q23, recording the lowest level excluding the one-off sales, compared with operating loss of KRW45B in 4Q22 and KRW37B in 1Q22.</li>
<li>The company is looking for Xcopri revenue of KRW300B in 2023. With stable cash generation and expansion into three new modalities, SKBP aims to become a $15B company by 2026.</li>
</ul>


In 1Q23, SK Biopharmaceuticals Co Ltd (326030 KS) recorded Xcopri U.S. revenue of KRW53.9B, up 70% YoY and 8% QoQ. Xcopri growth is expected to accelerate in US in H2.
The company’s operating loss narrowed to KRW23B in 1Q23, recording the lowest level excluding the one-off sales, compared with operating loss of KRW45B in 4Q22 and KRW37B in 1Q22.
The company is looking for Xcopri revenue of KRW300B in 2023. With stable cash generation and expansion into three new modalities, SKBP aims to become a $15B company by 2026.


SK Biopharmaceuticals (326030 KS): Starts 2023 on Strong Note; Unveils New Mid to Long-Term Strategy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/endo-international-plc" target="_blank" data-smartkarma-citation="entities:12955:1" rel="noopener">Endo International (ENDP US)</a> shares are trading near their lows. However, Endo does not seem to be an attractive bottom fishing idea as opioid litigation is still the major overhang.</li>
<li>Endo’s top selling drug Vasostrict is facing generic competition, which has dragged Q1 performance of the company. Q1 revenue declined 9%, while Q2 revenue is expected to decline 28%.</li>
<li>Endo is banking on specialty branded drug Xiaflex and QWO, and sterile injectables for its long-term growth. However, they cannot fully offset the impact of Vasostrict revenue loss in near-term.</li>
</ul>



Endo International (ENDP US) shares are trading near their lows. However, Endo does not seem to be an attractive bottom fishing idea as opioid litigation is still the major overhang.
Endo’s top selling drug Vasostrict is facing generic competition, which has dragged Q1 performance of the company. Q1 revenue declined 9%, while Q2 revenue is expected to decline 28%.
Endo is banking on specialty branded drug Xiaflex and QWO, and sterile injectables for its long-term growth. However, they cannot fully offset the impact of Vasostrict revenue loss in near-term.


Endo International (ENDP US): Still in Troubled Waters; No Near-Term Growth Driver Is Seen

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

<ul>
<li>There are quite a few changes for stocks across the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a>, MidCap 400 Index and SmallCap 600 Index that will result in a one-way trade of US$30bn.</li>
<li>There are adds/deletes that have over 5 days of ADV to trade from passive funds, plus many stocks that have over +/-1 day of ADV from other changes.</li>
<li>The largest impact of passive buying will be on <a href="https://www.smartkarma.com/entities/keurig-dr-pepper-inc" target="_blank" data-smartkarma-citation="entities:15411:1" rel="noopener">Keurig Dr Pepper Inc (KDP US)</a>, <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor (ON US)</a> and <a href="https://www.smartkarma.com/entities/vici-properties-inc" target="_blank" data-smartkarma-citation="entities:28786:1" rel="noopener">VICI Properties Inc (VICI US)</a>. </li>
</ul>


There are quite a few changes for stocks across the S&amp;P 500 (SPX INDEX), MidCap 400 Index and SmallCap 600 Index that will result in a one-way trade of US$30bn.
There are adds/deletes that have over 5 days of ADV to trade from passive funds, plus many stocks that have over +/-1 day of ADV from other changes.
The largest impact of passive buying will be on Keurig Dr Pepper Inc (KDP US), On Semiconductor (ON US) and VICI Properties Inc (VICI US). 


S&P500 Index Rebalance: One-Way Trade of US$30bn

Ireland

Endo International PLC provides specialty healthcare solutions. The Company develops, manufactures, markets and distributes pharmaceutical products and generic drugs. Endo International offers its products to the medical and healthcare industries around the globe.

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Endo International (ENDP US)

S&P500, S&PMid400, and S&PSmall600 Index Changes for June 2022 - More Interesting Than Usual

The June 2022 S&P500, S&P Midcap 400 and S&P SmallCap 600 Rebalance was announced on 3 June 2022. VICI will replace CERN at the close of 7 June,...

Travis Lundy

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

SK Biopharmaceuticals (326030 KS): Starts 2023 on Strong Note; Unveils New Mid to Long-Term Strategy

In 1Q23, SKBP recorded Xcopri U.S. revenue of KRW53.9B, up 70% YoY and 8% QoQ. Xcopri sales are expected to accelerate in H2. SKBP aims to become a...

Tina Banerjee