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 are 13 inclusions and 13 exclusions for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the June rebalance to be implemented at the close on 13 June.</li>
<li>For the second consecutive review, <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> and <a href="https://www.smartkarma.com/entities/shinsung-delta-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:4976:1" rel="noopener">Shinsung DeltaTech (065350 KS)</a> have been kept out of the index. Not sure what the index committee's beef with them is.</li>
<li>The adds have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ150</a> since the start of the review period. This has been helped, in no small, part by the ban on short selling.</li>
</ul>


There are 13 inclusions and 13 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance to be implemented at the close on 13 June.
For the second consecutive review, Fadu (440110 KS) and Shinsung DeltaTech (065350 KS) have been kept out of the index. Not sure what the index committee's beef with them is.
The adds have outperformed the deletes and the KOSDAQ150 since the start of the review period. This has been helped, in no small, part by the ban on short selling.


KOSDAQ150 Index Rebalance: Short Sell Ban Definitely Helping

<ul>
<li>With the review period complete, there could be up to 15 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the June rebalance.</li>
<li>Even with 15 changes, there is some sector balance among the potential adds and deletes with big churn in the Information Technology sector.</li>
<li>The potential adds have outperformed the potential deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> since the start of the review period but performance has flattened over the last month.</li>
</ul>


With the review period complete, there could be up to 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
Even with 15 changes, there is some sector balance among the potential adds and deletes with big churn in the Information Technology sector.
The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index (KOSDQ150 INDEX) since the start of the review period but performance has flattened over the last month.


KOSDAQ150 Index Rebalance Preview: 15 Changes Possible as Review Period Ends

<ul>
<li>With nearly 85% of the review period complete, there could be 15 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the June rebalance.</li>
<li>Prior to the June rebalance, <a href="https://www.smartkarma.com/entities/c-c-international-corp" target="_blank" data-smartkarma-citation="entities:40992:1" rel="noopener">C&amp;C International (352480 KS)</a> will replace <a href="https://www.smartkarma.com/entities/canariabio-inc" target="_blank" data-smartkarma-citation="entities:36099:1" rel="noopener">CanariaBio (016790 KS)</a> in the index following CanariaBio being listed as an Administrative Issue and an Investment Attention Issue.</li>
<li>The potential adds have outperformed the potential deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> since the start of the review period. Lighten positions ahead of the end of the review period.</li>
</ul>


With nearly 85% of the review period complete, there could be 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
Prior to the June rebalance, C&amp;C International (352480 KS) will replace CanariaBio (016790 KS) in the index following CanariaBio being listed as an Administrative Issue and an Investment Attention Issue.
The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index since the start of the review period. Lighten positions ahead of the end of the review period.


KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The Research Foundation of the State University of New York (SUNY RF) has filed a patent infringement lawsuit against <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> and its subsidiary, Inpria.</li>
<li>SUNY RF claims the “<em>planned tender offer will irreparably harm SUNY RF absent preliminary relief</em>” and filed a motion for a preliminary injunction to stop JSR licensing patents to JIC.</li>
<li>JSR has yet to file a response, making it hard to judge the lawsuit’s merits. The best case is the PI is not granted, delaying the tender by a month.  </li>
</ul>


The Research Foundation of the State University of New York (SUNY RF) has filed a patent infringement lawsuit against JSR Corp (4185 JP) and its subsidiary, Inpria.
SUNY RF claims the “planned tender offer will irreparably harm SUNY RF absent preliminary relief” and filed a motion for a preliminary injunction to stop JSR licensing patents to JIC.
JSR has yet to file a response, making it hard to judge the lawsuit’s merits. The best case is the PI is not granted, delaying the tender by a month.  


JSR Corporation (4185 JP): An Unwelcome US Lawsuit as Tender Start Looms

<ul>
<li>The review period for a global index commenced last week and will run through this week as well.</li>
<li>The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.</li>
<li>Huge inflows to <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> trackers during the week while there was a big outflow from <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>. </li>
</ul>


The review period for a global index commenced last week and will run through this week as well.
The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.
Huge inflows to CSI 300 Index trackers during the week while there was a big outflow from Tracker Fund of Hong Kong (2800 HK). 


Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

South Korea

INTEROJO CO LTD manufactures and markets contact lens.  The Company's main brands are Clalen, Morning-Q, Festival-II, Bandage, Multivision.

Value Added Technology Co., Ltd. develops, manufactures, and engages in sales of digital radiography medical equipments for dental clinics.  The Company also supplies digital sensor for X-ray equipments.

Curexo Inc. distributes medical equipment such as MRI (Magnetic Resonance Imaging) and endoscope used in operating of breast cancer.  The Company also produces goods for aromatic therapy.

InBody Co., Ltd. manufactures and markets a body composition analyzer and other related medical instruments.  The Company supplies its products to the hospitals, clinics, fitness clubs, and households.  Biospace also exports its products to overseas markets, such as America, Europe, and Asia.

Huons Co., Ltd. manufactures pharmaceutical products.  The Company produces medical drugs in the fields of nervous system, sensory organs, anti-histamines, circulatory system, respiratory system, digestive system, metabolic agents and hormones.

Vieworks Company Ltd. designs and manufactures camera systems for digital radiography, digital fluoroscopy, and angiography systems.

Infopia Co., Ltd specializes in developing equipments to prevent heart disease and cancer.  The Company produces heart disease diagnosing kits, cancer diagnosing kits, and remote treatment systems.  Infopia manufactures blood glucose monitoring systems, hemoglobin measuring systems, auto chemical analyzers, and glucose mobile phones.

Suheung Co., Ltd. manufactures hard and soft gelatin capsules for pharmaceutical  industry.  The Company also produces Health & Nutrition Food and hard capsule filling machines.

Access Bio Inc. develops, manufactures, and markets in-vitro diagnostic (IVD) tests.  The Company develops rapid diagnostic test (RDT) for Malaria and Pregnancy.

L&K Biomed Co., Ltd. develops and manufactures medical devices.  The Company's main products include cervical spine devices, 3D wholebody scanner and bio-similar products.

OraSure Technologies, Inc. develops, manufactures, and markets medical devices and diagnostic products.  The Company supplies oral fluid collection devices and assays to the life insurance industry and public health markets for the detection of antibodies to HIV.  OraSure also supplies oral fluid testing solutions for drugs-of-abuse testing.

Utah Medical Products, Inc. develops, manufactures, assembles, and markets a broad range of disposable and reusable specialty medical devices. The Company's products are designed to provide better health outcomes for patients and their care-providers. Utah Medical's primary focus is healthcare for women and their babies.

United Orthopedic Corporation manufactures orthopedic implants and precision medical devices.  The Company's products include hip replacement system, knee replacement system, as well as oncology and custom implants.  UOC also acts as an OEM (Original Equipment Manufacturer) supplier.

St.Shine Optical Co., Ltd. specializes in manufacturing cast-molding soft contact lens, including disposable and frequent replacement contact lens.  The Company also produces lathe-cutting contact lens.  St.Shine Optical markets its products under the brand name Ticon.

PW Medtech Group Ltd is a medical device developer, manufacturer and marketer in China.  The Company's products include infusion products and orthopedic implant products.

AngioDynamics, Inc. designs, develops, manufactures, and markets therapeutic and diagnostic devices.  The Company's products enable interventional physicians to treat peripheral vascular disease and other non-coronary diseases. AngioDynamic's product lines consist of angiographic catheters, hemodialysis catheters, image guided vascular access products, and thrombolytic products.

Bioteque Corporation manufactures and markets disposable medical products. The Company's products include hemodialysis blood line sets, AV (arteriovenous) fistula needles, IV (intravenous) infusion bags, IV infusion sets, drainage bags, precision infusion sets, surgical drainage tubes, medical catheters. medical components, and homecare items.

Scivision Biotech Inc produces medical Hyaluronic Acid using fermentation biotechnology. The company products include Hya-Dermis and Hya-Joint injection, skin care series and health food.

MEDIKIT Co., LTD. mainly manufactures medical devices for use in blood-related tests and treatments such as transfusion and intravenous introduction.  The Company produces a variety of catheters for use in kidney dialysis, angiography, transfusion, and vessel access.

Tristel plc develops, manufactures, and markets infection control, contamination control, and hygiene products. It offers hospital infection prevention and control, and hygiene products based on its proprietary chlorine dioxide chemistry technology; disinfection and cleaning products for veterinary and animal welfare sectors; and contamination control products for pharmaceutical and personal care industries. The company markets its products under Tristel, Crystel, Anistel, Dermastel, Enzystel, Medistel, Airstel, and Odostel brand names. It markest its products directly and through distributors and dealers in the United Kingdom, Germany, Switzerland, Austria, the Russian Federation, China, Hong Kong, New Zealand, and internationally. Tristel plc was founded in 1993 and is based in Snailwell, the United Kingdom.

Eoflow Co.,Ltd. develops and sells medical devices. The Company produces and sells wearable disposable insulin pumps and other products. Eoflow markets its products throughout Korea.

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Eoflow (294090 KS)

KOSDAQ150 Index Rebalance: Short Sell Ban Definitely Helping

There are 13 changes a side for the KOSDAQ150 in June. Most of the changes were forecast. Fadu and Shinsung Delta Tech have been ignored again. The...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: 15 Changes Possible as Review Period Ends

With the review period complete, there could be up to 15 changes for the KOSDAQ150 Index in June. The adds have outperformed the deletes over the...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming

There could be 15 changes for the KOSDAQ150 Index in June. The potential adds have outperformed the potential deletes and the KOSDAQ150 Index over...

Brian Freitas

JSR Corporation (4185 JP): An Unwelcome US Lawsuit as Tender Start Looms

SUNY RF filed a patent lawsuit against JSR and a motion to prevent licensing patents to JIC. Court proceedings over the coming weeks will clarify...

Arun George

Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

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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