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

China Huarong Asset Management / Event-Driven

<ul>
<li>We see seven new listings as potential inclusions to the HSCI in June. One is already a part of Connect while five will be added to Southbound Stock Connect.</li>
<li>We see 19 potential changes to the HSCI in September. Seven of the deletions are on market cap, four on liquidity, and eight due to prolonged trading suspension.</li>
<li>Some of the potential deletions have large Southbound holdings and some of these could be trimmed over the next couple of months.</li>
</ul>


We see seven new listings as potential inclusions to the HSCI in June. One is already a part of Connect while five will be added to Southbound Stock Connect.
We see 19 potential changes to the HSCI in September. Seven of the deletions are on market cap, four on liquidity, and eight due to prolonged trading suspension.
Some of the potential deletions have large Southbound holdings and some of these could be trimmed over the next couple of months.


HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/v3-brands-asia" target="_blank" data-smartkarma-citation="entities:35797:1" rel="noopener">V3 Brands Asia (V3 HK)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.</li>
<li>V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.</li>
<li>In this note, we'll talk about the not so positive aspects of the deal.</li>
</ul>



V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.
V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.
In this note, we'll talk about the not so positive aspects of the deal.


V3 Brands Asia Pre-IPO - The Negatives - While Margins Have Grown, so Have Payouts to Founder

<ul>
<li>
<a href="https://www.smartkarma.com/entities/v3-brands-asia" target="_blank" data-smartkarma-citation="entities:35797:1" rel="noopener">V3 Brands Asia (V3 HK)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.</li>
<li>V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.</li>
<li>It has also recorded a bounce back post-COVID as average revenue per store surged. Margins have expanded as well owing to operating leverage and the firm’s partnership with Daito-OSIM.</li>
</ul>



V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.
V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.
It has also recorded a bounce back post-COVID as average revenue per store surged. Margins have expanded as well owing to operating leverage and the firm’s partnership with Daito-OSIM.


V3 Brands Asia Pre-IPO - The Positives - Margins and Revenue Have Grown

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>Ferretti raised HKD 1,771million (USD 226m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, Mar 31st.</li>
<li>In our previous note, we looked at the company's key product segments, operating metrics, financials, and industry. We also compared the company with a close peer.</li>
<li>In this note, we provide an update before trading debut.</li>
</ul>


Ferretti raised HKD 1,771million (USD 226m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, Mar 31st.
In our previous note, we looked at the company's key product segments, operating metrics, financials, and industry. We also compared the company with a close peer.
In this note, we provide an update before trading debut.


Ferretti IPO Trading: Weak Demand and High Share Concentration

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Luxury Italian yacht maker Ferretti Group plans to raise US$248.4m at a market capitalisation of US$1.1bn and a post-money EV of US$807m at the midpoint of the IPO price range.</li>
<li>Ferretti’s revenues suffered with COVID-19 and ongoing issues such as the Ukraine-Russia war and China-US trade tensions would only put further pressure on the company.</li>
<li>We think Ferretti’s shares are fairly valued at the indicative IPO price range given the current volatility in the market, political turmoil and lack of investor confidence.</li>
</ul>


Luxury Italian yacht maker Ferretti Group plans to raise US$248.4m at a market capitalisation of US$1.1bn and a post-money EV of US$807m at the midpoint of the IPO price range.
Ferretti’s revenues suffered with COVID-19 and ongoing issues such as the Ukraine-Russia war and China-US trade tensions would only put further pressure on the company.
We think Ferretti’s shares are fairly valued at the indicative IPO price range given the current volatility in the market, political turmoil and lack of investor confidence.


Ferretti IPO: Peer Comparison and Valuation

Italy

Ferretti S.P.A. manufactures and markets powerboats and yachts. The Company designs fly bridge motor yachts, open cruisers, sport fisherman motor yachts, lobster boats, mega-yachts, and fiberglass maxi yachts. Ferretti serves customers globally.

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Ferretti SpA (9638 HK)

HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

We forecast 7 adds to the HSCI in June. For the September rebalance, we forecast 19 adds & 19 deletes (7 on mkt cap, 4 on liquidity, 8 on long...

Brian Freitas

V3 Brands Asia Pre-IPO - The Negatives - While Margins Have Grown, so Have Payouts to Founder

V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we'll talk about the not so positive aspects...

Clarence Chu

V3 Brands Asia Pre-IPO - The Positives - Margins and Revenue Have Grown

V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.

Clarence Chu

Ferretti IPO: Peer Comparison and Valuation

We think Ferretti’s shares are fairly valued at the indicative IPO price range given the current volatility in the market, political turmoil and...

Shifara Samsudeen, ACMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

We forecast 7 adds to the HSCI in June. For the September rebalance, we forecast 19 adds & 19 deletes (7 on mkt cap, 4 on liquidity, 8 on long...

Brian Freitas

V3 Brands Asia Pre-IPO - The Negatives - While Margins Have Grown, so Have Payouts to Founder

V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we'll talk about the not so positive aspects...

Clarence Chu

V3 Brands Asia Pre-IPO - The Positives - Margins and Revenue Have Grown

V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.

Clarence Chu

Ferretti IPO Trading: Weak Demand and High Share Concentration

We provide an update before trading debut of Ferretti IPO. We highlight weak demand and high share concentration on the hands on China SOEs.

Ke Yan, CFA, FRM

Ferretti IPO: Peer Comparison and Valuation

We think Ferretti’s shares are fairly valued at the indicative IPO price range given the current volatility in the market, political turmoil and...

Shifara Samsudeen, ACMA, CGMA