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 is 1 change for the S&amp;P/ASX100 Index, 5 adds/ 6 deletes 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 INDEX</a>, and 10 adds/ 8 deletes for the S&amp;P/ASX300 Index at the September rebalance.</li>
<li>There will be 4-14 days of ADV to trade on the S&amp;P/ASX100 Index and <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 INDEX</a> adds while the impact on the deletions is between 3-12 days of ADV.</li>
<li>On average, the adds to 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> and S&amp;P/ASX 300 Index have outperformed the deletes over the last few months.</li>
</ul>


There is 1 change for the S&amp;P/ASX100 Index, 5 adds/ 6 deletes for the S&amp;P/ASX 200 INDEX, and 10 adds/ 8 deletes for the S&amp;P/ASX300 Index at the September rebalance.
There will be 4-14 days of ADV to trade on the S&amp;P/ASX100 Index and S&amp;P/ASX 200 INDEX adds while the impact on the deletions is between 3-12 days of ADV.
On average, the adds to the S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Index have outperformed the deletes over the last few months.


S&P/​​​​ASX Index Rebalance (Sep 2023): Mostly Expected with a Few Surprises

<ul>
<li>We forecast 26 changes across the ASX50 Index, ASX100 Index, <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> and ASX300 Index at the September rebalance.</li>
<li>The review period ends tomorrow, so most changes are high probability. Though there are some changes that will be up to the discretion of the index committee.</li>
<li>There will be a lot of stock to trade on the changes to the ASX200 and indices higher up the hierarchy. But there will be a lot of pre-positioning too.</li>
</ul>


We forecast 26 changes across the ASX50 Index, ASX100 Index, S&amp;P/ASX 200 (AS51 INDEX) and ASX300 Index at the September rebalance.
The review period ends tomorrow, so most changes are high probability. Though there are some changes that will be up to the discretion of the index committee.
There will be a lot of stock to trade on the changes to the ASX200 and indices higher up the hierarchy. But there will be a lot of pre-positioning too.


S&P/​​​​​​​​​ASX Index Rebalance Preview: Potential Adds Have Outperformed

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>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the September 2023 Rebalance.</li>
<li>I expect one change for ASX 100 and 3 ADDs and 4 DELs for ASX 200. There could be 11 ADDs and 9 DELs for ASX 300.</li>
<li>ASX 300 member Leo Lithium (LLL AU) is currently suspended from trading and that could have interesting implications for the stock's ASX 300 membership.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the September 2023 Rebalance.
I expect one change for ASX 100 and 3 ADDs and 4 DELs for ASX 200. There could be 11 ADDs and 9 DELs for ASX 300.
ASX 300 member Leo Lithium (LLL AU) is currently suspended from trading and that could have interesting implications for the stock's ASX 300 membership.


Quiddity Leaderboard ASX Sep 23: Potential Surprises and Final Thoughts

<ul>
<li>Busy week in India with the adhoc changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50</a>, <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank</a> due to the <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited</a> and <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank</a> merger.</li>
<li>The IDX could announce the changes to the IDX30, LQ45 and IDX80 indices in the coming week, though there is no firm schedule for announcements.</li>
<li>Yet another week of inflows to the <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 Ltd (2800 HK)</a> ETF and outflows from the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share Index ETF (2828 HK)</a>. </li>
</ul>


Busy week in India with the adhoc changes to the NIFTY, NSE Nifty Next 50, S&amp;P BSE SENSEX and Nifty Bank due to the HDFC Limited and HDFC Bank merger.
The IDX could announce the changes to the IDX30, LQ45 and IDX80 indices in the coming week, though there is no firm schedule for announcements.
Yet another week of inflows to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF and outflows from the Hang Seng H Share Index ETF (2828 HK). 


Index Rebalance & ETF Flow Recap: ASX, Chinext, URA, Korea Stocks, NKY

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 IFA has concluded that the Widjaja family’s offer for <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a> is fair and reasonable. The EGM will be held on 9 June. </li>
<li>The IFA has justified its conclusion based on a convoluted methodology that has serious flaws. A fairer SOTP valuation is 37% higher than the IFA’s SOTP valuation range.</li>
<li>Notably, <a href="https://www.smartkarma.com/entities/dian-swastatika-sentosa-tbk" target="_blank" data-smartkarma-citation="entities:15281:1" rel="noopener">Dian Swastatika Sentosa (DSSA IJ)</a> will abstain from voting on both resolutions. While the prospect of a bump is diminishing, the offeror is yet to declare the offer final. </li>
</ul>


The IFA has concluded that the Widjaja family’s offer for Golden Energy &amp; Resources (GER SP) is fair and reasonable. The EGM will be held on 9 June. 
The IFA has justified its conclusion based on a convoluted methodology that has serious flaws. A fairer SOTP valuation is 37% higher than the IFA’s SOTP valuation range.
Notably, Dian Swastatika Sentosa (DSSA IJ) will abstain from voting on both resolutions. While the prospect of a bump is diminishing, the offeror is yet to declare the offer final. 


Golden Energy (GER SP): Minorities Should Hold Firm at the EGM on June 9

Australia

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

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Genesis Minerals (GMD AU)

S&P/ASX Index Rebalance (Sep 2023): Mostly Expected with a Few Surprises

There are 30 changes for the SP/ASX index family in Sep. Most of the changes were expected but there are a few surprises. There is a lot to trade...

Brian Freitas

S&P/ASX Index Rebalance Preview: Potential Adds Have Outperformed

We forecast 26 changes across the ASX50, ASX100, ASX 200 and ASX300 indices at the September rebalance. There is big flow and impact on a lot of...

Brian Freitas

Quiddity Leaderboard ASX Sep 23: Potential Surprises and Final Thoughts

I expect ASX 200 and 300 Expected ADDs to outperform the ASX 200 and 300 Expected DELs over the next few weeks since there are many names on both...

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: ASX, Chinext, URA, Korea Stocks, NKY

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

Brian Freitas

Golden Energy (GER SP): Minorities Should Hold Firm at the EGM on June 9

Minorities are in a strong position as DSS is required to abstain from voting on both resolutions. While the prospect of a bump is diminishing, the...

Arun George

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52-week Range

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S&P/​​​​ASX Index Rebalance (Sep 2023): Mostly Expected with a Few Surprises

There are 30 changes for the SP/ASX index family in Sep. Most of the changes were expected but there are a few surprises. There is a lot to trade...

Brian Freitas

S&P/​​​​​​​​​ASX Index Rebalance Preview: Potential Adds Have Outperformed

We forecast 26 changes across the ASX50, ASX100, ASX 200 and ASX300 indices at the September rebalance. There is big flow and impact on a lot of...

Brian Freitas

Quiddity Leaderboard ASX Sep 23: Potential Surprises and Final Thoughts

I expect ASX 200 and 300 Expected ADDs to outperform the ASX 200 and 300 Expected DELs over the next few weeks since there are many names on both...

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: ASX, Chinext, URA, Korea Stocks, NKY

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

Brian Freitas

Golden Energy (GER SP): Minorities Should Hold Firm at the EGM on June 9

Minorities are in a strong position as DSS is required to abstain from voting on both resolutions. While the prospect of a bump is diminishing, the...

Arun George

S&P/ASX Index Rebalance (Sep 2023): Mostly Expected with a Few Surprises

S&P/ASX Index Rebalance Preview: Potential Adds Have Outperformed