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>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez (0817833D AU)</a> has raised A$335.1m in a primary + secondary offering, valuing the company at A$2.23bn. The stock starts trading on the <a href="https://www.smartkarma.com/entities/asx-ltd" target="_blank" data-smartkarma-citation="entities:552:1" rel="noopener">ASX Ltd (ASX AU)</a> today.</li>
<li>Just over 54% of the shares are escrowed which means there is a lot of stock that will be available for sale on listing day.</li>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez (0817833D AU)</a> could be added to the S&amp;P/ASX 300 Index in September and there could be global index inclusions in November and December.</li>
</ul>



Guzman Y Gomez (0817833D AU) has raised A$335.1m in a primary + secondary offering, valuing the company at A$2.23bn. The stock starts trading on the ASX Ltd (ASX AU) today.
Just over 54% of the shares are escrowed which means there is a lot of stock that will be available for sale on listing day.

Guzman Y Gomez (0817833D AU) could be added to the S&amp;P/ASX 300 Index in September and there could be global index inclusions in November and December.


Guzman Y Gomez IPO: Listing & Index Inclusion Timeline

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

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 ADDs/DELs for the ASX index family for the September 2024 index rebal event were announced after market close on Friday 6th September 2024.</li>
<li>In this insight, we take a final look at the flow expectations for each of these index changes.</li>
<li>We have also highlighted certain names with noticeable movements in short interest.</li>
</ul>


The ADDs/DELs for the ASX index family for the September 2024 index rebal event were announced after market close on Friday 6th September 2024.
In this insight, we take a final look at the flow expectations for each of these index changes.
We have also highlighted certain names with noticeable movements in short interest.


Quiddity ASX Sep 24 Rebal: Two Big Surprises; Short Interest Trends; Stunning Trade Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez-limited" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez (GYG AU)</a> listed on 20 June and is eligible for inclusion in the S&amp;P/ASX family of indices at the September rebalance.</li>
<li>Whether the stock is included in indices depends on the index providers estimate of free float. We expect index providers to assign floats of between 25-35% for the stock.</li>
<li>Inclusion in one global index could come in November and another in December. Inclusion in the S&amp;P/ASX indices will depend on whether float is higher than 30% or lower.</li>
</ul>



Guzman Y Gomez (GYG AU) listed on 20 June and is eligible for inclusion in the S&amp;P/ASX family of indices at the September rebalance.
Whether the stock is included in indices depends on the index providers estimate of free float. We expect index providers to assign floats of between 25-35% for the stock.
Inclusion in one global index could come in November and another in December. Inclusion in the S&amp;P/ASX indices will depend on whether float is higher than 30% or lower.


Guzman Y Gomez (GYG AU): Free Float to Determine Index Inclusion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez </a> raised around US$221m in its upsized Australian IPO. </li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>We have looked at the company’s performance  and valuation in our past notes. In this note, we talk about the trading dynamics.</li>
</ul>



Guzman Y Gomez  raised around US$221m in its upsized Australian IPO. 
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
We have looked at the company’s performance  and valuation in our past notes. In this note, we talk about the trading dynamics.


Guzman Y Gomez IPO Trading - Strong Demand, Not All Shares in Escrow

Australia

Guzman Y Gomez Limited operates as a restaurant. The Company specializes in retail sale of burritos, sandwiches, egg bowls, tacos, coffee and soft drinks, and other mexican foods for on-premises consumption. Guzman Y Gomez serves customers across Australia.

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Guzman Y Gomez (GYG AU)

Guzman Y Gomez IPO: Listing & Index Inclusion Timeline

Guzman y Gomez has raised A$335.1m in a primary +secondary offering. The stock starts trading today. Depending on the identity of pre-IPO...

Brian Freitas

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Quiddity ASX Sep 24 Rebal: Two Big Surprises; Short Interest Trends; Stunning Trade Performance

Yancoal (YAL AU) and Guzman Y Gomez (GYG AU) will be added to both ASX 200 and ASX 300. These were the biggest surprises for the September 2024...

Janaghan Jeyakumar, CFA