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>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Global markets retained their positive momentum as weak U.S. economic data renewed concerns about the growth outlook.</li>
<li>Next week is set to be eventful, with the FOMC and Bank of Japan meetings on the agenda. The FOMC, expected to maintain policy rates, might offer few surprises.</li>
<li>Oil prices, after a five-day decline, rebounded as OPEC+ extended production cuts through 2025.</li>
</ul>


Global markets retained their positive momentum as weak U.S. economic data renewed concerns about the growth outlook.
Next week is set to be eventful, with the FOMC and Bank of Japan meetings on the agenda. The FOMC, expected to maintain policy rates, might offer few surprises.
Oil prices, after a five-day decline, rebounded as OPEC+ extended production cuts through 2025.


Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>The growth in retail media (brand advertising delivered in stores based on detailed customer data) continues to be one of the big trends in 2024.</li>
<li>Large retailers are keen to add this new revenue stream – and lots of brands want to advertise with them – and companies like Rakuten are offering this service directly.</li>
<li>For many retailers, they still need help from experts in advertising and data analysis to make it work, providing an opportunity for Hakuhodo among others.</li>
</ul>


The growth in retail media (brand advertising delivered in stores based on detailed customer data) continues to be one of the big trends in 2024.
Large retailers are keen to add this new revenue stream – and lots of brands want to advertise with them – and companies like Rakuten are offering this service directly.
For many retailers, they still need help from experts in advertising and data analysis to make it work, providing an opportunity for Hakuhodo among others.


Retail Media in Japan: More Revenue for Retailers, More Sales for Brands

Equity Bottom-Up

<ul>
<li>Seven Eleven and Familymart have already sent panic through the offices of major advertising agencies by setting up their own retail media networks. </li>
<li>Now, Mitsubishi Shokuhin will do the same, using its trading company connections and  its existing ties to 10,000 clients at either end of the supply chain.</li>
<li>To personalise ads, it is working with the data analysis of geolocation company Unerry. </li>
</ul>


Seven Eleven and Familymart have already sent panic through the offices of major advertising agencies by setting up their own retail media networks. 
Now, Mitsubishi Shokuhin will do the same, using its trading company connections and  its existing ties to 10,000 clients at either end of the supply chain.
To personalise ads, it is working with the data analysis of geolocation company Unerry. 


Retail Media: A Major New Income Stream Even for Wholesalers

<ul>
<li>There should be liquidity events on <a href="https://www.smartkarma.com/entities/temp-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1428:1" rel="noopener">Persol Holdings</a>, <a href="https://www.smartkarma.com/entities/hakuhodo-dy-holdings-inc" target="_blank" data-smartkarma-citation="entities:8736:1" rel="noopener">Hakuhodo Dy Holdings</a>, <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway</a>, <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent</a>, <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1" rel="noopener">Kobayashi Pharmaceutical</a>, <a href="https://www.smartkarma.com/entities/ngk-insulators-ltd" target="_blank" data-smartkarma-citation="entities:12580:1" rel="noopener">NGK Insulators</a>, <a href="https://www.smartkarma.com/entities/lixil-group-corp" target="_blank" data-smartkarma-citation="entities:454:1" rel="noopener">Lixil Group</a>, <a href="https://www.smartkarma.com/entities/kurita-water-industries-ltd" target="_blank" data-smartkarma-citation="entities:3870:1" rel="noopener">Kurita Water Industries</a> and <a href="https://www.smartkarma.com/entities/keio-corp" target="_blank" data-smartkarma-citation="entities:1223:1" rel="noopener">Keio Corp</a> tomorrow.</li>
<li>On average, the stocks have underperformed the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 Index</a> over the last 2-3 months but there has been near-term outperformance.</li>
<li>There has been a big increase in shorts on the stocks over the last couple of months and positioning varies across stocks.</li>
</ul>


There should be liquidity events on Persol Holdings, Hakuhodo Dy Holdings, Welcia Holdings, GMO Payment Gateway, CyberAgent, Kobayashi Pharmaceutical, NGK Insulators, Lixil Group, Kurita Water Industries and Keio Corp tomorrow.
On average, the stocks have underperformed the Nikkei 225 Index over the last 2-3 months but there has been near-term outperformance.
There has been a big increase in shorts on the stocks over the last couple of months and positioning varies across stocks.


Japan - A Last Look at Shorts on Some Interesting Stocks & Positioning

Japan

HAKUHODO DY HOLDINGS INCORPORATED is a holding company established through the merger of Hakuhodo Inc., Daiko Advertising Inc., and Yomiko Advertising Inc. The Company, through its subsidiaries, provides comprehensive advertising services.

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Hakuhodo Dy Holdings (2433 JP)

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

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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Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...

Mark Chadwick

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Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...

Michael Causton

Retail Media: A Major New Income Stream Even for Wholesalers

Retailers, and now Mitsubishi Shokuhin, are causing concern among ad agencies with their own retail media networks, potentially creating a major...

Michael Causton

Japan - A Last Look at Shorts on Some Interesting Stocks & Positioning

There will be liquidity events on a lot of Japan stocks at the close 30 Nov. The stocks have outperformed the NKY recently. Shorts have increased...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

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

Brian Freitas

Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

​Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...

Mark Chadwick

Retail Media in Japan: More Revenue for Retailers, More Sales for Brands

​Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...

Michael Causton

Retail Media: A Major New Income Stream Even for Wholesalers

Retailers, and now Mitsubishi Shokuhin, are causing concern among ad agencies with their own retail media networks, potentially creating a major...

Michael Causton

Japan - A Last Look at Shorts on Some Interesting Stocks & Positioning

There will be liquidity events on a lot of Japan stocks at the close 30 Nov. The stocks have outperformed the NKY recently. Shorts have increased...

Brian Freitas

Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...

Retail media, a big trend in 2024, offers major revenue potential for retailers as well as intermediaries like Hakuhodo in advertising and data...