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/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, and no regular changes for the S&amp;P/ASX200 INDEX in June.</li>
<li>The surprise inclusion of <a href="https://www.smartkarma.com/entities/wisetech-global-ltd" target="_blank" data-smartkarma-citation="entities:22669:1" rel="noopener">Wisetech Global (WTC AU)</a> means that positioning is likely to be lower than the passive buying and there could be a move higher in the stock.</li>
<li>There will be one adhoc inclusion 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> at the close on 19 June following Cie De Saint-Gobain (SGO FP)'s acquisition of CSR Ltd (CSR AU). </li>
</ul>


There is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, and no regular changes for the S&amp;P/ASX200 INDEX in June.
The surprise inclusion of Wisetech Global (WTC AU) means that positioning is likely to be lower than the passive buying and there could be a move higher in the stock.
There will be one adhoc inclusion to the S&amp;P/ASX 200 (AS51 INDEX) at the close on 19 June following Cie De Saint-Gobain (SGO FP)'s acquisition of CSR Ltd (CSR AU). 


S&P/​​​​ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

<ul>
<li>With the review period complete, we take a look at the potential index changes at the June rebalance as well as potential index inclusions due to M&amp;A.</li>
<li>Timing is key for the ad hoc inclusions 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> with an ad hoc inclusion being announced prior to the regular announcement.</li>
<li>Passive trackers will need to buy 1.3-27x ADV on the expected adds and have 0.8-4.7x ADV to sell on the expected deletes. Shorts have built up on the potential deletes.</li>
</ul>


With the review period complete, we take a look at the potential index changes at the June rebalance as well as potential index inclusions due to M&amp;A.
Timing is key for the ad hoc inclusions to the S&amp;P/ASX 200 (AS51 INDEX) with an ad hoc inclusion being announced prior to the regular announcement.
Passive trackers will need to buy 1.3-27x ADV on the expected adds and have 0.8-4.7x ADV to sell on the expected deletes. Shorts have built up on the potential deletes.


S&P/​​​​​​​​​ASX Index Rebalance Preview: Regular & Ad Hoc Changes in June

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 22nd (reported today) which has an aggregated short interest worth USD18.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Rio Tinto, Webjet, Xero, CSL, Westpac, Macquarie, Flight Centre.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 22nd (reported today) which has an aggregated short interest worth USD18.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Rio Tinto, Webjet, Xero, CSL, Westpac, Macquarie, Flight Centre.


ASX Short Interest Weekly (Mar 22nd): Rio Tinto, Webjet, Xero, CSL, Westpac, Macquarie

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 15th (reported today) which has an aggregated short interest worth USD19.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in CSL, Paladin Energy, Macquarie, Emerald Resource, IDP Education, BHP, ANZ, Wisetech Global.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 15th (reported today) which has an aggregated short interest worth USD19.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in CSL, Paladin Energy, Macquarie, Emerald Resource, IDP Education, BHP, ANZ, Wisetech Global.


ASX Short Interest Weekly (Mar 15th): CSL, Paladin Energy, Macquarie, Emerald Resource

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 8th (reported today) which has an aggregated short interest worth USD19.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL, Aristocrat Leisu.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 8th (reported today) which has an aggregated short interest worth USD19.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL, Aristocrat Leisu.


ASX Short Interest Weekly (Mar 8th): ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL

Australia

BNK Banking Corporation Limited provides banking services. The Bank offers saving accounts, account checking, consumer and business loans, credit and debit cards, online and mobile banking, bill payment, and other financial services. BNK Banking serves customers in Australia.

Bank of Queensland Limited is a full service financial institution. The Bank operates retail branches, business banking centers, and equipment finance centers throughout Australia and New Zealand.  Bank of Queensland also operates an automated teller machine (ATM) network throughout Australia.

Virgin Money UK PLC provides financial services. The Company offers online mobile solutions such as banking and other related activities. Virgin Money UK serves customers in the United Kingdom.

Pepper Money Limited of Australia operates in targeted market segments and asset classes. The Company specializes in mortgages, asset finance, loan and broker servicing. Pepper Money serves customers in Australia and New Zealand.

Bendigo and Adelaide Bank Limited offers a variety of banking and other financial services, including first mortgage housing finance, retail and business banking, commercial finance, funds management, treasury and foreign exchange services, superannuation and trustee services. Bendigo also offers internet banking.

MyState Ltd. is a credit union.  The credit union accepts deposits and offers commercial, home, land, automobile and personal loans; and sponsors credit cards.

Australian Finance Group Ltd operates as a mortgage broker. The Company offers mortgage brokerage, personal loans, insurance, and commercial finance services. Australian Finance Group serves individuals, organizations, and institutions throughout Australia.

Auswide Bank Ltd provides banking and financial services. The Bank offers home loans and mortgages, investment opportunities, electronic banking, insurance, credit cards, financial advisory, term deposits, business support, and foreign exchange services. Auswide Bank serves customers in Australia.

IOOF Holdings Limited is a financial services company operating in Australia. The Company's services include personal superannuation, allocated pension services, employee superannuation retirement services and investment services.

Centuria Capital Group manages a diversified portfolio of investment funds and offers financial  services.  The Company manages funds of unlisted property investments; and offers investment  bonds, education plans, insurance and home loans.

Karnataka Bank Ltd is a full-service bank. The Bank accepts deposits, makes loans and provides other services for the public.

Kiatnakin Bank Public Company Limited provides commercial banking services including commercial, developmental, consumer, hire-purchase, and mortgage financing to its customers in Thailand. The Company also provides securities brokerage and investment advisory services.

Dah Sing Banking Group Limited, through its subsidiaries, provides personal banking, commercial banking, and treasury services.  The Group's operations are primarily based in Hong Kong.

Dah Sing Financial Holdings Ltd through its subsidiaries, offers general banking services. The Company also invests in properties and provides insurance broking and nominee services.

Bank Maybank Indonesia Tbk PT provides commercial banking services including deposit taking, lending, treasury, and investment banking services. The Bank also provides trade finance facilities, foreign exchange transaction services, loan syndications for project financing, and investment services.

PT Bank Sinarmas Tbk is a full service commercial bank. The Company offers a wide range of banking services, including checking and savings accounts as well as phone banking, Internet banking and automatic teller machines.

Security Bank Corporation offers a wide variety of financial products and services. The Bank's services include peso, dollar and third currency deposits, domestic and international fund transfers, deposit pick-up and payroll services, and ancillary services.  Security Bank also provides working capital financing, term arrangements, loan syndication services.

Dime Community Bancshares, Inc. provides banking services. The Bank offers commercial and consumer banking and limited trust services, including accepting deposits and originating various loans. Dime Community Bancshares operates in the State of New York.

Tokyo Kiraboshi Financial Group, Inc. operates banks. The Company mainly offers financial services. Tokyo Kiraboshi Financial Group provides services in Japan.

Tokyo Kiraboshi Financial Group (7173 JP)

Lakeland Bancorp, Inc. is the holding company for Lakeland Bank.  The Bank is a full-service commercial bank offering a range of consumer, commercial, trust services, and equipment leasing.  Lakeland Bank operates in northwestern New Jersey.

Judo Capital Holdings Limited operates as a holding company. The Company through its subsidairies, offers business loans, credit, and equipment loans, as well as renders financing and leasing services. Judo Capital serves customers in Australia.

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Judo Capital (JDO AU)

S&P/ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

There is 1 change for the ASX20, 1 change for the ASX50, 2 changes for the ASX100 in June. Codan and Judo Capital are locked in a race to replace...

Brian Freitas

S&P/ASX Index Rebalance Preview: Regular & Ad Hoc Changes in June

There should be changes for the ASX20, ASX100, ASX200 in June. Timing of the ASX200 inclusions is key with 2 M&A events leading to ad hoc...

Brian Freitas

ASX Short Interest Weekly (Mar 22nd): Rio Tinto, Webjet, Xero, CSL, Westpac, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Rio Tinto, Webjet, Xero, CSL, Westpac, Macquarie,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Mar 15th): CSL, Paladin Energy, Macquarie, Emerald Resource

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, Paladin Energy, Macquarie, Emerald Resource,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Mar 8th): ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, BHP, IDP Education, Woodside Energy,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P/​​​​ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

There is 1 change for the ASX20, 1 change for the ASX50, 2 changes for the ASX100 in June. Codan and Judo Capital are locked in a race to replace...

Brian Freitas

S&P/​​​​​​​​​ASX Index Rebalance Preview: Regular & Ad Hoc Changes in June

There should be changes for the ASX20, ASX100, ASX200 in June. Timing of the ASX200 inclusions is key with 2 M&A events leading to ad hoc...

Brian Freitas

ASX Short Interest Weekly (Mar 22nd): Rio Tinto, Webjet, Xero, CSL, Westpac, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Rio Tinto, Webjet, Xero, CSL, Westpac, Macquarie,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Mar 15th): CSL, Paladin Energy, Macquarie, Emerald Resource

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, Paladin Energy, Macquarie, Emerald Resource,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Mar 8th): ANZ, BHP, IDP Education, Woodside Energy, Macquarie, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, BHP, IDP Education, Woodside Energy,...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance (June 2024): Changes, Flows, Impact, Shorts & Positioning

S&P/ASX Index Rebalance Preview: Regular & Ad Hoc Changes in June