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

Index Rebalance

<ul>
<li>With the averaging period for the April rebalance now complete, we forecast just 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.</li>
<li>Based on the passive assets tracking the index, there will be between 0.8-2.2x ADV to trade in the forecast changes.</li>
<li>The resumption of short selling makes it easier to position for these events. That could also result in the shorts moving a lot ahead of implementation.</li>
</ul>


With the averaging period for the April rebalance now complete, we forecast just 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.
Based on the passive assets tracking the index, there will be between 0.8-2.2x ADV to trade in the forecast changes.
The resumption of short selling makes it easier to position for these events. That could also result in the shorts moving a lot ahead of implementation.


FnGuide Semiconductor Top10 Index Rebalance Preview: Just One Change Likely

<ul>
<li>Early in the review period, we forecast 3 changes for the FnGuide Semiconductor Top10 Index at the April rebalance.</li>
<li>Based on the passive assets tracking the index, there will be between 0.6-1.6x ADV to buy in the adds and between 2-4.7x ADV to sell in the deletes.</li>
<li>The forecast adds have outperformed the forecast deletes by a wide margin over the short-term and the medium-term. There could be more prior to the end of the review period.</li>
</ul>


Early in the review period, we forecast 3 changes for the FnGuide Semiconductor Top10 Index at the April rebalance.
Based on the passive assets tracking the index, there will be between 0.6-1.6x ADV to buy in the adds and between 2-4.7x ADV to sell in the deletes.
The forecast adds have outperformed the forecast deletes by a wide margin over the short-term and the medium-term. There could be more prior to the end of the review period.


FnGuide Semiconductor Top10 Index Rebalance Preview: Three Changes as Adds Rally Bigly

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Jusung records revenue of W418.8bn (+47.1% YoY), OP of W130.2bn (+350% YoY) for 3Q24 </li><li>Exponential growth in semiconductor equipment orders from SK hynix and strong sales in China</li><li>Uncertainty fades as Jusung cancels spin/split-off plans and announces share repurchase, signaling high upside potential</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Jusung records revenue of W418.8bn (+47.1% YoY), OP of W130.2bn (+350% YoY) for 3Q24 Exponential growth in semiconductor equipment orders from SK hynix and strong sales in ChinaUncertainty fades as Jusung cancels spin/split-off plans and announces share repurchase, signaling high upside potentialContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jusung Engineering - 3Q24 Earnings Surprise, Uncertainty Resolved

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Jusung Engineering announced that it has cancelled its equity spin-off and physical division split plans mainly due to a much larger than expected share purchase requests. </li>
<li>Jusung Engineering will now buyback 50 billion won worth of shares instead, representing 3.3% of its current market cap. </li>
<li>Now that the company has cancelled the equity spin-off and physical division split, this is likely to have a positive impact on Jusung Engineering.</li>
</ul>


Jusung Engineering announced that it has cancelled its equity spin-off and physical division split plans mainly due to a much larger than expected share purchase requests. 
Jusung Engineering will now buyback 50 billion won worth of shares instead, representing 3.3% of its current market cap. 
Now that the company has cancelled the equity spin-off and physical division split, this is likely to have a positive impact on Jusung Engineering.


Jusung Engineering: Cancels Spin-Off and Announces Share Buyback Worth 50 Billion Won

<ul>
<li>On 2 May, Jusung Engineering (036930 KS) announced an equity spin-off as well as a physical division split.</li>
<li>We are negative on this combination of equity spin-off and physical division split of Jusung Engineering. </li>
<li>After the two units are listed on 6 December 2024, it is likely that the semiconductor unit (Jusung Engineering Co) will rise while Jusung Holdings Co is likely to decline.</li>
</ul>


On 2 May, Jusung Engineering (036930 KS) announced an equity spin-off as well as a physical division split.
We are negative on this combination of equity spin-off and physical division split of Jusung Engineering. 
After the two units are listed on 6 December 2024, it is likely that the semiconductor unit (Jusung Engineering Co) will rise while Jusung Holdings Co is likely to decline.


Jusung Engineering: Announces Equity Spin Off + Physical Division Split

South Korea

Jusung Engineering Co., Ltd. manufactures semiconductor, flat panel display, and solar cell production equipment.  The Company produces space divided CVD-ALD thin film machines for semiconductor manufacture; equipment for producing liquid crystal display panels; and equipment for manufacturing crystalline silicon and thin film silicon tandem solar cells.

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Jusung Engineering (036930 KS)

FnGuide Semiconductor Top10 Index Rebalance Preview: Just One Change Likely

Jusung Engineering could replace Wonik IPS in the index next week. Passives need to trade between 0.8-2.2x ADV in the stocks. The resumption of...

Brian Freitas

FnGuide Semiconductor Top10 Index Rebalance Preview: Three Changes as Adds Rally Bigly

There could be 3 changes for the FnGuide Semiconductor Top10 Index at the April rebalance. Passives need to trade 0.6-4.7x ADV in the changes. The...

Brian Freitas

Jusung Engineering - 3Q24 Earnings Surprise, Uncertainty Resolved

Jusung records revenue of W418.8bn (+47.1% YoY), OP of W130.2bn (+350% YoY) for 3Q24. Exponential growth in semiconductor equipment orders from SK...

Daishin Securities

Jusung Engineering: Announces Equity Spin Off + Physical Division Split

On 2 May, Jusung Engineering (036930 KS) announced an equity spin-off as well as a physical division split. We are Negative on Jusung Engineering.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FnGuide Semiconductor Top10 Index Rebalance Preview: Just One Change Likely

Jusung Engineering could replace Wonik IPS in the index next week. Passives need to trade between 0.8-2.2x ADV in the stocks. The resumption of...

Brian Freitas

FnGuide Semiconductor Top10 Index Rebalance Preview: Three Changes as Adds Rally Bigly

There could be 3 changes for the FnGuide Semiconductor Top10 Index at the April rebalance. Passives need to trade 0.6-4.7x ADV in the changes. The...

Brian Freitas

Jusung Engineering - 3Q24 Earnings Surprise, Uncertainty Resolved

Jusung records revenue of W418.8bn (+47.1% YoY), OP of W130.2bn (+350% YoY) for 3Q24. Exponential growth in semiconductor equipment orders from SK...

Daishin Securities

Jusung Engineering: Cancels Spin-Off and Announces Share Buyback Worth 50 Billion Won

Jusung Engineering announced that it has cancelled its equity spin-off and physical division split plans mainly due to a much larger than expected...

Douglas Kim

Jusung Engineering: Announces Equity Spin Off + Physical Division Split

On 2 May, Jusung Engineering (036930 KS) announced an equity spin-off as well as a physical division split. We are Negative on Jusung Engineering.

Douglas Kim