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>Over 85% of the way through the review period, we see 14 potential index changes at the December rebalance that will be implemented at the close on 8 December.</li>
<li>We estimate a one-way turnover of 1.93% at the December rebalance leading to a one-way trade of CNY 6.93bn.</li>
<li>The huge inflow to passive trackers has led to the gap between the potential adds and deletes narrowing. That should reverse as passive will need to sell the deletes.</li>
</ul>


Over 85% of the way through the review period, we see 14 potential index changes at the December rebalance that will be implemented at the close on 8 December.
We estimate a one-way turnover of 1.93% at the December rebalance leading to a one-way trade of CNY 6.93bn.
The huge inflow to passive trackers has led to the gap between the potential adds and deletes narrowing. That should reverse as passive will need to sell the deletes.


CSI300 Index Rebalance Preview: 14 Potential Changes in December

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Solid Q2 results from ZTO, with deep unit cost reductions offseting weak pricing</li>
<li>But ultimately, Q2/H1 results are merely in-line with guidance -- not better, nor worse</li>
<li>In this environment, it's difficult to see what will move ZTO out of recent trading range</li>
</ul>


Solid Q2 results from ZTO, with deep unit cost reductions offseting weak pricing
But ultimately, Q2/H1 results are merely in-line with guidance -- not better, nor worse
In this environment, it's difficult to see what will move ZTO out of recent trading range


ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

Equity Capital Markets

<ul>
<li>SF Holding's HK listing document provides added details of current international revenue </li>
<li>Two recent moves show SF's intent to raise international sales (and reduce China exposure)</li>
<li>As SF Holding courts a global investor base, its comps will become the global express names</li>
</ul>


SF Holding's HK listing document provides added details of current international revenue 
Two recent moves show SF's intent to raise international sales (and reduce China exposure)
As SF Holding courts a global investor base, its comps will become the global express names


SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

<ul>
<li>Chinese express parcel volume growth was 11.7% in July, far slower than in Feb-May</li>
<li>July ASP for all segments fell to 8.84 Yuan per piece, the lowest in at least ten years</li>
<li>Industry leader SF Holding partly insulated from margin pressure by air, international </li>
</ul>


Chinese express parcel volume growth was 11.7% in July, far slower than in Feb-May
July ASP for all segments fell to 8.84 Yuan per piece, the lowest in at least ten years
Industry leader SF Holding partly insulated from margin pressure by air, international 


Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

<ul>
<li>SF Holding differs from its Chinese peers in several important ways, including business scale, its lack of a formal relationship with Alibaba, and its many non-express lines of business</li>
<li>SF also differs from the pre-Covid version of itself: it's far larger than it was in 2019, but core margins have declined, and internatonal exposure has risen dramatically</li>
<li>In this insight we also take a look at current EV/Revenue valuations vs peers and list important milestones to watch for ahead of the company's planned HK IPO</li>
</ul>


SF Holding differs from its Chinese peers in several important ways, including business scale, its lack of a formal relationship with Alibaba, and its many non-express lines of business
SF also differs from the pre-Covid version of itself: it's far larger than it was in 2019, but core margins have declined, and internatonal exposure has risen dramatically
In this insight we also take a look at current EV/Revenue valuations vs peers and list important milestones to watch for ahead of the company's planned HK IPO


A Look at How SF Holding Differs from A) Its Express Peers and B) The Pre-Covid Version of Itself

China

Yunda Holding Co Ltd operates as a holding company. The Company, through its subsidiaries, provides industrial investment, enterprise management, business consulting, car rental, technical development, information technology, and advertising services. Yunda Holding serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
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Yunda Holding (002120 CH)

CSI300 Index Rebalance Preview: 14 Potential Changes in December

There could be 14 changes for the CSI300 in Dec. We estimate one-way turnover of 1.93% and one-way trade of CNY 6.93bn. Materials lose the most...

Brian Freitas

ZTO Express Q2 Results: Strong on Volume | Weak on Price | Margins Up in Q2, But H2 Much Tougher

ZTO gained volume share in Q2, which allowed it to beat down unit costs and expand margins. Given recent price erosion, we think ZTO is unlikely to...

Tracking Traffic

SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

Internationalization is what SF Holding is aiming for as it seeks to sell shares in HK. This insight covers three facets of SF's...

Tracking Traffic

Monthly Chinese Express Tracker | July Growth Slows | Pricing Hits Record Low | (August 2023)

Chinese parcel volume growth remained weak in July, and pricing fell to a new all-time low. But we believe SF Holding's unique revenue mix could...

Tracking Traffic

A Look at How SF Holding Differs from A) Its Express Peers and B) The Pre-Covid Version of Itself

In this insight we compare today's SF Holding to its Chinese peers and to the pre-Covid version of itself. We also look at EV/Sales valuations and...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)