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 WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.</li>
<li>The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.</li>
<li>There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.</li>
</ul>


The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.


WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

99 Speed Mart Retail Holdings / Event-Driven

<ul>
<li>There is a high probability of <a href="https://www.smartkarma.com/entities/gamuda-bhd" target="_blank" data-smartkarma-citation="entities:14363:1" rel="noopener">Gamuda Bhd (GAM MK)</a> replacing <a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> in the <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" data-smartkarma-citation="entities:22913:1" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/99-speed-mart-retail-holdings" target="_blank" data-smartkarma-citation="entities:40977:1" rel="noopener">99 Speed Mart Retail Holdings (99SPD MK)</a> is a close add and needs small outperformance over the next week to be added. That could see <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> deleted.</li>
<li>Passive funds benchmarked to the <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" data-smartkarma-citation="entities:22913:1" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> will need to buy 0.3-0.75x ADV on the potential adds and sell 0.9-1.3x ADV on the potential deletes.</li>
</ul>


There is a high probability of Gamuda Bhd (GAM MK) replacing Genting Malaysia (GENM MK) in the Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) in December.

99 Speed Mart Retail Holdings (99SPD MK) is a close add and needs small outperformance over the next week to be added. That could see Genting Bhd (GENT MK) deleted.
Passive funds benchmarked to the Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) will need to buy 0.3-0.75x ADV on the potential adds and sell 0.9-1.3x ADV on the potential deletes.


KLCI Index Rebalance Preview: One High Probability Change; One at the Cusp

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>PPB is proposing to sell its controlling interest in its Indonesian flour mill to 19%-associate Wilmar International (WIL) for 14x PER.</li><li>WIL also reported its 1HFY23 results which came within 1% of our full-year forecast for FY23F.</li><li>Maintain FY23−24F CEPS on stronger 2HFY23 for WIL as well as continual uptrend from PPB’s own businesses. </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>

PPB is proposing to sell its controlling interest in its Indonesian flour mill to 19%-associate Wilmar International (WIL) for 14x PER.WIL also reported its 1HFY23 results which came within 1% of our full-year forecast for FY23F.Maintain FY23−24F CEPS on stronger 2HFY23 for WIL as well as continual uptrend from PPB’s own businesses. 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.

PPB Group - Consolidating Indonesian Mill Business

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>TE Cap Partners/Lasalle IM JV eyeing a S$4,000psf forward sale of Solitaire On Cecil (former PIL building)</li><li>Freehold Oakwood Studios in Orchard is on the market at a guided price of S$170m</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> offering fixed rate green notes up to S$375m</li></ul>

TE Cap Partners/Lasalle IM JV eyeing a S$4,000psf forward sale of Solitaire On Cecil (former PIL building)Freehold Oakwood Studios in Orchard is on the market at a guided price of S$170mFrasers Property Ltd (FPL SP) offering fixed rate green notes up to S$375m

ASEAN Builder's Scoop (8Sep22) - Solitaire on Cecil on Market for ~S$4,000psf

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE: OFAC's Humdinger, China Mobile, NTT, Car Inc, Pressance, Tianneng Power

Malaysia

PPB Group Berhad is an investment holding company. The Company operations include grains trading, flour and animal feed milling industry as well as downstream activities including livestock farming, food processing and consumer products distribution with primary focus in Indonesia, Malaysia, China, India and Europe.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ppb Group (PEP MK)

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

KLCI Index Rebalance Preview: One High Probability Change; One at the Cusp

There is one high probability change for the KLCI in December. Depending on price movements over the next week, there could be a second change....

Brian Freitas

PPB Group - Consolidating Indonesian Mill Business

PPB is proposing to sell its controlling interest in its Indonesian flour mill to 19%-associate Wilmar International (WIL) for 14x PER.

Kenanga Investment Bank Bhd

ASEAN Builder's Scoop (8Sep22) - Solitaire on Cecil on Market for ~S$4,000psf

Oakwood Studios on market for S$170m; MEG opening Mactan hotel; ADCP bagged new TOD project; Global air travel catching up

SCCM Asia Research

Last Week in Event SPACE: OFAC's Humdinger, China Mobile, NTT, Car Inc, Pressance, Tianneng Power

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)