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

Zhejiang Longsheng Group Co., / Event-Driven

<ul>
<li>There are 50 changes a side for the CSI 500 Index at the upcoming rebalance that will be implemented at the close of trading on 9 December.</li>
<li>One-Way turnover at the rebalance is estimated at 12.64% leading to a one-way trade of CNY 9.3bn. The Materials, Information Technology and Consumer Discretionary sectors are net gainers.</li>
<li>9 adds to the CSI 500 Index are deletes from the CSI 300 Index while 7 deletes from the CSI 500 Index are adds to the CSI 300 Index.</li>
</ul>


There are 50 changes a side for the CSI 500 Index at the upcoming rebalance that will be implemented at the close of trading on 9 December.
One-Way turnover at the rebalance is estimated at 12.64% leading to a one-way trade of CNY 9.3bn. The Materials, Information Technology and Consumer Discretionary sectors are net gainers.
9 adds to the CSI 500 Index are deletes from the CSI 300 Index while 7 deletes from the CSI 500 Index are adds to the CSI 300 Index.


CSI 500 Index Rebalance: 50 Changes a Side Leads to 12%+ One-Way Turnover

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has set its IPO price at KRW60,000 per share, a hefty 25-40% discount on the "desired" IPO price range of KRW80,000-100,000. </li>
<li>The target raise has declined from KRW720-900 billion (US$517-646 million) to KRW432 billion (US$310 million) due to the lower IPO price and offer shares.</li>
<li>While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts. This is still an avoid.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has set its IPO price at KRW60,000 per share, a hefty 25-40% discount on the "desired" IPO price range of KRW80,000-100,000. 
The target raise has declined from KRW720-900 billion (US$517-646 million) to KRW432 billion (US$310 million) due to the lower IPO price and offer shares.
While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts. This is still an avoid.


WCP IPO: Final IPO Price Set, Still an Avoid

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, is set to launch its IPO of KRW900 billion (US$692 million). </li>
<li>We last discussed the IPO in <a href="https://www.smartkarma.com/insights/wcp-ipo-updated-prospectus-solid-1h22-unchanged-and-unattractive-price-range" target="_blank" data-smartkarma-citation="insights:79052" rel="noopener">WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range</a>.</li>
<li>Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains unchanged. The IPO price range is unattractive.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, is set to launch its IPO of KRW900 billion (US$692 million). 
We last discussed the IPO in WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range.
Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains unchanged. The IPO price range is unattractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has released an updated prospectus for its IPO of KRW900 billion (US$692 million).  </li>
<li>The updated prospectus discloses 1H22 results and a marginal increase in the syndicate’s intrinsic value. Revenue growth and margin improved in 1Q22. </li>
<li>The IPO price range of KRW80,000-100,000 remains unchanged. While the fundamentals are sound, the IPO price range remains unattractive.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has released an updated prospectus for its IPO of KRW900 billion (US$692 million).  
The updated prospectus discloses 1H22 results and a marginal increase in the syndicate’s intrinsic value. Revenue growth and margin improved in 1Q22. 
The IPO price range of KRW80,000-100,000 remains unchanged. While the fundamentals are sound, the IPO price range remains unattractive.


WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has pushed back its KRW900 billion (US$692 million) KRX IPO timeline from August to mid-September.</li>
<li>We previously discussed the IPO In <a href="https://www.smartkarma.com/insights/wcp-ipo-hooked-on-lithium" target="_blank" data-smartkarma-citation="insights:72863" rel="noopener">WCP IPO: Hooked on Lithium</a> and <a href="https://www.smartkarma.com/insights/wcp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:73042" rel="noopener">WCP IPO: Valuation Insights</a>. </li>
<li>In this note, we benchmark WCP vs its peers in terms of historical and forecasted financials along with multiples. Our valuation analysis suggests that the IPO price range remains unattractive.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has pushed back its KRW900 billion (US$692 million) KRX IPO timeline from August to mid-September.
We previously discussed the IPO In WCP IPO: Hooked on Lithium and WCP IPO: Valuation Insights. 
In this note, we benchmark WCP vs its peers in terms of historical and forecasted financials along with multiples. Our valuation analysis suggests that the IPO price range remains unattractive.


WCP IPO: Kicking the Can Down the Road Through a Revised IPO Timetable

China

Shenzhen Senior Technology Material Co., Ltd. manufactures battery components. The Company designs, produces, and sells lithium ion separators, ceramic and polymer coating, wet process, and other related products. Shenzhen Senior Technology Material serves customers worldwide.

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Shenzhen Senior Technology-A (300568 CH)

CSI 500 Index Rebalance: 50 Changes a Side Leads to 12%+ One-Way Turnover

There are 50 adds/deletes for the index in Dec. One-way turnover is 12.6% leading to a one-way trade of CNY 9bn. There are 16 overlaps between the...

Brian Freitas

WCP IPO: Final IPO Price Set, Still an Avoid

While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts....

Arun George

WCP IPO: Valuation Uncompelling

Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains...

Arun George

WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range

The updated prospectus discloses 1H22 results but an unchanged IPO price range of KRW80,000-100,000. While the fundamentals are sound, the IPO...

Arun George

WCP IPO: Kicking the Can Down the Road Through a Revised IPO Timetable

We benchmark WCP vs its peers in terms of historical and forecasted financials along with multiples. Our valuation analysis suggests that the IPO...

Arun George

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