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>With nearly 85% of the review period complete, there could be 15 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the June rebalance.</li>
<li>Prior to the June rebalance, <a href="https://www.smartkarma.com/entities/c-c-international-corp" target="_blank" data-smartkarma-citation="entities:40992:1" rel="noopener">C&amp;C International (352480 KS)</a> will replace <a href="https://www.smartkarma.com/entities/canariabio-inc" target="_blank" data-smartkarma-citation="entities:36099:1" rel="noopener">CanariaBio (016790 KS)</a> in the index following CanariaBio being listed as an Administrative Issue and an Investment Attention Issue.</li>
<li>The potential adds have outperformed the potential deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> since the start of the review period. Lighten positions ahead of the end of the review period.</li>
</ul>


With nearly 85% of the review period complete, there could be 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
Prior to the June rebalance, C&amp;C International (352480 KS) will replace CanariaBio (016790 KS) in the index following CanariaBio being listed as an Administrative Issue and an Investment Attention Issue.
The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index since the start of the review period. Lighten positions ahead of the end of the review period.


KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming

<ul>
<li>With the review period nearly complete, we see 15 potential changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the December rebalance.</li>
<li>There could be index changes even before the December rebalance if there are prolonged trading suspensions and stocks migrate from the KOSDAQ Market to the KOSPI Market.</li>
<li>The potential adds have sold off hard over the last six weeks, similar to the performance at the June rebalance.</li>
</ul>


With the review period nearly complete, we see 15 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the December rebalance.
There could be index changes even before the December rebalance if there are prolonged trading suspensions and stocks migrate from the KOSDAQ Market to the KOSPI Market.
The potential adds have sold off hard over the last six weeks, similar to the performance at the June rebalance.


KOSDAQ150 Index Rebalance Preview: Big Sell Off Among Potential Inclusions as Momentum Fades

<ul>
<li>With just over a third of the review period complete, there could be 12 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY)</a> at the December rebalance.</li>
<li>Even with 12 potential changes, there is sector balance with over half the changes in the Information Technology sector. Passive trading impact varies from 0.04-4.1x ADV.</li>
<li>The potential adds have outperformed the potential deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> since the start of the year with a big move higher since mid-May.</li>
</ul>


With just over a third of the review period complete, there could be 12 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY) at the December rebalance.
Even with 12 potential changes, there is sector balance with over half the changes in the Information Technology sector. Passive trading impact varies from 0.04-4.1x ADV.
The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index (KOSDQ150 INDEX) since the start of the year with a big move higher since mid-May.


KOSDAQ150 Index Rebalance Preview: For Now, A Dozen Changes in December

<ul>
<li>There are 13 inclusions and 13 exclusions for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the June rebalance to be implemented at the close on 13 June.</li>
<li>For the second consecutive review, <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> and <a href="https://www.smartkarma.com/entities/shinsung-delta-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:4976:1" rel="noopener">Shinsung DeltaTech (065350 KS)</a> have been kept out of the index. Not sure what the index committee's beef with them is.</li>
<li>The adds have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ150</a> since the start of the review period. This has been helped, in no small, part by the ban on short selling.</li>
</ul>


There are 13 inclusions and 13 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance to be implemented at the close on 13 June.
For the second consecutive review, Fadu (440110 KS) and Shinsung DeltaTech (065350 KS) have been kept out of the index. Not sure what the index committee's beef with them is.
The adds have outperformed the deletes and the KOSDAQ150 since the start of the review period. This has been helped, in no small, part by the ban on short selling.


KOSDAQ150 Index Rebalance: Short Sell Ban Definitely Helping

<ul>
<li>With the review period complete, there could be up to 15 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the June rebalance.</li>
<li>Even with 15 changes, there is some sector balance among the potential adds and deletes with big churn in the Information Technology sector.</li>
<li>The potential adds have outperformed the potential deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> since the start of the review period but performance has flattened over the last month.</li>
</ul>


With the review period complete, there could be up to 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
Even with 15 changes, there is some sector balance among the potential adds and deletes with big churn in the Information Technology sector.
The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index (KOSDQ150 INDEX) since the start of the review period but performance has flattened over the last month.


KOSDAQ150 Index Rebalance Preview: 15 Changes Possible as Review Period Ends

South Korea

Iljin Electric Co Ltd manufactures and sells electric products.  The Company's products include electric fittings, distribution lines, electrical equipment, and automated power distribution systems.  Iljin also builds power cable systems and produces aluminum casting products used in automobiles.  Through its subsidiaries, the Company operates communications and financial businesses.

Cheryong Electric Co., Ltd. manufactures and sells steel support equipment and components used for power supply and transmission.  The Company also produces transformers and synthetic resin products, including electric wire covering.

CS Wind Corporation operates as a wind tower company. The Company manufactures and exports steel wind towers, while also offering aluminum platforms for wind towers. CS Wind extends its products and services globally.

Korea Electric Terminal Co., Ltd. specializes in manufacturing a wide range of connectors used in automobiles, home appliances, and telecommunications devices, The Company also produces fiber-optic products, such as jumper cord assemblies, attenuators, couplers, and multiplexers.

SPG Co., Ltd, manufactures various types of industrial motors.  The Company's main products are induction motors, reversible motors, electromagnetic motors, shaded pole motors, and condenser run motors.

Vitzrocell Co., Ltd. manufactures and exports industrial and consumer speciality batteries, such as lithium and manganis batteris.

Taihan Electric Wire Co., Ltd. manufactures a wide range of cables and wires, such as power, communications, copper rod, and enameled cables and wires.  The Company also produces stainless steel sheets and aluminum products including coils, sheets, and plates.  In addition, Taihan Electric offers information and communications equipment, such as optical transmission and network systems.

Gaon Cable Co. manufactures cables used in electricity distribution and telecommunications. The Company produces copper rods, overhead transmission cables, fire protection cables, data cables, and optical fiber cables.

Shin Heung Energy & Electronics Co.,Ltd. manufactures battery parts products. The Company produces and sells lithium ion battery parts, polymer battery parts, large battery parts, and other products. Shin Heung Energy & Electronics markets its products throughout Korea.

Shin Heung Energy & Electronics Co (243840 KS)

Daewon Cable Co., Ltd. manufactures electrical and telecommunications cables. The Company's products include insulated wires, power cables, and communications cables.  Daewon Cable also produces synthetic resin products.

Allis Electric Co., Ltd. manufactures and markets electric distributors, electronics products, voltage regulating transformers and electrical machinery materials.  The Company mainly sells its products in Taiwan.

Goldcup Electric Apparatus Company Limited develops, produces and sells wire and cable. The Company's main products include magnet wire, power cable, conductor wire, rubber jacket core, special wire and cable.

Thermon Group Holdings, Inc. provides engineered thermal solutions for process industries. The Company offers thermal solutions that also referred as heat tracing, provide an external heat source to pipes, vessels, and instruments for the purposes of freeze protection, temperature and flow maintenance, environmental monitoring, and surface snow and ice melting.

Far East Smarter Energy Co., Ltd. mainly engages in the system design, research and development, manufacturing, marketing and services of overhead wires, electric cables, wires and cables for electrical equipment, and special cables. Its products are widely used in electric power transmission, transportation, energy, petroleum and petrochemical, national defense, etc.

Transformers & Rectifiers India Limited manufactures a wide range of transformers. The Company's products include power generation, transmission, and distribution transformers.

Transformers & Rectifiers (India) Ltd (TRIL IN)

HEG Limited manufactures graphite electrodes, anodes and other related specialty products. The Company also manufactures sponge iron lumps and fines, besides operating oil rigs for oil exploration and development. The Company also operates a hydroelectric power plant primarily to supply power to its graphite and sponge iron plants.

Genimous Investment Co Ltd provides investment, asset management, investment consulting, economic and trade consulting, instrumentation, industrial automation equipment, computer hardware and software equipment.

Shanghai Liangxin Electrical Company Limited designs, manufactures and sells mid to high end low-voltage electricals. The Company's main product are low-voltage electricals.

Sinosteel Engineering & Technology Co., Ltd. operates a metallurgical engineering company. The Company provides engineering services and projects and supplies equipment and spare parts in the metallurgical industry.

Sinosteel Engineering & Technology (000928 CH)

Tongling Jingda Special Magnet Wire Co., Ltd. manufactures and markets enamel-covered electromagnetic wires, bare copper wires, ultra-thin wires, and electrical wires and cables.

Shinsung Delta Tech Co., Ltd. manufactures electronic components. The company's product includes control panel, top cover, drum tub, and blower for washing machine and air conditioner.  The Company also produces automobile part and light guide panel for Thin Film Transistor-Liquid Crystal Display (TFT-LCD).

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Shinsung Delta Tech (065350 KS)

KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming

There could be 15 changes for the KOSDAQ150 Index in June. The potential adds have outperformed the potential deletes and the KOSDAQ150 Index over...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: Big Sell Off Among Potential Inclusions as Momentum Fades

With momentum fading in Korea, the selloff has hit the potential adds to the KOSDAQ150 especially hard. There could be a few constituent changes...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: For Now, A Dozen Changes in December

There could be 12 changes for the KOSDAQ150 Index in December. The potential adds have outperformed the potential deletes and the KOSDAQ150 Index...

Brian Freitas

KOSDAQ150 Index Rebalance: Short Sell Ban Definitely Helping

There are 13 changes a side for the KOSDAQ150 in June. Most of the changes were forecast. Fadu and Shinsung Delta Tech have been ignored again. The...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: 15 Changes Possible as Review Period Ends

With the review period complete, there could be up to 15 changes for the KOSDAQ150 Index in June. The adds have outperformed the deletes over the...

Brian Freitas

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