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 review period for the September rebalance ends on 31 July, the changes will be announced towards end August and implemented at the close of trading on 7 September.</li>
<li>There are potential changes to some of the indices and then there are close changes that will result in big flows if they eventuate.</li>
<li>The March rebalance saw some funky moves on the stocks that had big flows and we could see more of that at the September rebalance.</li>
</ul>


The review period for the September rebalance ends on 31 July, the changes will be announced towards end August and implemented at the close of trading on 7 September.
There are potential changes to some of the indices and then there are close changes that will result in big flows if they eventuate.
The March rebalance saw some funky moves on the stocks that had big flows and we could see more of that at the September rebalance.


KRX New Deal Index Rebalance Preview: Potential & Close Changes in September

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 29 March, SK Inc announced that it will cancel 0.95 million in treasury shares, which represents 1.3% of the company's outstanding shares and 5% of treasury shares.</li>
<li>One of the concerns about SK Inc in the past several weeks has been lower DPS of 5,000 won in 2022 versus DPS of 8,000 won in 2021.</li>
<li>Our base case valuation of SK Inc is NAV of 19.7 trillion won (NAV per share of 266,113 won), representing a 54% upside from current levels. </li>
</ul>


On 29 March, SK Inc announced that it will cancel 0.95 million in treasury shares, which represents 1.3% of the company's outstanding shares and 5% of treasury shares.
One of the concerns about SK Inc in the past several weeks has been lower DPS of 5,000 won in 2022 versus DPS of 8,000 won in 2021.
Our base case valuation of SK Inc is NAV of 19.7 trillion won (NAV per share of 266,113 won), representing a 54% upside from current levels. 


SK Inc: Shares Cancellation & Updated NAV Valuation

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals Co Ltd (326030 KS)</a> is reporting continued stellar performance of its flagship drug Xcopri (cenobamate) in the U.S., with 9M2022 sales rising 137% YoY to KRW119B.</li>
<li>Since its launch, Xcopri maintained strong momentum in US in terms of prescription volume. Xcopri reported 1.8x higher launching TRx than recently launched competitive anti-epileptic drugs (AEDs).</li>
<li>The company plans to launch cenobamate in the Middle East and Africa this year, following launches in the U.S., China, Japan, and major countries in Europe.</li>
</ul>



SK Biopharmaceuticals Co Ltd (326030 KS) is reporting continued stellar performance of its flagship drug Xcopri (cenobamate) in the U.S., with 9M2022 sales rising 137% YoY to KRW119B.
Since its launch, Xcopri maintained strong momentum in US in terms of prescription volume. Xcopri reported 1.8x higher launching TRx than recently launched competitive anti-epileptic drugs (AEDs).
The company plans to launch cenobamate in the Middle East and Africa this year, following launches in the U.S., China, Japan, and major countries in Europe.


SK Biopharmaceuticals (326030 KS): Global Expansion to Accelerate Growth Trajectory of Epilepsy Drug

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals Co Ltd (326030 KS)</a> is reporting continued stellar performance of its flagship drug cenobamate in US, with Q2 sales rising 114% y/y and 27% q/q to KRW40.3 billion.</li>
<li>Thus far, cenobamate has been launched in the U.S. and EU. The company is looking to launch the drug in Korea, China, and Japan in 2025.</li>
<li>Going forward, the company is expected to narrow its losses, and should turn profitable in 2024. The company is expected to launch new drug, carisbamate in global market in 2025.</li>
</ul>



SK Biopharmaceuticals Co Ltd (326030 KS) is reporting continued stellar performance of its flagship drug cenobamate in US, with Q2 sales rising 114% y/y and 27% q/q to KRW40.3 billion.
Thus far, cenobamate has been launched in the U.S. and EU. The company is looking to launch the drug in Korea, China, and Japan in 2025.
Going forward, the company is expected to narrow its losses, and should turn profitable in 2024. The company is expected to launch new drug, carisbamate in global market in 2025.


SK Biopharmaceuticals (326030 KS): Strong Xcopri US Sales Not Reflected in Share Price Performance

<ul>
<li>Our base case target price of 276,567 won suggests a 37% upside from current levels for SK Inc. Our base case valuation assumes a 30% holdco discount.</li>
<li>At DPS of 8,000 won, this would represent dividend yield of 4% at current price of 202,000 won.</li>
<li>The three largest holdcos/quasi holdcos in Korea which include Samsung C&amp;T, SK Inc, and LG Corp have strongly outperformed KOSPI this year. </li>
</ul>


Our base case target price of 276,567 won suggests a 37% upside from current levels for SK Inc. Our base case valuation assumes a 30% holdco discount.
At DPS of 8,000 won, this would represent dividend yield of 4% at current price of 202,000 won.
The three largest holdcos/quasi holdcos in Korea which include Samsung C&amp;T, SK Inc, and LG Corp have strongly outperformed KOSPI this year. 


SK Inc: Solid Dividends, Ongoing Buyback, and Emphasis on Value Should Lead to Outperformance

South Korea

SK Biopharmaceuticals Co., Ltd. researches and develops new drugs. The Company develops and markets brain disorders treatment drugs, central nervous system disorders treatment drugs, and other products. SK Biopharmaceuticals markets its products worldwide.

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SK Biopharmaceuticals (326030 KS)

KRX New Deal Index Rebalance Preview: Potential & Close Changes in September

There were big moves on stocks that were changes at the March rebalance. We take a look at expected and close changes at the September rebalance....

Brian Freitas

SK Inc: Shares Cancellation & Updated NAV Valuation

On 29 March, SK Inc announced that it will cancel 0.95 million in treasury shares, which represents 1.3% of the company's outstanding shares and 5%...

Douglas Kim