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 inclusion of <a href="https://www.smartkarma.com/entities/china-shenhua-energy-co-h" target="_blank" data-smartkarma-citation="entities:382:1" rel="noopener">China Shenhua Energy Co H (1088 HK)</a>, <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a>, <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical (3692 HK)</a> and <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> takes us to 73 index constituents.</li>
<li>Changes to the stocks, number of shares, float and capping result in an estimated one-way turnover of 5.09% and will result in a one-way trade of HK$10,562m.</li>
<li>There are large shorts on <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> and <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical (3692 HK)</a> and there could be some short covering from now to implementation.</li>
</ul>


The inclusion of China Shenhua Energy Co H (1088 HK), Chow Tai Fook Jewellery (1929 HK), Hansoh Pharmaceutical (3692 HK) and Baidu (9888 HK) takes us to 73 index constituents.
Changes to the stocks, number of shares, float and capping result in an estimated one-way turnover of 5.09% and will result in a one-way trade of HK$10,562m.
There are large shorts on Chow Tai Fook Jewellery (1929 HK) and Hansoh Pharmaceutical (3692 HK) and there could be some short covering from now to implementation.


HSI Index Rebalance: Another Small Step Towards 80 Members, But BIG Impact

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>SPACs / In Depth: SPACs appear to lose shine in Singapore and Hong Kong</li><li>Taiwan / Chinese envoy warns U.S. against further escalating tensions over Taiwan</li><li>Flood / Northwest China flash floods leave 16 dead, 36 missing</li></ul>

SPACs / In Depth: SPACs appear to lose shine in Singapore and Hong KongTaiwan / Chinese envoy warns U.S. against further escalating tensions over TaiwanFlood / Northwest China flash floods leave 16 dead, 36 missing

CX Daily: SPACs Appear to Lose Shine in Singapore and Hong Kong

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>The market pivoted late last week from there will be no PBOC rates cut to there being much more Monetary Policy support needed.</li><li>The pivot was the sharp slowdown in Aggregate Financing, Industrial Production, Real estate, and Retail Sales. All it took was a 10-bps cut in one-year MLF.</li><li>Meanwhile, Hong Kong saw HIBOR continue to rise even with currency strength.</li></ul>

The market pivoted late last week from there will be no PBOC rates cut to there being much more Monetary Policy support needed.The pivot was the sharp slowdown in Aggregate Financing, Industrial Production, Real estate, and Retail Sales. All it took was a 10-bps cut in one-year MLF.Meanwhile, Hong Kong saw HIBOR continue to rise even with currency strength.

HSI Index, HSITECH Index, Hong Kong Stock Exchange, and China Unicom

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core markets of South-East Asia and Taiwan a key positive. </li>
<li>The decline in digital entertainment revenue was expected, with the stabilisation of quarterly active users a sign of some plateauing after recent declines but rankings continue to remain solid. </li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> suspended revenue guidance but continued to stress confidence in the growth outlook, whilst keenly focusing on improving efficiencies and profitability. This underpins our positive long-term view.</li>
</ul>



Sea Ltd results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core markets of South-East Asia and Taiwan a key positive. 
The decline in digital entertainment revenue was expected, with the stabilisation of quarterly active users a sign of some plateauing after recent declines but rankings continue to remain solid. 

Sea Ltd suspended revenue guidance but continued to stress confidence in the growth outlook, whilst keenly focusing on improving efficiencies and profitability. This underpins our positive long-term view.


Sea Ltd (SE US) - Turning Tides Present a Different Wave

<ul><li>Drug / State drugmaker snared over scheme to rip off government</li><li>Housing / China offers multiple-child families housing help as demographic crisis looms</li><li>Economy / China’s Li urges more pro-growth policy as economy sputters</li></ul>

Drug / State drugmaker snared over scheme to rip off governmentHousing / China offers multiple-child families housing help as demographic crisis loomsEconomy / China’s Li urges more pro-growth policy as economy sputters

CX Daily: State Drugmaker Snared Over Scheme to Rip Off Government

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

HSI Index Rebalance: Another Small Step Towards 80 Members, But BIG Impact

There are 4 adds to the index in September - China Shenhua, Chow Tai Fook, Baidu & Hansoh Pharma. There will be big impact on some of the stocks...

Brian Freitas

CX Daily: SPACs Appear to Lose Shine in Singapore and Hong Kong

In Depth: SPACs appear to lose shine in Singapore and Hong Kong. Chinese envoy warns U.S. against further escalating tensions over Taiwan

Caixin Global

HSI Index, HSITECH Index, Hong Kong Stock Exchange, and China Unicom

The market pivoted late last week from there will be no PBOC rates cut to there being much more Monetary Policy support needed.

Untying The Gordian Knot

Sea Ltd (SE US) - Turning Tides Present a Different Wave

Sea Ltd's 2Q2022 results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core...

Angus Mackintosh

CX Daily: State Drugmaker Snared Over Scheme to Rip Off Government

State drugmaker snared over scheme to rip off government. China offers multiple-child families housing help as demographic crisis looms

Caixin Global

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52-week Range

Market Cap (USDm)

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