Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

S&amp;P Dow Jones Indices has announced the list of changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> as part of the December index review that will be effective after the close of trading on 18 December.There are 2 inclusion and 3 exclusions in the review. It seems like the index committee has not followed the index methodology that specifies that stocks with a rank of 179 or better will be added to the index, and stocks with a rank of 221 or lower will be deleted from the index.The inclusions are <a href="https://www.smartkarma.com/entities/kogan-com-ltd" target="_blank" data-smartkarma-citation="entities:23575:1" rel="noopener">Kogan.com (KGN AU)</a> and <a href="https://www.smartkarma.com/entities/reece-ltd" target="_blank" data-smartkarma-citation="entities:3186:1" rel="noopener">Reece Ltd (REH AU)</a> while the exclusions are <a href="https://www.smartkarma.com/entities/avita-medical-ltd" target="_blank" data-smartkarma-citation="entities:14257:1" rel="noopener">Avita Medical (AVH AU)</a>, <a href="https://www.smartkarma.com/entities/cooper-energy-ltd" target="_blank" data-smartkarma-citation="entities:14286:1" rel="noopener">Cooper Energy (COE AU)</a> and <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>.There are more deletes than adds since the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> has 201 constituents at the moment following <a href="https://www.smartkarma.com/entities/deterra-royalties-ltd" target="_blank" data-smartkarma-citation="entities:30851:1" rel="noopener">Deterra Royalties Ltd (DRR AU)</a>'s spin-off from <a href="https://www.smartkarma.com/entities/iluka-resources-ltd" target="_blank" data-smartkarma-citation="entities:10105:1" rel="noopener">Iluka Resources (ILU AU)</a>.

S&amp;P Dow Jones Indices has announced the list of changes to the S&amp;P/ASX 200 (AS51 INDEX) as part of the December index review that will be effective after the close of trading on 18 December.There are 2 inclusion and 3 exclusions in the review. It seems like the index committee has not followed the index methodology that specifies that stocks with a rank of 179 or better will be added to the index, and stocks with a rank of 221 or lower will be deleted from the index.The inclusions are Kogan.com (KGN AU) and Reece Ltd (REH AU) while the exclusions are Avita Medical (AVH AU), Cooper Energy (COE AU) and Western Areas (WSA AU).There are more deletes than adds since the S&amp;P/ASX 200 (AS51 INDEX) has 201 constituents at the moment following Deterra Royalties Ltd (DRR AU)'s spin-off from Iluka Resources (ILU AU).

S&amp;P Dow Jones Indices will announce changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> as part of the December index review on 11 December and the changes will be effective after the close of trading on 18 December.
Today is the data cutoff to determine the list of inclusions and exclusions.
We see 5 potential inclusions in the December review: <a href="https://www.smartkarma.com/entities/reece-ltd" target="_blank" data-smartkarma-citation="entities:3186:1" rel="noopener">Reece Ltd (REH AU)</a>, <a href="https://www.smartkarma.com/entities/kogan-com-ltd" target="_blank" data-smartkarma-citation="entities:23575:1" rel="noopener">Kogan.com (KGN AU)</a>, <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/codan-ltd-australia" target="_blank" data-smartkarma-citation="entities:6189:1" rel="noopener">Codan Ltd (CDA AU)</a> and <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a>.
We see 6 potential inclusions in the December review: <a href="https://www.smartkarma.com/entities/cooper-energy-ltd" target="_blank" data-smartkarma-citation="entities:14286:1" rel="noopener">Cooper Energy (COE AU)</a>, <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, <a href="https://www.smartkarma.com/entities/service-stream-ltd" target="_blank" data-smartkarma-citation="entities:18493:1" rel="noopener">Service Stream (SSM AU)</a>, <a href="https://www.smartkarma.com/entities/gwa-group-ltd" target="_blank" data-smartkarma-citation="entities:663:1" rel="noopener">Gwa Group Ltd (GWA AU)</a>, <a href="https://www.smartkarma.com/entities/avita-medical-ltd" target="_blank" data-smartkarma-citation="entities:14257:1" rel="noopener">Avita Medical (AVH AU)</a> and <a href="https://www.smartkarma.com/entities/unibail-rodamco-westfield" target="_blank" data-smartkarma-citation="entities:27181:1" rel="noopener">Unibail-Rodamco-Westfield (URW AU)</a>. <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> is ranked very close to <a href="https://www.smartkarma.com/entities/unibail-rodamco-westfield" target="_blank" data-smartkarma-citation="entities:27181:1" rel="noopener">Unibail-Rodamco-Westfield (URW AU)</a> and could be an alternate delete name.
There are more deletes than adds since the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> has 201 constituents at the moment following <a href="https://www.smartkarma.com/entities/deterra-royalties-ltd" target="_blank" data-smartkarma-citation="entities:30851:1" rel="noopener">Deterra Royalties Ltd (DRR AU)</a>'s spin-off from <a href="https://www.smartkarma.com/entities/iluka-resources-ltd" target="_blank" data-smartkarma-citation="entities:10105:1" rel="noopener">Iluka Resources (ILU AU)</a>.
The expected inclusions have underperformed the expected exclusions significantly over the last few weeks on the momentum unwind and switch to value stocks. There are a few expected adds and deletes with over 2 days of ADV to trade and they could outperform from here to implementation date.

S&amp;P Dow Jones Indices will announce changes to the S&amp;P/ASX 200 (AS51 INDEX) as part of the December index review on 11 December and the changes will be effective after the close of trading on 18 December.
Today is the data cutoff to determine the list of inclusions and exclusions.
We see 5 potential inclusions in the December review: Reece Ltd (REH AU), Kogan.com (KGN AU), Tyro Payments (TYR AU), Codan Ltd (CDA AU) and De Grey Mining (DEG AU).
We see 6 potential inclusions in the December review: Cooper Energy (COE AU), Western Areas (WSA AU), Service Stream (SSM AU), Gwa Group Ltd (GWA AU), Avita Medical (AVH AU) and Unibail-Rodamco-Westfield (URW AU). Tassal (TGR AU) is ranked very close to Unibail-Rodamco-Westfield (URW AU) and could be an alternate delete name.
There are more deletes than adds since the S&amp;P/ASX 200 (AS51 INDEX) has 201 constituents at the moment following Deterra Royalties Ltd (DRR AU)'s spin-off from Iluka Resources (ILU AU).
The expected inclusions have underperformed the expected exclusions significantly over the last few weeks on the momentum unwind and switch to value stocks. There are a few expected adds and deletes with over 2 days of ADV to trade and they could outperform from here to implementation date.

ASX200 Index Rebalance Preview: Expected Inclusions Underperforming as Momentum Unwinds

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Unibail-Rodamco-Westfield / Equity Bottom-Up

We initiate coverage of Australian Chess Depository Interests, or CDIs, of <a href="https://www.smartkarma.com/entities/24846" target="_blank" data-smartkarma-citation="entities:24846:1">Unibail-Rodamco SE (UL FP)</a> (<a href="https://www.smartkarma.com/entities/27181" target="_blank" data-smartkarma-citation="entities:27181:1">Unibail-Rodamco-Westfield (URW AU)</a>), a France-based REIT that recently merged with <a href="https://www.smartkarma.com/entities/896" target="_blank" data-smartkarma-citation="entities:896:1">Westfield Corp (WFD AU)</a>. We ascribe Unibail's CDIs a narrow moat rating and expect no major changes in the company's competitive positioning. The moat source is efficient scale, which is where a market is effectively serviced by existing players and potential competitors are dissuaded from entering as doing so…

We initiate coverage of Australian Chess Depository Interests, or CDIs, of Unibail-Rodamco SE (UL FP) (Unibail-Rodamco-Westfield (URW AU)), a France-based REIT that recently merged with Westfield Corp (WFD AU). We ascribe Unibail's CDIs a narrow moat rating and expect no major changes in the company's competitive positioning. The moat source is efficient scale, which is where a market is effectively serviced by existing players and potential competitors are dissuaded from entering as doing so…

Initiation on Unibail-Rodamco - A Global Retail-Centric REIT with FVE of AUD 14.00

France

Unibail-Rodamco-Westfield operates as a real estate investment trust. The Company leases and rents building space, finances real estate investments, and renovates real estates for sale. Unibail-Rodamco-Westfield's properties are shopping centers, office buildings, and convention-exhibition centers.

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Unibail-Rodamco-Westfield (URW AU)

ASX200 Index Rebalance: Strange As

There are 2 adds and 3 deletes. This is 'strange as' since there were 5 adds and 6 deletes expected from following the index methodology. Reece and...

Brian Freitas

ASX200 Index Rebalance Preview: Expected Inclusions Underperforming as Momentum Unwinds

There could be 5 additions and 6 deletions at the upcoming ASX200 rebalance. Changes will be announced on 11 Dec and implemented at the close on 18...

Brian Freitas

Initiation on Unibail-Rodamco - A Global Retail-Centric REIT with FVE of AUD 14.00

We initiate coverage of Australian Chess Depository Interests, or CDIs, of Unibail-Rodamco SE (UL FP) (Unibail-Rodamco-Westfield (URW AU)), a...

Morningstar, Inc.

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