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>
<a href="https://www.smartkarma.com/entities/ventia-services-group" target="_blank" data-smartkarma-citation="entities:34917:1" rel="noopener">Ventia (VNT AU)</a> will replace <a href="https://www.smartkarma.com/entities/blackmores-ltd" target="_blank" data-smartkarma-citation="entities:928:1" rel="noopener">Blackmores Ltd (BKL AU)</a> in 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> at the close on 21 July.</li>
<li>The ad hoc change will lead to changes in the list of potential adds and deletes at the regular scheduled rebalance in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/weebit-nano-ltd" target="_blank" data-smartkarma-citation="entities:11701:1" rel="noopener">Weebit Nano Ltd (WBT AU)</a> is now a potential add in September and could see some pre-positioning in the near future.</li>
</ul>



Ventia (VNT AU) will replace Blackmores Ltd (BKL AU) in the S&amp;P/ASX 200 (AS51 INDEX) at the close on 21 July.
The ad hoc change will lead to changes in the list of potential adds and deletes at the regular scheduled rebalance in September.

Weebit Nano Ltd (WBT AU) is now a potential add in September and could see some pre-positioning in the near future.


S&P/ASX200 Ad Hoc Index Rebalance & Update to Potential Changes in September

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>After the <a href="https://www.smartkarma.com/entities/blackmores-ltd" target="_blank" data-smartkarma-citation="entities:928:1" rel="noopener">Blackmores Ltd (BKL AU)</a> Scheme Meeting result was announced earlier today, post-close the S&amp;P/ASX team announced <a href="https://www.smartkarma.com/entities/ventia-services-group" target="_blank" data-smartkarma-citation="entities:34917:1" rel="noopener">Ventia (VNT AU)</a> would replace it on 21 July at the close.</li>
<li>This is not that surprising. <a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> expected it in June, and it was a super-close second recently for him for the Sep rebalance. </li>
<li>Given the shareholder structure and flow dynamics, it's worth taking a closer look.</li>
</ul>


After the Blackmores Ltd (BKL AU) Scheme Meeting result was announced earlier today, post-close the S&amp;P/ASX team announced Ventia (VNT AU) would replace it on 21 July at the close.
This is not that surprising. Janaghan Jeyakumar, CFA expected it in June, and it was a super-close second recently for him for the Sep rebalance. 
Given the shareholder structure and flow dynamics, it's worth taking a closer look.


Ventia Services (VNT) Selected to Join ASX 200 - Not A Surprise

<ul>
<li>Busy week in India with the adhoc changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50</a>, <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank</a> due to the <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited</a> and <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank</a> merger.</li>
<li>The IDX could announce the changes to the IDX30, LQ45 and IDX80 indices in the coming week, though there is no firm schedule for announcements.</li>
<li>Yet another week of inflows to the <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> ETF and outflows from the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share Index ETF (2828 HK)</a>. </li>
</ul>


Busy week in India with the adhoc changes to the NIFTY, NSE Nifty Next 50, S&amp;P BSE SENSEX and Nifty Bank due to the HDFC Limited and HDFC Bank merger.
The IDX could announce the changes to the IDX30, LQ45 and IDX80 indices in the coming week, though there is no firm schedule for announcements.
Yet another week of inflows to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF and outflows from the Hang Seng H Share Index ETF (2828 HK). 


Index Rebalance & ETF Flow Recap: ASX, Chinext, URA, Korea Stocks, NKY

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>, a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. </li>
<li>In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.</li>
<li>In this note, we will look at the company's past performance.</li>
</ul>



Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. 
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.
In this note, we will look at the company's past performance.


Redox IPO - Family Owned with a Long Track Record

<ul>
<li>The review period for the June rebalance of the S&amp;P/ASX family of indices ends tomorrow and we expect two changes for 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>. </li>
<li>Impact of passive trading on the stocks varies between 4.3-11 days of ADV. Short interest on the potential adds is small while there are significant shorts on the potential deletes.</li>
<li>We expect there is pre-positioning on at least three of the four stocks. In some cases that is small, while it could be a lot larger in other stocks.</li>
</ul>


The review period for the June rebalance of the S&amp;P/ASX family of indices ends tomorrow and we expect two changes for the S&amp;P/ASX 200 (AS51 INDEX). 
Impact of passive trading on the stocks varies between 4.3-11 days of ADV. Short interest on the potential adds is small while there are significant shorts on the potential deletes.
We expect there is pre-positioning on at least three of the four stocks. In some cases that is small, while it could be a lot larger in other stocks.


S&P/​​​​​​​ASX Index Rebalance Preview: Potential Changes, Impact, Shorts & Positioning

Australia

Ventia Services Group Pty Limited provides infrastructure services. The Company offers asset management, capital works, operations and maintenance, network design, architecture, facility management, and environmental services. Ventia Services Group serves customers in Australia and New Zealand.

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Ventia (VNT AU)

S&P/ASX200 Ad Hoc Index Rebalance & Update to Potential Changes in September

Ventia replaces Blackmores in the ASX200 at the close on 21 July. That also leads to changes to potential adds/deletes in September. WBT and DTL...

Brian Freitas

Ventia Services (VNT) Selected to Join ASX 200 - Not A Surprise

Ventia (VNT AU) was chosen to join the S&P ASX 200 on Friday's close, replacing Blackmores. It was not that much of a surprise. There have been...

Travis Lundy

Index Rebalance & ETF Flow Recap: ASX, Chinext, URA, Korea Stocks, NKY

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Redox IPO - Family Owned with a Long Track Record

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. In this note, we will look at the...

Sumeet Singh

S&P/ASX Index Rebalance Preview: Potential Changes, Impact, Shorts & Positioning

There could be 2 changes for the ASX200 in June. Impact is high on most stocks. Shorts are small on the adds & very high on the deletes. There...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P/ASX200 Ad Hoc Index Rebalance & Update to Potential Changes in September

Ventia replaces Blackmores in the ASX200 at the close on 21 July. That also leads to changes to potential adds/deletes in September. WBT and DTL...

Brian Freitas

Ventia Services (VNT) Selected to Join ASX 200 - Not A Surprise

Ventia (VNT AU) was chosen to join the S&P ASX 200 on Friday's close, replacing Blackmores. It was not that much of a surprise. There have been...

Travis Lundy

Index Rebalance & ETF Flow Recap: ASX, Chinext, URA, Korea Stocks, NKY

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Redox IPO - Family Owned with a Long Track Record

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. In this note, we will look at the...

Sumeet Singh

S&P/​​​​​​​ASX Index Rebalance Preview: Potential Changes, Impact, Shorts & Positioning

There could be 2 changes for the ASX200 in June. Impact is high on most stocks. Shorts are small on the adds & very high on the deletes. There...

Brian Freitas

S&P/ASX Index Rebalance Preview: Potential Changes, Impact, Shorts & Positioning