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

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<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> is looking to raise around US$2.4bn by selling shares via a Japanese Public Offering and an International Offering as well as through a third-party allotment.</li>
<li>The stock has already dropped 13.7% in the last couple of days on large volumes as the rumours of the offering started to swirl.</li>
<li>The offering prices late next week and passive trackers will be buying stock once the stock settles and this will provide support in the near-term.</li>
</ul>



Rakuten (4755 JP) is looking to raise around US$2.4bn by selling shares via a Japanese Public Offering and an International Offering as well as through a third-party allotment.
The stock has already dropped 13.7% in the last couple of days on large volumes as the rumours of the offering started to swirl.
The offering prices late next week and passive trackers will be buying stock once the stock settles and this will provide support in the near-term.


Rakuten (4755 JP) Offering: Could Drop Some More Before Passive Buying Kicks In

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

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<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, aims to raise around US$500m (estimated) in its Japan listing in April 2023. </li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. </li>
<li>In this note we take an early look at the IPO and talk about the positive aspects of its past performance.</li>
</ul>



Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m (estimated) in its Japan listing in April 2023. 
RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. 
In this note we take an early look at the IPO and talk about the positive aspects of its past performance.


Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

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<a href="https://www.smartkarma.com/entities/daiei-kankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:36539:1" rel="noopener">Daiei Kankyo (9336 JP)</a> (DK), a waste management company, aims to raise around US$280m in its Japan IPO.</li>
<li>Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business.</li>
<li>In this note, we talk about the company's past performance.</li>
</ul>



Daiei Kankyo (9336 JP) (DK), a waste management company, aims to raise around US$280m in its Japan IPO.
Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business.
In this note, we talk about the company's past performance.


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<p><a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" data-smartkarma-citation="entities:379:1" rel="noopener">SUMCO Corp (3436 JP)</a> is raised US$962m in placement to fund its capital investment.</p>
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<p>In this note, we will talk about the updates our previous note.</p>
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<p>We covered its previous placements in:</p>
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<ul style="list-style-type: disc;">
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<a href="https://www.smartkarma.com/insights/sumco-placement-unexpected-large-deal-with-no-near-term-accretion" target="_blank" data-smartkarma-citation="insights:58327" rel="noopener">Sumco Placement - Unexpected Large Deal with No Near-Term Accretion</a> </li>
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<a href="https://www.smartkarma.com/insights/sumco-price-and-earnings-momentum-have-been-good-but-prior-sell-down-didn-t-do-well" target="_blank" data-smartkarma-citation="insights:8694" rel="noopener">Sumco - Price and Earnings Momentum Have Been Good but Prior Sell Down Didn't Do Well</a> </li>
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<a href="https://www.smartkarma.com/insights/sumco-placement-an-even-smaller-deal-size-than-before" target="_blank" data-smartkarma-citation="insights:14344" rel="noopener">Sumco Placement - An Even Smaller Deal Size than Before</a> </li>
</ul>
</div>


SUMCO Corp (3436 JP) is raised US$962m in placement to fund its capital investment.


In this note, we will talk about the updates our previous note.


We covered its previous placements in:




Sumco Placement - Unexpected Large Deal with No Near-Term Accretion 

Sumco - Price and Earnings Momentum Have Been Good but Prior Sell Down Didn't Do Well 

Sumco Placement - An Even Smaller Deal Size than Before 



Sumco Placement Quick Update - A Slightly Wider Discount than 2015

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<p><a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> announced post-market on 28th September 2021 that is looking to raise about US$1.1bn in its follow-on offering to pursue development and acquisition of properties.</p>
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<div>
<p>We looked at the performance of past deals, deal dynamics, commented briefly on fundamentals, and ran the deal through our ECM framework in <a href="https://www.smartkarma.com/insights/hulic-placement-accretion-will-take-time-needs-to-be-priced-at-wide-discount" target="_blank" data-smartkarma-citation="insights:58209" rel="noopener">Hulic Placement - Accretion Will Take Time, Needs to Be Priced at Wide Discount</a>. </p>
<p>In this note, we will talk about the updates since then. </p>
</div>


Hulic Co Ltd (3003 JP) announced post-market on 28th September 2021 that is looking to raise about US$1.1bn in its follow-on offering to pursue development and acquisition of properties.


We looked at the performance of past deals, deal dynamics, commented briefly on fundamentals, and ran the deal through our ECM framework in Hulic Placement - Accretion Will Take Time, Needs to Be Priced at Wide Discount. 
In this note, we will talk about the updates since then. 


Hulic Placement Update - Correction in Line with Our Expectation

Japan

West Japan Railway Company provides rail transportation services including the shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku including Kyoto and Osaka.  The Company also operates ferries in Miyajima, manages real estate, shopping centers, and hotels, and offers leisure-related services such as travel packaging products.

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West Japan Railway Co (9021 JP)

Rakuten (4755 JP) Offering: Could Drop Some More Before Passive Buying Kicks In

Rakuten is looking to raise US$2.45bn via a Japanese, International and third-party offering. The stock has dropped 13.7% in the last 2 days and...

Brian Freitas

Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m in its Japan listing in April 2023. In this note, we...

Sumeet Singh

Daiei Kankyo Pre-IPO - Steady, at Best

Daiei Kankyo (9336 JP) (DK), a waste management company, aims to raise around US$280m in its Japan IPO. In this note, we look at the company's past...

Sumeet Singh

Sumco Placement Quick Update - A Slightly Wider Discount than 2015

The follow-on offering was priced at JPY2,097 per share, a 3% discount to the today's (12th October) close price and 6.8% discount to the...

Sumeet Singh

Hulic Placement Update - Correction in Line with Our Expectation

Hulic Co Ltd (3003 JP) announced post-market on 28th September 2021 that is looking to raise about US$1.1bn in its follow-on offering to pursue...

Sumeet Singh

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