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>On 21 November, <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson and Co. Ltd (SOL AU)</a> submitted a non-binding, indicative offer to acquire <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> at ~A$27/share.</li>
<li>A few hours ago, that offer was rejected by <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>'s Board citing a material undervaluation, conditional on demerger of the Asset Management business and execution risk.</li>
<li>If the deal goes through, there will be small passive buying in <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson and Co. Ltd (SOL AU)</a>. No major index changes expected. </li>
</ul>


On 21 November, Washington H. Soul Pattinson and Co. Ltd (SOL AU) submitted a non-binding, indicative offer to acquire Perpetual Ltd (PPT AU) at ~A$27/share.
A few hours ago, that offer was rejected by Perpetual Ltd (PPT AU)'s Board citing a material undervaluation, conditional on demerger of the Asset Management business and execution risk.
If the deal goes through, there will be small passive buying in Washington H. Soul Pattinson and Co. Ltd (SOL AU). No major index changes expected. 


WHSP's Non-Binding Indicative Offer for Perpetual Turned Down

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 17th (reported today) which has an aggregated short interest worth USD18.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in ANZ, CSL, Domino's Pizza, BHP, Rio Tinto, Telstra.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 17th (reported today) which has an aggregated short interest worth USD18.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in ANZ, CSL, Domino's Pizza, BHP, Rio Tinto, Telstra.


ASX Short Interest Weekly (Nov 17th): ANZ, CSL, Domino's Pizza, BHP, Rio Tinto, Telstra

<ul>
<li>There could be 3 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> in December. There are unlikely to be any changes for indices higher up the hierarchy.</li>
<li>Passive trackers will need to buy between 7-11 days of ADV in the inclusions while the impact on the deletions will be larger at between 11-23 days of ADV.</li>
<li>Short interest has decreased on the potential inclusions and increased on the potential deletions. There is significant pre-positioning on some of the stocks.</li>
</ul>


There could be 3 changes for the S&amp;P/ASX 200 (AS51 INDEX) in December. There are unlikely to be any changes for indices higher up the hierarchy.
Passive trackers will need to buy between 7-11 days of ADV in the inclusions while the impact on the deletions will be larger at between 11-23 days of ADV.
Short interest has decreased on the potential inclusions and increased on the potential deletions. There is significant pre-positioning on some of the stocks.


S&P/​​​​​​​​​ASX Index Rebalance Preview: Big Impact; A Week From Announcement

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 10th (reported today) which has an aggregated short interest worth USD18.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in CSL, BHP, Imugene, Wisetech Global, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 10th (reported today) which has an aggregated short interest worth USD18.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in CSL, BHP, Imugene, Wisetech Global, Macquarie.


ASX Short Interest Weekly (Nov 10th): CSL, BHP, Imugene, Wisetech Global, Macquarie

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run up to the December 2023 Rebalance.</li>
<li>There are only five more working days left in the 6-month reference period for the December 2023 rebalance event. </li>
<li>The expectations presented in this insight are my final expectations for December 2023.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run up to the December 2023 Rebalance.
There are only five more working days left in the 6-month reference period for the December 2023 rebalance event. 
The expectations presented in this insight are my final expectations for December 2023.


Quiddity Leaderboard ASX Dec 23: Three ASX 200 Changes + Origin Energy Question Mark

Australia

Technology One Limited is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions. The Company has operations in New Zealand, the United Kingdom, the South Pacific, and Malaysia.

Altium Limited develops electronic design automation (EDA) software for the Microsoft Windows operating system.  Altium's products facilitate and aid in the design of electronic products such as printed circuit boards.  The Group's products are utilized by telecommunications, automotive, defense, science and consumer electronics industries.

Objective Corporation Limited manufactures knowledge management application software.  The Company's products allow users to access and manage word processing documents, spreadsheets, web page content and e-mails.  Objective also develops branded software which provides template-based conversion of documents to HTML.

Hansen Technologies Limited develops, supports and integrates billing systems software for the telecommunications and utilities sectors in Australia.  The Company also provides IT outsourcing services such as facilities management and develops software and services for workforce management.

Infomedia Limited develops and supplies electronic parts catalogues for the automotive industry. The Company's catalogues are used by various car dealers worldwide allowing them to find replacement parts required by a customer or service mechanic.  The Company also provides dealer management systems for the automotive industry.

Bravura Solutions Limited provides wealth management applications software to the pension, investment management, and life insurance industries. The Company offers consulting, applications development and implementation, maintenance, support, training, and business process outsourcing services. Bravura Solutions serves customers worldwide.

ELMO Software Limited operates as a software service provider. The Company offers cloud-based talent management software solutions which includes hiring, recruitment, on-boarding, performance, learning, and pre-built e-learning courses. ELMO Software serves customers in New Zealand, Singapore, and Australia.

Computershare Limited operates share registries and computer bureaus which includes the administration of employee share and option plans and the provision of software that specializes in share registry, financial and stock markets. The Company also provides corporate trust services and acts as a trustee for clients' debt offerings in certain markets.

Integrated Research Limited develops, sells and supports system and application management software products.  The Group's software is used by customers for a variety of services, including storage management, data collection, performance tracking, event automation, help desk applications, job scheduling and resource management.

Energy One Limited is a supplier of software and services to the wholesale energy and carbon markets in Australia.  The Company's expertise includes the following areas: Wholesale energy and carbon trading software including front, middle and back offices; Risk management; Consulting in wholesale and retail energy markets; Retail and metering software and database services.

Xero Limited offers an online accounting system.  The software features bank transaction importing, a cashbook, a general ledger, invoicing, accounts receivable, accounts payable, financial reporting, and management of expense claims.

CAPCOM CO., LTD. develops consumer video game software.  The Company also develops, manufactures, markets, and leases arcade game machines.  Capcom also operates amusement facilities.

Aspen Technology, Inc. provides software solutions. The Company offers asset optimization software that optimizes asset design, operations, and maintenance in complex, industrial environments to enable organizations to meet their business goals for sustainability and profitability. Aspen Technology serves customers worldwide.

Paycom Software Inc provides cloud-based HCM software solution delivered as Software-as-a-Service.  The Company provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement.

Check Point Software Technologies Ltd. develops, markets and supports a range of software and hardware products and services for information technology (IT) security and offers its customers a network and gateway security solutions, data and endpoint security solutions and management solutions.

SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers.  The software enables trading and modeling, portfolio management and reporting, accounting, performance measurement, reconciliation, reporting, processing, and clearing.

Manhattan Associates, Inc. provides information technology solutions for distribution centers.  The solutions are designed to enable the efficient movement of goods through the supply chain.  The Company's solutions optimize the receipt, storage, and distribution of inventory, as well as manage equipment and personnel within a distribution center.

HubSpot, Inc. provides a cloud-based marketing and sales software platform. The Company offers integrated applications that helps in lead generation and social marketing.

Oracle Financial Services Software Ltd. provides comprehensive information technology solutions to the financial services industry worldwide. The Company provides transaction processing and accounting software for banks, investment managers and mutual funds. Oracle Financial also provides internet delivery of financial services as well as business intelligence and analytical applications.

PTC Inc. develops and delivers technology solutions, comprised of software and services. The Company's technology is primarily used by discrete manufacturers to design, operate and maintain complex products. PTC's technology is also used to connect products to the Internet for purposes of capturing and analyzing information from them.

WiseTech Global Pty Ltd provides various technology and information technology management solutions. The Company offers cloud based various technology platforms, market specific software and logistics technology solutions, such as edienterprise, a platform supply chain logistics management system, software-as-a-service, and clinical management software. 

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Wisetech Global (WTC AU)

WHSP's Non-Binding Indicative Offer for Perpetual Turned Down

Soul Patts offered to buy Perpetual for A$27/share. The Perpetual Board has turned that down. Could Regal/BPEA or other suitors return for a second...

Brian Freitas

ASX Short Interest Weekly (Nov 17th): ANZ, CSL, Domino's Pizza, BHP, Rio Tinto, Telstra

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, CSL, Domino'S Pizza E, BHP, Rio Tinto, Telstra.

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance Preview: Big Impact; A Week From Announcement

There could be 3 changes for the ASX200 in December. Impact on the adds/deletes varies from 7-23x ADV. Shorts have increased on the potential...

Brian Freitas

ASX Short Interest Weekly (Nov 10th): CSL, BHP, Imugene, Wisetech Global, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, BHP, Imugene, Wisetech Global, Macquarie.

Ke Yan, CFA, FRM

Quiddity Leaderboard ASX Dec 23: Three ASX 200 Changes + Origin Energy Question Mark

Origin Energy Scheme Meeting on 23rd November will tell us if there will be intra-review ASX 50, 100, and 200 changes on 28th November. Separately,...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

WHSP's Non-Binding Indicative Offer for Perpetual Turned Down

Soul Patts offered to buy Perpetual for A$27/share. The Perpetual Board has turned that down. Could Regal/BPEA or other suitors return for a second...

Brian Freitas

ASX Short Interest Weekly (Nov 17th): ANZ, CSL, Domino's Pizza, BHP, Rio Tinto, Telstra

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, CSL, Domino'S Pizza E, BHP, Rio Tinto, Telstra.

Ke Yan, CFA, FRM

S&P/​​​​​​​​​ASX Index Rebalance Preview: Big Impact; A Week From Announcement

There could be 3 changes for the ASX200 in December. Impact on the adds/deletes varies from 7-23x ADV. Shorts have increased on the potential...

Brian Freitas

ASX Short Interest Weekly (Nov 10th): CSL, BHP, Imugene, Wisetech Global, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, BHP, Imugene, Wisetech Global, Macquarie.

Ke Yan, CFA, FRM

Quiddity Leaderboard ASX Dec 23: Three ASX 200 Changes + Origin Energy Question Mark

Origin Energy Scheme Meeting on 23rd November will tell us if there will be intra-review ASX 50, 100, and 200 changes on 28th November. Separately,...

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview: Big Impact; A Week From Announcement