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>There could be large passive flows for stocks in Malaysia and Thailand in the next few weeks. Impact is especially high where there could be passive outflows.</li>
<li>
<a href="https://www.smartkarma.com/entities/ytl-corp-bhd" target="_blank" data-smartkarma-citation="entities:8553:1" rel="noopener">YTL Corp (YTL MK)</a> and <a href="https://www.smartkarma.com/entities/ytl-power-international-bhd" target="_blank" data-smartkarma-citation="entities:1239:1" rel="noopener">YTL Power International (YTLP MK)</a> are likely to have passive inflows.</li>
<li>
<a href="https://www.smartkarma.com/entities/dialog-group-bhd" target="_blank" data-smartkarma-citation="entities:3649:1" rel="noopener">Dialog Group (DLG MK)</a>, <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a>, <a href="https://www.smartkarma.com/entities/osotspa-public-company-limited" target="_blank" data-smartkarma-citation="entities:27004:1" rel="noopener">Osotspa Public Company Limited (OSP TB)</a> and <a href="https://www.smartkarma.com/entities/banpu-public-co-ltd" target="_blank" data-smartkarma-citation="entities:15363:1" rel="noopener">Banpu Public (BANPU TB)</a> could have outflows.</li>
</ul>


There could be large passive flows for stocks in Malaysia and Thailand in the next few weeks. Impact is especially high where there could be passive outflows.

YTL Corp (YTL MK) and YTL Power International (YTLP MK) are likely to have passive inflows.

Dialog Group (DLG MK), Berli Jucker (BJC TB), Osotspa Public Company Limited (OSP TB) and Banpu Public (BANPU TB) could have outflows.


Southeast Asia EM: Potential Passive Flows in February

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

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

Macroeconomics

<ul>
<li>FX reserves, which had declined over 10% from Mar'22 to Oct'22, rebounded by 8.9% in Nov-Dec'22. Anwar's inclusive policies will likely induce a steady rebound in net capital inflows. </li>
<li>Base effects have facilitated 9.3%YoY real GDP growth in Q1-Q3 2022 led by strong private consumption and net exports; better growth cut the fiscal deficit to 4% of GDP YTD.    </li>
<li>Net foreign portfolio outflows averaged 1.75% of GDP since 2013. As FPI rebounds, and non-bumiputera businesses invest anew, Malaysia's real GDP will grow 6% despite the OECD recession in 2023.</li>
</ul>


FX reserves, which had declined over 10% from Mar'22 to Oct'22, rebounded by 8.9% in Nov-Dec'22. Anwar's inclusive policies will likely induce a steady rebound in net capital inflows. 
Base effects have facilitated 9.3%YoY real GDP growth in Q1-Q3 2022 led by strong private consumption and net exports; better growth cut the fiscal deficit to 4% of GDP YTD.    
Net foreign portfolio outflows averaged 1.75% of GDP since 2013. As FPI rebounds, and non-bumiputera businesses invest anew, Malaysia's real GDP will grow 6% despite the OECD recession in 2023.


Malaysia: Anwar Well-Positioned to Spur Economic Recovery as Capital Flows Back

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%


<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Two stocks remain, 12 stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Two stocks remain, 12 stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%


<ul>
<li>There were index review announcements for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a>, HSCI, HSIII and some global indices last week.</li>
<li>There are a bunch of review cutoffs early in the coming week followed by announcements for the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> and STAR100 Index later in the week.</li>
<li>Another week of outflows for <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 (2800 HK)</a> and <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 ETF (2828 HK)</a> as inflows to <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets ex-China (EMXC US)</a> continue.</li>
</ul>


There were index review announcements for the HSI, HSCEI INDEX, HSTECH, HSCI, HSIII and some global indices last week.
There are a bunch of review cutoffs early in the coming week followed by announcements for the STAR50 INDEX and STAR100 Index later in the week.
Another week of outflows for Tracker Fund of Hong Kong (2800 HK) and Hang Seng H Share ETF (2828 HK) as inflows to iShares Emerging Markets ex-China (EMXC US) continue.


Index Rebalance & ETF Flow Recap: HSI, Screen Holdings, GMRI, SEA EM, MVIS, SET50, JP Positioning

Malaysia

YTL Corporation Berhad is an investment holding and management company. Through its subsidiaries, the Company operates an integrated infrastructure development which includes construction work on contractual basis, property development, power generation, and hotel development and management. YTL Corporation also manufactures industrial products and supplies.

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YTL Corp (YTL MK)

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Malaysia: Anwar Well-Positioned to Spur Economic Recovery as Capital Flows Back

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We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added.

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We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Since its inception, the portfolio has generated a before...

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

Brian Freitas

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