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>The changes for the next rebalance will use closing prices from 31 August, will be announced after the close on 8 September with implementation at the close on 15 September.</li>
<li>One stock is very close to the 85% cumulative market cap inclusion threshold, while there are two stocks that are near the 98% cumulative market cap deletion threshold.</li>
<li>With one inclusion and capping changes, estimated one-way turnover at the rebalance will be 3.5% resulting in a one-way trade of US$20m. That could change over the next week.</li>
</ul>


The changes for the next rebalance will use closing prices from 31 August, will be announced after the close on 8 September with implementation at the close on 15 September.
One stock is very close to the 85% cumulative market cap inclusion threshold, while there are two stocks that are near the 98% cumulative market cap deletion threshold.
With one inclusion and capping changes, estimated one-way turnover at the rebalance will be 3.5% resulting in a one-way trade of US$20m. That could change over the next week.


MVIS Global Rare Earth/​​​​​​​​Strategic Metals Index Rebalance Preview: A Week to Go

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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> announced a somewhat reasonable pricing range, while <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> looks to open up the Korean market for larger IPOs again.</li>
<li>On the placement front,  <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> found itself in the eye of a storm after its stupendous 6x increase since listing.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tryt Inc (9164 JP) announced a somewhat reasonable pricing range, while Fadu (440110 KS) looks to open up the Korean market for larger IPOs again.
On the placement front,  Socionext (6526 JP) found itself in the eye of a storm after its stupendous 6x increase since listing.


ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

<ul>
<li>There are 3 inclusions for the MVIS Global Rare Earth/Strategic Metals Index at the June rebalance. Plus there are free float and capping changes.</li>
<li>One way turnover is estimated at 10.6% and will result in a one-way trade of US$66m. There are a few stocks with over 0.5 days of ADV to trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/yunnan-chihong-zinc-germanium-co-ltd" target="_blank" data-smartkarma-citation="entities:1779:1" rel="noopener">Yunnan Chihong Zinc&amp;Germanium Co, Ltd. (600497 CH)</a> was not added to the index while <a href="https://www.smartkarma.com/entities/ioneer-ltd" target="_blank" data-smartkarma-citation="entities:10264:1" rel="noopener">ioneer Ltd (INR AU)</a> has avoided deletion in June.</li>
</ul>


There are 3 inclusions for the MVIS Global Rare Earth/Strategic Metals Index at the June rebalance. Plus there are free float and capping changes.
One way turnover is estimated at 10.6% and will result in a one-way trade of US$66m. There are a few stocks with over 0.5 days of ADV to trade.

Yunnan Chihong Zinc&amp;Germanium Co, Ltd. (600497 CH) was not added to the index while ioneer Ltd (INR AU) has avoided deletion in June.


MVIS Global Rare Earth/​​​​Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes

<ul>
<li>The review period for the June rebalance ended on 31 May. Announcement of the changes will be made on 9 June with implementation at the close on 16 June.</li>
<li>There could be 3 or 4 A-share additions due to their inclusion in Northbound Stock Connect. That in turn expands the index universe and could result in 2-3 deletions.</li>
<li>If there are 4 adds and 2 deletes at the June rebalance, estimated one-way turnover at the rebalance will be 13.4% and will result in a one-way trade of US$81m.</li>
</ul>


The review period for the June rebalance ended on 31 May. Announcement of the changes will be made on 9 June with implementation at the close on 16 June.
There could be 3 or 4 A-share additions due to their inclusion in Northbound Stock Connect. That in turn expands the index universe and could result in 2-3 deletions.
If there are 4 adds and 2 deletes at the June rebalance, estimated one-way turnover at the rebalance will be 13.4% and will result in a one-way trade of US$81m.


MVIS Global Rare Earth/​​​​​​​Strategic Metals Index Rebalance Preview: Changes Afoot

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 21st.</li>
<li>We estimate the weekly inflows to be US$221.4 million, led by industrials, energy, health care sectors, and offset by information technology, consumer staples.</li>
<li>We highlight flows for Cosco Shipping, Contemporary Amperex Technology, Shenzhen Inovance Technology, Shandong Gold Mining, East Money Information, Longi Green Energy Technology, Tongwei, Zhejiang Huayou Cobalt, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 21st.
We estimate the weekly inflows to be US$221.4 million, led by industrials, energy, health care sectors, and offset by information technology, consumer staples.
We highlight flows for Cosco Shipping, Contemporary Amperex Technology, Shenzhen Inovance Technology, Shandong Gold Mining, East Money Information, Longi Green Energy Technology, Tongwei, Zhejiang Huayou Cobalt, Ping An Insurance.


Northbound Flows (Apr 21st): Cosco Shipping, CATL, Shenzhen Inovance, Shandong Gold, East Money

China

Zhejiang Huayou Cobalt Company Ltd. manufactures, processes, and distributes battery materials and new cobalt materials. The Company produces cathode materials, cobalt products, copper products, nickel products, nickel cobalt manganese hydroxide, and lithium products. Zhejiang Huayou Cobalt conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zhejiang Huayou Cobalt (603799 CH)

MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: A Week to Go

There could be 1 inclusion in September while there are 2 stocks close to the deletion threshold. Lake Resources is also a potential deletion from...

Brian Freitas

ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes

There are 3 additions, float & capping changes for REMX in June. One way turnover is estimated at 10.6% resulting in a one-way trade of US$66m....

Brian Freitas

MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: Changes Afoot

With the review period complete, there could be 4 adds and 2 deletes for the index in June. Estimated one-way turnover at the rebalance will be...

Brian Freitas

Northbound Flows (Apr 21st): Cosco Shipping, CATL, Shenzhen Inovance, Shandong Gold, East Money

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Cosco Shipping, CATL, Shenzhen Inovance, Shandong Gold,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MVIS Global Rare Earth/​​​​​​​​Strategic Metals Index Rebalance Preview: A Week to Go

There could be 1 inclusion in September while there are 2 stocks close to the deletion threshold. Lake Resources is also a potential deletion from...

Brian Freitas

ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

MVIS Global Rare Earth/​​​​Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes

There are 3 additions, float & capping changes for REMX in June. One way turnover is estimated at 10.6% resulting in a one-way trade of US$66m....

Brian Freitas

MVIS Global Rare Earth/​​​​​​​Strategic Metals Index Rebalance Preview: Changes Afoot

With the review period complete, there could be 4 adds and 2 deletes for the index in June. Estimated one-way turnover at the rebalance will be...

Brian Freitas

Northbound Flows (Apr 21st): Cosco Shipping, CATL, Shenzhen Inovance, Shandong Gold, East Money

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Cosco Shipping, CATL, Shenzhen Inovance, Shandong Gold,...

Ke Yan, CFA, FRM

MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: A Week to Go

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes

MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: Changes Afoot