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>With all regulatory approvals received, the Scheme Meeting for <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>' acquisition of <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> will take place on 12 July.</li>
<li>If approved at the Scheme Meeting and at the Second Court Hearing, <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> will stop trading from the close on 19 July.</li>
<li>The replacements for <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> in the ASX100/200 indices could be announced late this week with implementation at the close on 19 July.</li>
</ul>


With all regulatory approvals received, the Scheme Meeting for Renesas Electronics (6723 JP)' acquisition of Altium Ltd (ALU AU) will take place on 12 July.
If approved at the Scheme Meeting and at the Second Court Hearing, Altium Ltd (ALU AU) will stop trading from the close on 19 July.
The replacements for Altium Ltd (ALU AU) in the ASX100/200 indices could be announced late this week with implementation at the close on 19 July.


S&P/ASX 100/200 Index Adhoc Rebalance: Potential Replacements for Altium (ALU AU)

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/zip-co-ltd-3708706d-4978-4e29-acbc-d9702b971da9" target="_blank" data-smartkarma-citation="entities:29126:1" rel="noopener">Zip (ZIP AU)</a> plans to raise around US$145m in order to repay its outstanding debt.</li>
<li>The company has undertaken a number of deals in the past and has a mixed track record.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Zip (ZIP AU) plans to raise around US$145m in order to repay its outstanding debt.
The company has undertaken a number of deals in the past and has a mixed track record.
In this note, we will talk about the placement and run the deal through our ECM framework.


ZIP Placement - Worth a Small Punt, at Best

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the coming week  to see two more listing, with both likely to do well.</li>
<li>On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the coming week  to see two more listing, with both likely to do well.
On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.


ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

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 September 2024 index rebal event.</li>
<li>In July 2024, a couple of important Australian M&amp;A deals could close and one of them could trigger intra-review additions for ASX 100 and ASX 200.</li>
<li>Separately, we see one ASX 100 change and one ASX 200 change during the September 2024 rebalance. For ASX 300, there could be 13 ADDs and 6 DELs.</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 September 2024 index rebal event.
In July 2024, a couple of important Australian M&amp;A deals could close and one of them could trigger intra-review additions for ASX 100 and ASX 200.
Separately, we see one ASX 100 change and one ASX 200 change during the September 2024 rebalance. For ASX 300, there could be 13 ADDs and 6 DELs.


Quiddity Leaderboard ASX Sep 24 Rebal: Altium to Trigger Two Intra-Review Replacements in July

Quantitative Analysis

<ul>
<li>Total short interest in Hong Kong is HK$435.1bn, marginally higher from end-December. Short notional has moved in line with the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hong Kong Hang Seng Index (HSI INDEX)</a>. </li>
<li>Total short notional of the KOSPI and KOSDAQ market has moved up since end-December and is in line with the move higher in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a>.</li>
<li>Short notional in Taiwan is lower over the quarter even as the <a href="https://www.smartkarma.com/entities/taiwan-stock-exchange-weighted-index" target="_blank" data-smartkarma-citation="entities:26056:1" rel="noopener">TWSE INDEX</a> has moved higher over the period. There has been big short covering on some stocks.</li>
</ul>


Total short interest in Hong Kong is HK$435.1bn, marginally higher from end-December. Short notional has moved in line with the Hong Kong Hang Seng Index (HSI INDEX). 
Total short notional of the KOSPI and KOSDAQ market has moved up since end-December and is in line with the move higher in the KOSPI2 INDEX and KOSDAQ 150 Index.
Short notional in Taiwan is lower over the quarter even as the TWSE INDEX has moved higher over the period. There has been big short covering on some stocks.


Short Interest Movements (Q1 2023): HK, Korea, Taiwan, Australia

Australia

Credit Corp Group Limited provides collection and credit management services in Australia.  The Company purchases charged-off and delinquent debts and also provides document serving and field call services, debtor location services and legal services.

FleetPartners Group Limited provides vehicle fleet leasing, fleet management, and diversified financial services. The Company offers consumers and businesses access to funding solutions including fleet leasing, vehicle sales, commercial equipment finance, and consumer motor vehicle finance. FleetPartners Group serves customers in Australia and New Zealand.

EML Payments Limited is a financial services company that specializes in pre-paid financial cards.

Solvar Limited provides consumer lending services. The Company specializes in automotive finance for new and used vehicles and personal loans for a variety of needs. Solvar serves customers in Australia and New Zealand.

FSA Group Limited administers debt agreements and debt consolidations which are entered due to bankruptcy conditions.  The Group provides debt relief to people and entities in financial distress .

Centrepoint Alliance Limited provides a range of financial services in Australia, New Zealand and Hong Kong.  The Company offers insurance premium funding products for the commercial insurance market, credit risk management services, equipment leasing, commercial financing broking, commercial and residential mortgages and short term loans.

Prospa Group Limited provides consumer financing services. The Company offers business loans for the sectors such as retail, hospitality, health care, trading, franchise, and professional services. Prospa Group serves customers in Australia.

IOOF Holdings Limited is a financial services company operating in Australia. The Company's services include personal superannuation, allocated pension services, employee superannuation retirement services and investment services.

Magellan Financial Group Ltd operates as an investment management company. The Company invests in global equities and listed infrastructure. Magellan Financial Group serves customers worldwide.

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

Orient Corporation provides consumer credit services.  The Company's services include credit cards, consumer installment credits, loan guarantees, leasing, and loans.

JACCS CO., LTD. is a consumer credit company.  The Company provides consumer installment credits, credit cards, loan guarantees and loans.  Jaccs also operates car lease and art rental businesses and have subsidiaries in U.S., Singapore, and Hong Kong.

Srisawad Corporation Public Company Limited operates as a consumer finance company. The Company provides personal secured loans, home loans, loans for international labors, and other related financial products. Srisawad offers its products and services to retail clients in Thailand.

Encore Capital Group, Inc. is involved in consumer debt buying and recovery. The company purchases portfolios of defaulted consumer receivables from banks, credit unions, and utility providers and partners with individuals as they repay their obligations and work toward financial recovery.

AIFUL CORPORATION is a consumer financing firm.  The Company provides financial services such as unsecured and non-guaranteed loans, commercial loans, and real estate collateral loans.

Srisawad Finance Public Company Limited offers financial services. The Company engages in various kinds of investments for public such as deposit receipts and bills of exchange, provides commercial loan facilities, and invests in securities. Srisawad Finance serves individuals, corporate entities, financial institutes, and associations in Thailand.

Srisawad Finance Public Company Limited (BFIT TB)

PRA Group Inc provides outsourced receivables management. The Company purchases, collects and manages portfolios of defaulted consumer receivables.

Ujjivan Financial Services Ltd. provides financial services. The Company offers business, family, education, emergency, housing, and livestock loans. Ujjivan Financial Services serves customers throughout India.

PT Adira Dinamika Multi Finance Tbk provides consumer financing services.

Hong Leong Finance Limited provides depository and financing services to its clients.  The Company's services include hire purchase, leasing, factoring, mortgages, and other secured loans in the commercial, industrial, and consumer sectors.

Zip Co Limited provides point-of-sale credit and digital payment services. The Company offers retail finance solutions to small, medium, and enterprise businesses. Zip Co serves retail, education, health, and travel industries in Australia.

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Zip (ZIP AU)

S&P/ASX 100/200 Index Adhoc Rebalance: Potential Replacements for Altium (ALU AU)

Passives will need to trade ZIP and TLX at the close today as part of the ad hoc rebalance triggered by Renesas acquiring Altium. ZIP and TLX have...

Brian Freitas

ZIP Placement - Worth a Small Punt, at Best

Zip (ZIP AU) plans to raise around US$145m in order to repay its outstanding debt. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Quiddity Leaderboard ASX Sep 24 Rebal: Altium to Trigger Two Intra-Review Replacements in July

The LONGs (intra-review ADD candidates TLX, SFR, ZIP, & CDA) have now outperformed the SHORT (ASX 200) by +4.8% since the beginning of July. Based...

Janaghan Jeyakumar, CFA

Short Interest Movements (Q1 2023): HK, Korea, Taiwan, Australia

The Insight looks at movements in short interest across HK, Korea, Taiwan and Australia stocks over Q1 and highlights large increases/decreases in...

Brian Freitas

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