Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.</li>
<li>The NIFTY Next 50 methodology was supposed to change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.</li>
<li>In this insight, we take a look at our expectations for index changes under both the existing methodology and the proposed new methodology.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
The NIFTY Next 50 methodology was supposed to change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.
In this insight, we take a look at our expectations for index changes under both the existing methodology and the proposed new methodology.


Quiddity Leaderboard NIFTY Sep 23: 5 ADDs/DELs for NIFTY Next 50 Unless the Methodology Changes

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.</li>
<li>In July, we saw the deletion of <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> from several indices in this family which triggered multiple intra-review index changes.</li>
<li>At present, I do not see any changes for the SENSEX index but I see seven ADDs/DELs for BSE 100 and five ADDs/DELs for BSE 200.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.
In July, we saw the deletion of HDFC Limited (HDFC IN) from several indices in this family which triggered multiple intra-review index changes.
At present, I do not see any changes for the SENSEX index but I see seven ADDs/DELs for BSE 100 and five ADDs/DELs for BSE 200.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.</li><li>The company recorded an EBITDA Margin of 14.8% against 9.5% YoY (above estimates), primarily owing to the lower fuel cost on a YoY basis.</li><li>The volume for the quarter stood at 9.4 Mn tonnes per annum (mntpa), up 24% YoY and up 11% QoQ (above expectations). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.The company recorded an EBITDA Margin of 14.8% against 9.5% YoY (above estimates), primarily owing to the lower fuel cost on a YoY basis.The volume for the quarter stood at 9.4 Mn tonnes per annum (mntpa), up 24% YoY and up 11% QoQ (above expectations). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC Limited - Beat On All Fronts; Maintain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

<ul><li>Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.</li><li>This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.</li><li>According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IS)

Quiddity Leaderboard NIFTY Sep 23: 5 ADDs/DELs for NIFTY Next 50 Unless the Methodology Changes

The index changes for the NIFTY index for September 2023 could be announced in the next couple of weeks. This might be a good time to revisit our...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

All else equal, if Wipro's average share price for the remainder of the reference period is more than 17% lower than the latest price, the company...

Janaghan Jeyakumar, CFA

ACC Limited - Beat On All Fronts; Maintain BUY

ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.

Axis Direct

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard NIFTY Sep 23: 5 ADDs/DELs for NIFTY Next 50 Unless the Methodology Changes

The index changes for the NIFTY index for September 2023 could be announced in the next couple of weeks. This might be a good time to revisit our...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200

All else equal, if Wipro's average share price for the remainder of the reference period is more than 17% lower than the latest price, the company...

Janaghan Jeyakumar, CFA

ACC Limited - Beat On All Fronts; Maintain BUY

ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.

Axis Direct

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.

Axis Direct

Quiddity Leaderboard BSE/SENSEX Dec 23: 7 Changes for BSE 100 and 5 Changes for BSE 200