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>Over the last few weeks, companies in India have been disclosing their shareholding pattern as of end-June. There are a few companies with significant float changes from end-March and/or end-December.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next couple of months resulting in action from passive trackers.</li>
<li>We see 6 stocks where there could be passive inflows and 2 stocks that could have passive outflows - but there are caveats.</li>
</ul>


Over the last few weeks, companies in India have been disclosing their shareholding pattern as of end-June. There are a few companies with significant float changes from end-March and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next couple of months resulting in action from passive trackers.
We see 6 stocks where there could be passive inflows and 2 stocks that could have passive outflows - but there are caveats.


Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> has been in a strong rally since early April 2023, returning almost +17% as of last Friday's Close. The MRM tool shows the index is OVERBOUGHT WEEKLY .</li>
<li>The NIFTY Index has reached a "Tails" area of the current pattern: forecasts in these price areas are less reliable, but the MRM tool indicates the index is topping.</li>
<li>
SHORT trades can be implemented at prices &gt; Last Close (19745). Higher prices are possible, it could take +1/+2 weeks for the index to complete its topping process.</li>
</ul>


The NIFTY Index has been in a strong rally since early April 2023, returning almost +17% as of last Friday's Close. The MRM tool shows the index is OVERBOUGHT WEEKLY .
The NIFTY Index has reached a "Tails" area of the current pattern: forecasts in these price areas are less reliable, but the MRM tool indicates the index is topping.

SHORT trades can be implemented at prices &gt; Last Close (19745). Higher prices are possible, it could take +1/+2 weeks for the index to complete its topping process.


EQD | NIFTY Index WEEKLY: Topping (In The) Tails

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 ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.</li>
<li>The HDFC/HDFC Bank Merger is expected to trigger index changes in the next few days and we take a look at our expectations for these intra-review changes.</li>
<li>Apart from that, I see no other changes for SENSEX in December 2023. However, there could be up to six changes for both BSE 100 and 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.
The HDFC/HDFC Bank Merger is expected to trigger index changes in the next few days and we take a look at our expectations for these intra-review changes.
Apart from that, I see no other changes for SENSEX in December 2023. However, there could be up to six changes for both BSE 100 and BSE 200.


Quiddity Leaderboard BSE/​​​SENSEX Dec 23: HDFC Intra-Review Replacements & Other Expected Changes

<ul>
<li>An interview with Deepak Parekh set a bunch of stocks on fire. Then came the <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> exchange announcement that said the dates were still tentative.</li>
<li>Indications are that the merger could be effective 1 July and <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>'s last trading day would be 13 July.</li>
<li>The merger will have an impact on both HDFC stocks and on other stocks that could be added to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NIFTYJR INDEX</a> and <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">SENSEX Index</a>.</li>
</ul>


An interview with Deepak Parekh set a bunch of stocks on fire. Then came the HDFC Bank (HDFCB IN) exchange announcement that said the dates were still tentative.
Indications are that the merger could be effective 1 July and HDFC Limited (HDFC IN)'s last trading day would be 13 July.
The merger will have an impact on both HDFC stocks and on other stocks that could be added to the NIFTY Index, NIFTYJR INDEX and SENSEX Index.


HDFC/​​​​​​HDFC Bank Mega Merger: Are We There Yet?

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

Alibaba Group Holding  / 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, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri  laucnhes got pushed back.</li>
<li>On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a>. </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, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri  laucnhes got pushed back.
On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in Coal India Ltd (COAL IN). 


ECM Weekly (4th June 2023) - JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

India

Adani Enterprises Limited is an international trading house that operates from offices in India as well as other countries. The Company is involved in coal mining, cargo handling and power generation.  Adani also trades in a large number of products including textiles, energy, metals and agricultural products.

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Adani Enterprises (ADE IN)

India - Potential Float Changes & Impact

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

EQD | NIFTY Index WEEKLY: Topping (In The) Tails

The NIFTY50 WEEKLY may be topping: find out the index's next resistance levels, and probability of trend reversal for the coming weeks.

Nico Rosti

Quiddity Leaderboard BSE/SENSEX Dec 23: HDFC Intra-Review Replacements & Other Expected Changes

Adani Enterprises or JSW Steel Ltd could replace HDFC in SENSEX. Hindustan Aeronautics and Linde India could be the replacement names for HDFC in...

Janaghan Jeyakumar, CFA

HDFC/HDFC Bank Mega Merger: Are We There Yet?

The HDFC/HDFCB merger could complete in 2-3 weeks. This will set off changes to a bunch of indices and impact a bunch of stocks. We look at the...

Brian Freitas

ECM Weekly (4th June 2023) - JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India - Potential Float Changes & Impact

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

EQD | NIFTY Index WEEKLY: Topping (In The) Tails

The NIFTY50 WEEKLY may be topping: find out the index's next resistance levels, and probability of trend reversal for the coming weeks.

Nico Rosti

Quiddity Leaderboard BSE/​​​SENSEX Dec 23: HDFC Intra-Review Replacements & Other Expected Changes

Adani Enterprises or JSW Steel Ltd could replace HDFC in SENSEX. Hindustan Aeronautics and Linde India could be the replacement names for HDFC in...

Janaghan Jeyakumar, CFA

HDFC/​​​​​​HDFC Bank Mega Merger: Are We There Yet?

The HDFC/HDFCB merger could complete in 2-3 weeks. This will set off changes to a bunch of indices and impact a bunch of stocks. We look at the...

Brian Freitas

ECM Weekly (4th June 2023) - JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

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

Quiddity Leaderboard BSE/SENSEX Dec 23: HDFC Intra-Review Replacements & Other Expected Changes

HDFC/HDFC Bank Mega Merger: Are We There Yet?