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 are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.</li>
<li>There is passive inflow on <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO)</a> due to index inclusion, and on <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a> due to capping changes.</li>
<li>With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.
There is passive inflow on Bank Jago Tbk PT (ARTO) due to index inclusion, and on Bank Rakyat Indonesia (BBRI) and Bank Central Asia (BBCA) due to capping changes.
With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

<ul>
<li>The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 29 July.</li>
<li>Potential adds are <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a>, <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals (ADMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals Tbk (BRMS IJ)</a>, <a href="https://www.smartkarma.com/entities/transcoal-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:28449:1" rel="noopener">Transcoal Pacific Tbk PT (TCPI IJ)</a> and <a href="https://www.smartkarma.com/entities/pt-dayamitra-telekomunikasi" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Mitratel (MTEL IJ)</a>.</li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/pembangunan-perumahan-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:19840:1" rel="noopener">Pembangunan Perumahan (Persero) (PTPP IJ)</a>, <a href="https://www.smartkarma.com/entities/pabrik-kertas-tjiwi-kimia-pt" target="_blank" data-smartkarma-citation="entities:19184:1" rel="noopener">Pabrik Kertas Tjiwi Kimia (TKIM IJ)</a>, <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a>, <a href="https://www.smartkarma.com/entities/gudang-garam-tbk-pt" target="_blank" data-smartkarma-citation="entities:722:1" rel="noopener">Gudang Garam (GGRM IJ)</a> and <a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" data-smartkarma-citation="entities:2556:1" rel="noopener">Chandra Asri Petrochemical (TPIA IJ)</a>.</li>
</ul>


The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 29 July.
Potential adds are Bank Jago Tbk PT (ARTO IJ), Adaro Minerals (ADMR IJ), Bumi Resources Minerals Tbk (BRMS IJ), Transcoal Pacific Tbk PT (TCPI IJ) and Mitratel (MTEL IJ).
Potential deletions are Pembangunan Perumahan (Persero) (PTPP IJ), Pabrik Kertas Tjiwi Kimia (TKIM IJ), Media Nusantara Citra (MNCN IJ), Gudang Garam (GGRM IJ) and Chandra Asri Petrochemical (TPIA IJ).


LQ45 Index Rebalance Preview (July 2022): Candidates for Change

Bumi Resources Minerals Tbk / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kinross-gold-corp-4566bc5d-6053-4c59-9b54-891e37079607" target="_blank" data-smartkarma-citation="entities:33288:1" rel="noopener">Kinross Gold Corp (KGC US)</a>, <a href="https://www.smartkarma.com/entities/fresnillo-plc" target="_blank" data-smartkarma-citation="entities:21939:1" rel="noopener">Fresnillo PLC (FRES LN)</a>, <a href="https://www.smartkarma.com/entities/kingsgate-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:12544:1" rel="noopener">Kingsgate Consolidated (KCN AU)</a>, Dakota Gold are adds; <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold Tbk PT (MDKA IJ)</a> and PGM Gold Mining are deletes.</li>
<li>One way turnover is US$390m and there is a big impact on a lot of stocks due to addition, deletion and float changes. Implementation at the close on 17 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals Tbk (BRMS IJ)</a> was added to the GDXJ in March and rallied over 30% in 4 days since announcement. Buying this time will be even larger.</li>
</ul>



Kinross Gold Corp (KGC US), Fresnillo PLC (FRES LN), Kingsgate Consolidated (KCN AU), Dakota Gold are adds; Merdeka Copper Gold Tbk PT (MDKA IJ) and PGM Gold Mining are deletes.
One way turnover is US$390m and there is a big impact on a lot of stocks due to addition, deletion and float changes. Implementation at the close on 17 June.

Bumi Resources Minerals Tbk (BRMS IJ) was added to the GDXJ in March and rallied over 30% in 4 days since announcement. Buying this time will be even larger.


MVIS Global Junior Gold Miners Index Rebalance: Big Flows & Impact

Ex - Analyst at PE and Indonesia Brokerage Firm

Surabhi Chopra

Equity Bottom-Up

Bumi Resources Minerals Tbk / Equity Bottom-Up

<div><strong><a href="https://www.smartkarma.com/entities/9136" target="_blank" data-smartkarma-citation="entities:9136:1">Bumi Resources Minerals Tbk (BRMS IJ)</a> : Market cap: IDR 4.2 Tn (US$315 million), current share price: IDR67/ share.</strong></div><p><strong><a href="https://www.smartkarma.com/entities/9136" target="_blank" data-smartkarma-citation="entities:9136:1">Bumi Resources Minerals Tbk (BRMS IJ)</a> is an Indonesia based non-coal mineral company having a diverse portfolio of mineral assets, including copper, gold, zinc, and lead. Its portfolio include world class assets: 1) PT Dairi Prima Mineral – Herald Resources (Zinc) 2) PT Gorontalo Minerals (Copper &amp; Gold) and 3) PT Citra Palu Minerals (Gold &amp; Molybdenum). Currently, all its assets</strong>…</p>

Bumi Resources Minerals Tbk (BRMS IJ) : Market cap: IDR 4.2 Tn (US$315 million), current share price: IDR67/ share.Bumi Resources Minerals Tbk (BRMS IJ) is an Indonesia based non-coal mineral company having a diverse portfolio of mineral assets, including copper, gold, zinc, and lead. Its portfolio include world class assets: 1) PT Dairi Prima Mineral – Herald Resources (Zinc) 2) PT Gorontalo Minerals (Copper &amp; Gold) and 3) PT Citra Palu Minerals (Gold &amp; Molybdenum). Currently, all its assets…

BMRS: Becomes Debt Free but with Significant Equity Dilution

Indonesia

Aneka Tambang Persero Tbk PT is a diversified mining and metals company. The Company produces ferronickel, nickel ore, gold, silver, bauxite and coal. Aneka Tambang is currently building a chemical grade alumina smelter and is looking to build  a smelter grade alumina smelter as well as a nickel pig iron smelter.

PT Cita Mineral Investindo Tbk is a mineral exploration company. The Company mines for and produces bauxite.

PT Archi Indonesia Tbk operates as a mining company. The Company explores and develops silver and gold projects. Archi Indonesia serves customers worldwide.

PT Timah (Persero) Tbk operates tin mines on Indonesian islands such as Bangka and Karimun, and coastal areas of Sumatra. The Company, through its subsidiaries, also provides consultancy, shipping dockyard and workshop, transportation, exploration, and research and development services.

PT J Resources Asia Pasifik Tbk explores for and produces gold.  The Company operates in the Australasian region.

PT Vale Indonesia Tbk produces nickel in matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Soroako, Sulawesi

PT Krakatau Steel Persero Tbk is the iron and steel producer in Indonesia. The Company is a  state-owned enterprise and located in Cilegon, Indonesia. Krakatau Steel consists of production plants that produce hot rolled coils, plates and sheets.

PT Steel Pipe Industry Of Indonesia Tbk manufactures steel pipes. The Company produces ERW pipes, spiral welded pipes, stainless steel welded pipes, electric poles, lighting poles, scaffolding and other related products.

Steel Pipe Industry of Indonesia (ISSP IJ)

PT Darma Henwa Tbk is a coal mining company. The Company also provides machinery leasing and energy consultancy services.

PT Gunawan Dianjaya Steel Tbk produces hot rolled steel plate.  The Company markets its products to shipbuilders, heavy equipment manufacturers, construction companies, and international trading companies.

Angang Steel Company Limited produces steel products which include cold rolled sheets, steel rail, pipe billets, wire rods, thick plates, and other steel products.

Kaiser Aluminum Corporation is a producer of fabricated aluminum products for aerospace/high strength, general engineering, automotive and custom industrial applications. The Company's product lines includes sheet, plate, billet, redraw rod, extrusions, forgings, and tube products for a wide array of applications.

Tibet Mineral Development Company Ltd. mines chromium iron ores and produces chromium iron alloys, as well as explores for and processes copper and gold.

Bellevue Gold Limited operates as a mining company. The Company engages in the exploration and development of gold mines. Bellevue Gold serves customers in Australia.

Advanced Technology & Materials Co., Ltd. develops, manufactures, and markets advanced materials and related products. The Company's products include extra-hard materials, functional materials, and biomedical materials.  Advanced Technology also operates in commercial trading and provides technical services.

Tung Ho Steel Enterprise Corporation manufactures and markets steel rods, H-shaped steel frames, steel plates, and reinforcements.

Yunnan Lincang Xinyuan Germanium Industrial Co., Ltd. produces, refines and sells germanium products and other metallurgical products.  The Company's products include high-purity germanium dioxide, germanium ingot, zone melting germanium, organic germanium products, and other metallurgical products.

Yunnan Lincang Xnyn Grm Industrl (002428 CH)

Jiangsu Shagang Co., Ltd. manufactures and markets copper products. The company's major products include copper pipes for air conditioning equipments, copper water pipes and copper alloys.

Shengda Mining Co Ltd. is a mining exploration and production company. The Company mines for non-ferrous metals in Inner Mongolia.

Mongolian Mining Corporation produces coking coal.  The Company operates the Ukhaa Khudag mine in Mongolia.

Bumi Resources Minerals Tbk PT is an exploration and exploitation mining company.

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Bumi Resources Minerals Tbk (BRMS IJ)

IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

There are 3 changes each for the IDX30 and LQ45 indices that will be implemented on 29 July. The largest passive inflows are on BBRI, ARTO and...

Brian Freitas

LQ45 Index Rebalance Preview (July 2022): Candidates for Change

There could be 5 changes to the LQ45 Index at the July rebalance. The adds outperform the deletion the day after announcement and there is...

Brian Freitas

MVIS Global Junior Gold Miners Index Rebalance: Big Flows & Impact

There are 4 adds and 2 deletes for the GDXJ Index resulting in one-way turnover of 10% and a one-way trade of US$390m. BRMS IJ has a big float...

Brian Freitas

BMRS: Becomes Debt Free but with Significant Equity Dilution

Bumi Resources Minerals Tbk (BRMS IJ) : Market cap: IDR 4.2 Tn (US$315 million), current share price: IDR67/ share.Bumi Resources Minerals Tbk...

Surabhi Chopra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IDX30/​LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

There are 3 changes each for the IDX30 and LQ45 indices that will be implemented on 29 July. The largest passive inflows are on BBRI, ARTO and...

Brian Freitas

LQ45 Index Rebalance Preview (July 2022): Candidates for Change

There could be 5 changes to the LQ45 Index at the July rebalance. The adds outperform the deletion the day after announcement and there is...

Brian Freitas

MVIS Global Junior Gold Miners Index Rebalance: Big Flows & Impact

There are 4 adds and 2 deletes for the GDXJ Index resulting in one-way turnover of 10% and a one-way trade of US$390m. BRMS IJ has a big float...

Brian Freitas

BMRS: Becomes Debt Free but with Significant Equity Dilution

Bumi Resources Minerals Tbk (BRMS IJ) : Market cap: IDR 4.2 Tn (US$315 million), current share price: IDR67/ share.Bumi Resources Minerals Tbk...

Surabhi Chopra

IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI