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 were 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. Then another ad hoc change was added on top of that.</li>
<li>Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.</li>
<li>Apart from the constituent changes, there are expected to be inflows in <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors</a> and <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> and outflows from <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>.</li>
</ul>


There were 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. Then another ad hoc change was added on top of that.
Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.
Apart from the constituent changes, there are expected to be inflows in Tesla Motors and Broadcom and outflows from Apple, Microsoft, Amazon.com and NVIDIA.


NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>It was a challenging first quarter for CDW Corporation as demand weakened more than expected, leading to a decline in net sales by 16% to $5.1 billion compared to last year.</li><li>Despite the fall, CDW's excellent cash flow and significant gross margin indicate the durability of its underlying profitability and the integrity of its strategy.</li><li>The decline in demand was particularly noticeable in their commercial business, where large commercial customers shifted their behavior and prioritized projects that drove cost reduction, productivity, and financial returns.</li></ul>

It was a challenging first quarter for CDW Corporation as demand weakened more than expected, leading to a decline in net sales by 16% to $5.1 billion compared to last year.Despite the fall, CDW's excellent cash flow and significant gross margin indicate the durability of its underlying profitability and the integrity of its strategy.The decline in demand was particularly noticeable in their commercial business, where large commercial customers shifted their behavior and prioritized projects that drove cost reduction, productivity, and financial returns.

CDW Corporation: Acquisition of Locus Recruiting

<ul><li>CDW delivered a mixed set of results for the quarter with revenues falling significantly below analyst expectations despite the company’s broad portfolio of technology solutions.</li><li>However, net sales declined in the quarter impacted by a significant change in client device demand.</li><li>The overall IT market growth rate sentiment was mixed, and CDW continues to expect growth in netted-down revenues.</li></ul>

CDW delivered a mixed set of results for the quarter with revenues falling significantly below analyst expectations despite the company’s broad portfolio of technology solutions.However, net sales declined in the quarter impacted by a significant change in client device demand.The overall IT market growth rate sentiment was mixed, and CDW continues to expect growth in netted-down revenues.

Credit

<ul><li>CDW Corporation is a well-known IT solutions provider to companies across the U.S., Canada, and U.K.</li><li>Despite a difficult supply environment, it has been performing well on the financial front with decent sales growth, margins, and profitability.</li><li>With a continued emphasis on hybrid work and the return to the office driving collaboration, networking, and endpoint solutions, digital transformation, agility, and security remain major considerations.</li></ul>

CDW Corporation is a well-known IT solutions provider to companies across the U.S., Canada, and U.K.Despite a difficult supply environment, it has been performing well on the financial front with decent sales growth, margins, and profitability.With a continued emphasis on hybrid work and the return to the office driving collaboration, networking, and endpoint solutions, digital transformation, agility, and security remain major considerations.

CDW Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on CDW Corporation, a leading IT solutions provider to companies across the U.S., Canada, and U.K.</li><li>The second quarterly result was strictly mediocre for CDW as the company failed to meet Wall Street expectations on the revenue front but managed an earnings beat.</li><li>With a continued emphasis on hybrid work and the return to the office driving collaboration, networking, and endpoint solutions, digital transformation, agility, and security remain major considerations.</li></ul>

This is our first report on CDW Corporation, a leading IT solutions provider to companies across the U.S., Canada, and U.K.The second quarterly result was strictly mediocre for CDW as the company failed to meet Wall Street expectations on the revenue front but managed an earnings beat.With a continued emphasis on hybrid work and the return to the office driving collaboration, networking, and endpoint solutions, digital transformation, agility, and security remain major considerations.

CDW Corporation: Initiation of Coverage – Acquisition Of Sirius Computer Solutions & Other Drivers

United States

CDW Corporation of Delaware provides information technology products and services. The Company offers hardware, software, computer peripherals, cloud computing, mobile devices, network communication, and security solutions. CDW serves business, government, education, and healthcare customers throughout North America.

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Cdw Corp/De (CDW US)

NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

There are 7 changes at the close on 15 December with an estimated one-way trade of US$18.7bn. Impact on the constituent changes varies from 1-8...

Brian Freitas

CDW Corporation: Acquisition of Locus Recruiting

It was a challenging first quarter for CDW Corporation as demand weakened more than expected, leading to a decline in net sales by 16% to $5.1...

Baptista Research

CDW Corporation: Major Drivers

CDW delivered a mixed set of results for the quarter with revenues falling significantly below analyst expectations despite the company’s broad...

Baptista Research

CDW Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

CDW Corporation is a well-known IT solutions provider to companies across the U.S., Canada, and U.K. Despite a difficult supply environment, it...

Baptista Research

CDW Corporation: Initiation of Coverage – Acquisition Of Sirius Computer Solutions & Other Drivers

This is our first report on CDW Corporation, a leading IT solutions provider to companies across the U.S., Canada, and U.K. The second quarterly...

Baptista Research

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