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

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<li>Nearing the end of the review period, we see 5 stocks moving from MidCap to LargeCap, 2 new listings added to LargeCap and 7 stocks moving from LargeCap to MidCap.</li>
<li>We see 7 stocks moving from SmallCap to MidCap, 3 new listings added to MidCap, and 12 stocks moving from MidCap to SmallCap.</li>
<li>Stock migrating upward have, on average, outperformed stocks that are downward migrations. Stocks moving from MidCap to LargeCap have performed the best.</li>
</ul>


Nearing the end of the review period, we see 5 stocks moving from MidCap to LargeCap, 2 new listings added to LargeCap and 7 stocks moving from LargeCap to MidCap.
We see 7 stocks moving from SmallCap to MidCap, 3 new listings added to MidCap, and 12 stocks moving from MidCap to SmallCap.
Stock migrating upward have, on average, outperformed stocks that are downward migrations. Stocks moving from MidCap to LargeCap have performed the best.


India: AMFI Stock Reclassification Preview

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

Cholamandalam Investment and Finance / Equity Bottom-Up

<ul><li>Disbursements strong: Disbursements at Rs127bn were up 58% YoY and 22% QoQ. Vehicle Finance disbursements grew by 43% YoY and 15% QoQ.</li><li>I<span style="font-size: var(--content-font-size);">mproved collections and higher write-offs lead to lower NPAs: Write-offs for 4QFY22 at Rs5.5bn (calc), 0.7% of gross advances, were higher than normal range of 10-20bps per quarter.</span></li><li><div><div><div><p>Other key takeaways: (1) Focus is to maintain NIM at ~7.5% levels and RoA at 3-3.5%</p></div></div></div></li></ul><p><em>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.</em></p>

Disbursements strong: Disbursements at Rs127bn were up 58% YoY and 22% QoQ. Vehicle Finance disbursements grew by 43% YoY and 15% QoQ.Improved collections and higher write-offs lead to lower NPAs: Write-offs for 4QFY22 at Rs5.5bn (calc), 0.7% of gross advances, were higher than normal range of 10-20bps per quarter.Other key takeaways: (1) Focus is to maintain NIM at ~7.5% levels and RoA at 3-3.5%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.

Cholamandalam Investment - Provision Write-Back Aids Profitability; Asset Quality Improves

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.

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<li>Steady P&amp;L outcomes, increasing opex intensity: Chola reported stable NII growth (+10% YoY), in line with AUM growth, as NIMs remained steady at 8.1%.</li>
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<li>Receding stress pool; normalised credit costs: The aggregate stress pool has nearly halved to 12%, from the Q1FY22 peak of 21%, driven largely by strong collections and recoveries.</li>
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<li>New businesses to augment growth; build-out key monitorable</li>
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<p><em>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.</em></p>





Steady P&amp;L outcomes, increasing opex intensity: Chola reported stable NII growth (+10% YoY), in line with AUM growth, as NIMs remained steady at 8.1%.





Receding stress pool; normalised credit costs: The aggregate stress pool has nearly halved to 12%, from the Q1FY22 peak of 21%, driven largely by strong collections and recoveries.





New businesses to augment growth; build-out key monitorable










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.

HSIE Results Daily: Cholamandalam Investment and Finance Company

<ul>
<li>Two-Thirds of the way through the review period, we see 7 stocks migrating from MidCap to LargeCap, 8 stocks from LargeCap to MidCap, and 1 new listing added to LargeCap.</li>
<li>Post listing, <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (LIC) (1248Z IN)</a> should be added to the LargeCap segment while <a href="https://www.smartkarma.com/entities/delhivery-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (1058656D IN)</a> should be added to the MidCap segment.</li>
<li>On average, stocks expected to migrate from Mid Cap to Large Cap have outperformed. Stocks expected to migrate from the Large Cap to Mid Cap segment have performed the worst.</li>
</ul>


Two-Thirds of the way through the review period, we see 7 stocks migrating from MidCap to LargeCap, 8 stocks from LargeCap to MidCap, and 1 new listing added to LargeCap.
Post listing, Life Insurance Corp of India (LIC) (1248Z IN) should be added to the LargeCap segment while Delhivery (1058656D IN) should be added to the MidCap segment.
On average, stocks expected to migrate from Mid Cap to Large Cap have outperformed. Stocks expected to migrate from the Large Cap to Mid Cap segment have performed the worst.


India: Preview of Stock Reclassification for Active Funds

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Cholamandalam Invst. &amp; Finance Company Ltd (CIFC) Q3FY22 performance was led by a strong pick-up in disbursements (up 32% YoY) and continued NIM traction (~8.1%)</li><li>AUM growth was moderate at 5.8% YoY, likely on higher repayments</li><li>We maintain a BUY rating on the stock with a target price of 720 (4x FY24 P/ABV).</li></ul><div class="content-highlight"><em>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.</em></div>

Cholamandalam Invst. &amp; Finance Company Ltd (CIFC) Q3FY22 performance was led by a strong pick-up in disbursements (up 32% YoY) and continued NIM traction (~8.1%)AUM growth was moderate at 5.8% YoY, likely on higher repaymentsWe maintain a BUY rating on the stock with a target price of 720 (4x FY24 P/ABV).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.

Cholamandalam Investment and Finance: Growth to Accelerate

India

Cholamandalam Investment and Finance Company Limited operates as a financial services provider. The Company offers vehicle finance, home equity loans, investment advisory, stock broking, and other financial services to customers.

Cholamandalam Investment and Finance (CIFC IN)

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Cholamandalam Investment and Finance (CIFC IN)

India: AMFI Stock Reclassification Preview

With 9 trading days to go in the review period, we see 5 stocks moving from Mid to Large and 7 stocks moving the other way. 2 new listings will be...

Brian Freitas

Cholamandalam Investment - Provision Write-Back Aids Profitability; Asset Quality Improves

Cholamandalam Investment & Finance Co Ltd (CIFC) reported PAT of Rs6.9bn (1% below our estimate). While NII and operating profit were 7% and 12%...

Nirmal Bang

HSIE Results Daily: Cholamandalam Investment and Finance Company

Back-book near normal; poised for strong growth; Chola’s Q4FY22 earnings were 18% ahead of our estimates, largely on the back of reversal of COVID...

HDFC Securities

India: Preview of Stock Reclassification for Active Funds

Two-thirds of the way through the review period, we see quite a few changes to the Large/Mid/Small Cap classification for Indian stocks. The upward...

Brian Freitas

Cholamandalam Investment and Finance: Growth to Accelerate

Cholamandalam Invst. & Finance Company Ltd (CIFC) Q3FY22 performance was led by a strong pick-up in disbursements (up 32% YoY) and continued NIM...

Axis Direct

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