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

Index Rebalance

<ul>
<li>The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (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>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Sarana Menara Nusantara / Equity Bottom-Up

<ul><li>TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.</li><li>Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.</li><li>EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.</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.

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.Revenue was largely stable at Rp3.29tr (-0.3%qoq, +8.8%yoy), as robust non-tower revenue offset weaker tower revenue. Non-tower revenue contributed 33.8% of total revenue, increasing by 90 bps qoq.EBITDA was Rp2.75tr (-2.1%qoq, +7.5%yoy), translating to an EBITDA margin of 83.8% (-150 bps qoq). This lower annualized EBITDA resulted in increased ND/EBITDA leverage.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.

BRIDS TMT News - Wednesday, March 26 2025

Thematic (Sector/Industry)

<ul><li>Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center &amp; Cloud Infra (+42%yoy).</li><li>Gross profit Rp964bn, +11%yoy, but GPM compressed to 18% (vs 21% in FY23) due to a higher portion of hardware.</li><li>Net profit Rp530bn, +18%yoy, in line with consensus 103%, with NPM steady at 11%, due to effective cost control.</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.

Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center &amp; Cloud Infra (+42%yoy).Gross profit Rp964bn, +11%yoy, but GPM compressed to 18% (vs 21% in FY23) due to a higher portion of hardware.Net profit Rp530bn, +18%yoy, in line with consensus 103%, with NPM steady at 11%, due to effective cost control.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.

<ul><li>Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.</li><li>This model enables operators to share infrastructure, which not only speeds up network expansion but also reduces investment costs.</li><li>Additionally, utilizing PLN’s infrastructure, such as electricity poles for fiber optic distribution, is seen as a strategic solution to extend telecommunications networks to underserved areas. </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.

Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.This model enables operators to share infrastructure, which not only speeds up network expansion but also reduces investment costs.Additionally, utilizing PLN’s infrastructure, such as electricity poles for fiber optic distribution, is seen as a strategic solution to extend telecommunications networks to underserved areas. 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.

<ul><li>XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. </li><li>XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmart</li><li>Categorizing the benefits into shareholders, industry, customers and employees. </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.

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders. XLSmart emphasized a) the larger scale of the new XLSmart and how important it is amid technology advancements, b) the in country telco consolidation experience of Axiata shareholder, c) the deep knowledge of Sinar Mas conglomerate in the local economy d) 20years+ telco experience for each director in XLSmartCategorizing the benefits into shareholders, industry, customers and employees. 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.

Indonesia

PT Dayamitra Telekomunikasi operates as an infrastructure construction company. The Company constructs telecommunications towers. Dayamitra Telekomunikasi serves customers in Indonesia.

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Dayamitra Telekomunikasi PT (MTEL IJ)

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

BRIDS TMT News - Wednesday, March 26 2025

TOWR reported net profit of Rp888bn (+5.5%qoq, +7.3%yoy), supported by stable revenue and positive contributions from items below the EBITDA line.

BRI Danareksa Research

BRIDS TMT News - Tuesday, March 25 2025

Revenue Rp5.36tr, +28%yoy, above cons., driven by strong growth in Data Center & Cloud Infra (+42%yoy). Gross profit Rp964bn, +11%yoy, but GPM...

BRI Danareksa Research

BRIDS TMT News - Friday, March 14 2025

Komdigi proposed the implementation of the Multi-Operator Core Network (MOCN) model to accelerate the adoption of 5G technology in Indonesia.

BRI Danareksa Research

BRIDS TMT News - Tuesday, March 11 2025

XLSMart reiterated the merger benefits from a) scale and commercial presence b) network synergies, c) ecosystem support from the shareholders.

BRI Danareksa Research

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