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>Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.</li>
<li>One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.</li>
<li>Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.</li>
</ul>


Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.
One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.
Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.


AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty</li><li>The uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpower</li><li>We believe domestic chemical companies have abundant opportunities to partner in technology</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>

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertaintyThe uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpowerWe believe domestic chemical companies have abundant opportunities to partner in technologyContent 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.

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

<ul><li>Trent: Trent reported a stellar Q2 top-line print</li><li>Standalone revenue grew 30% CAGR (three-year) to INR18.14bn</li><li>We suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-mover</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>

Trent: Trent reported a stellar Q2 top-line printStandalone revenue grew 30% CAGR (three-year) to INR18.14bnWe suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-moverContent 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: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

<ul><li>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisation</li><li>Q1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other income</li><li>Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 print</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>

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisationQ1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other incomeCrude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 printContent 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: ONGC, Trent, Phoenix Mills, Fine Organic Industries

Equity Bottom-Up

Fine Organic Industries Ltd / Equity Bottom-Up

<div><div><div><ul><li>Financial performance: Revenue grew 33/91% QoQ/YoY to INR 6.2bn in Q4 on the back of higher realisations, courtesy full pass-through of input cost price hikes, on boarding of new customers, repeat orders, better product mix, foreign exchange gains, and inability of competitors to supply their products, owing to non-availability of raw materials.</li><li>The contribution of exports to total revenue was 60% in FY22. EBITDA came in at INR 1.6bn, +100/+230% QoQ/YoY, with EBITDA margin improving significantly to 26% (+868/+1,090bps QoQ/YoY), owing to shift in the product mix towards high- margin value-added products, new customers, and new approvals in Q4.</li><li>APAT came in at INR 1.2bn (+135/+283% QoQ/YoY).</li></ul></div></div></div><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>

Financial performance: Revenue grew 33/91% QoQ/YoY to INR 6.2bn in Q4 on the back of higher realisations, courtesy full pass-through of input cost price hikes, on boarding of new customers, repeat orders, better product mix, foreign exchange gains, and inability of competitors to supply their products, owing to non-availability of raw materials.The contribution of exports to total revenue was 60% in FY22. EBITDA came in at INR 1.6bn, +100/+230% QoQ/YoY, with EBITDA margin improving significantly to 26% (+868/+1,090bps QoQ/YoY), owing to shift in the product mix towards high- margin value-added products, new customers, and new approvals in Q4.APAT came in at INR 1.2bn (+135/+283% QoQ/YoY).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.

Fine Organic Industries (4QFY22): Blockbuster Quarter!

India

Fine Organic Industries Limited manufactures specialty chemicals. The Company offers additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, and other applications. Fine Organic Industries serves customers worldwide.

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Fine Organic Industries Ltd (FINEORG IN)

AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice...

Brian Freitas

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty

HDFC Securities

HSIE Results Daily: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

Trent: Trent reported a stellar Q2 top-line print. Standalone revenue grew 30% CAGR (three-year) to INR18.14bn. We suspect while Westside’s growth...

HDFC Securities

HSIE Results Daily: ONGC, Trent, Phoenix Mills, Fine Organic Industries

Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a...

HDFC Securities

Fine Organic Industries (4QFY22): Blockbuster Quarter!

We downgrade Fine Organics from BUY to ADD, with a revised target price of INR 5,290. The downgrade is largely owing to 22% increase in the stock...

HDFC Securities

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