Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The S&amp;P BSE family of indices represents the performance of stocks listed on the Bombay Stock Exchange (BSE) across various sizes, themes, industries, and strategies.</li>
<li>This series will mainly focus on the following indices of the S&amp;P BSE family: S&amp;P BSE 500, S&amp;P BSE 200, S&amp;P BSE 100, and S&amp;P BSE SENSEX.</li>
<li>In this insight, we take a brief look at the constituent selection methodology and the historical price performance of Index Rebalance Events for the above-mentioned indices.</li>
</ul>


The S&amp;P BSE family of indices represents the performance of stocks listed on the Bombay Stock Exchange (BSE) across various sizes, themes, industries, and strategies.
This series will mainly focus on the following indices of the S&amp;P BSE family: S&amp;P BSE 500, S&amp;P BSE 200, S&amp;P BSE 100, and S&amp;P BSE SENSEX.
In this insight, we take a brief look at the constituent selection methodology and the historical price performance of Index Rebalance Events for the above-mentioned indices.


S&P BSE Indices (SENSEX Family): Quiddity Primer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The Connect consortium will offer A$5.00 cash per share, an 11.1% premium to the Morrison &amp; Co indicative offer of A$4.50.</li>
<li>Brookfield has joined Morrison &amp; Co as joint bidders. This development suggests another round of bids for <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>.</li>
<li>The A$5m fee to break the Morrison/Brookfield exclusivity pales in comparison to Connect consortium’s A$340m premium to the Morrison/Brookfield offer. Expect Connect consortium to secure due diligence access. </li>
</ul>


The Connect consortium will offer A$5.00 cash per share, an 11.1% premium to the Morrison &amp; Co indicative offer of A$4.50.
Brookfield has joined Morrison &amp; Co as joint bidders. This development suggests another round of bids for Uniti Group Ltd (UWL AU).
The A$5m fee to break the Morrison/Brookfield exclusivity pales in comparison to Connect consortium’s A$340m premium to the Morrison/Brookfield offer. Expect Connect consortium to secure due diligence access. 


Uniti’s Indicative Bid from Connect Consortium to Set off a Bidding War?

<ul>
<li>In early February 2022, Indian IT giant <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> officially announced a INR180bn (~US$2.4bn) Buyback which is one of the largest in Indian stock market history.</li>
<li>Today the company published the Letter of Offer confirming the final details and the expected timeline for this Buyback.</li>
<li>Below is a closer look at these details and their implications for shareholders.</li>
</ul>


In early February 2022, Indian IT giant Tata Consultancy Svcs (TCS IN) officially announced a INR180bn (~US$2.4bn) Buyback which is one of the largest in Indian stock market history.
Today the company published the Letter of Offer confirming the final details and the expected timeline for this Buyback.
Below is a closer look at these details and their implications for shareholders.


Tata Consultancy Services (TCS IN): US$2.4bn Mega Buyback - Letter of Offer Out; TCS Cheap Vs Peers

<ul>
<li>Indian IT giant <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> released their public announcement document for their latest buyback after market close on 14th February 2022. </li>
<li>The company is planning to spend up to INR180bn (~US$2.4bn) which is one of the largest amounts spent in Tender Offer-style Buybacks in India.</li>
<li>Below is a closer look at the details of this Buyback.</li>
</ul>


Indian IT giant Tata Consultancy Svcs (TCS IN) released their public announcement document for their latest buyback after market close on 14th February 2022. 
The company is planning to spend up to INR180bn (~US$2.4bn) which is one of the largest amounts spent in Tender Offer-style Buybacks in India.
Below is a closer look at the details of this Buyback.


Tata Consultancy Services (TCS IN): US$2.4bn Mega Buyback

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>Following 2 years of exceptional performance, share prices have started to correct. The demand outlook remains robust, but revenue and earnings growth rates are decelerating off a high base.</li>
<li>The key catalysts will be the FY2023 outlook and guidance, due April 2022, and the impact of increased shareholder returns.</li>
<li>Based on their recent financial performance, short- to medium-term growth outlook, shareholder return policies, and current valuation levels, the sector remains unattractive.</li>
</ul>


Following 2 years of exceptional performance, share prices have started to correct. The demand outlook remains robust, but revenue and earnings growth rates are decelerating off a high base.
The key catalysts will be the FY2023 outlook and guidance, due April 2022, and the impact of increased shareholder returns.
Based on their recent financial performance, short- to medium-term growth outlook, shareholder return policies, and current valuation levels, the sector remains unattractive.


Indian IT Services: Medium-Term Outlook Unattractive as Growth Slows, on Premium Valuation Levels

India

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

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HCL Technologies (HCLT IN)

S&P BSE Indices (SENSEX Family): Quiddity Primer

A brief look at the selection methodology for the Indices in the S&P BSE family and a discussion on the historical performance of Rebalance Events.

Janaghan Jeyakumar, CFA

Uniti’s Indicative Bid from Connect Consortium to Set off a Bidding War?

The Connect consortium will offer A$5.00, an 11.1% premium to the Morrison & Co indicative offer of A$4.50. Expect a bidding war. At last close,...

Arun George

Tata Consultancy Services (TCS IN): US$2.4bn Mega Buyback - Letter of Offer Out; TCS Cheap Vs Peers

The Letter of Offer for the INR180bn (~US$2.4bn) Buyback by Tata Consultancy Services has been published. No major changes is pro-ration...

Janaghan Jeyakumar, CFA

Tata Consultancy Services (TCS IN): US$2.4bn Mega Buyback

Indian IT giant TCS officially launched a US$2.4bn Buyback which is one of the largest buybacks in Indian history. The Buyback Price is INR4,500...

Janaghan Jeyakumar, CFA

Indian IT Services: Medium-Term Outlook Unattractive as Growth Slows, on Premium Valuation Levels

In this insight, I take a longer-term view on the 4 largest companies in the Indian IT Services sector, analysing their recent financial...

Wium Malan, CFA

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