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

Housing and Urban Development Corporation Limited / Event-Driven

Housing and Urban Development Corporation Limited

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.</li>
<li>Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.
The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.
Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.


AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

<ul>
<li>With the review period nearing completion, there could be 14/15 changes for the NIFTY Midcap 150 Index at the September rebalance.</li>
<li>Estimated one-way turnover is 8.2% resulting in a one-way trade of INR 6.6bn (US$79m). With US$38bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>Performance of a long adds/short deletes trade was very good in March, and we could see a repeat over the next couple of months.</li>
</ul>


With the review period nearing completion, there could be 14/15 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 8.2% resulting in a one-way trade of INR 6.6bn (US$79m). With US$38bn tracking the index actively, the impact on the stocks will be much larger.
Performance of a long adds/short deletes trade was very good in March, and we could see a repeat over the next couple of months.


NIFTY MIDCAP150 Index Rebalance Preview: 14 Changes & Good Performance as Actives Start Trading

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Housing and Urban Development Corporation Limited / Equity Capital Markets

<ul>
<li>The Government of India (GoI) is looking to raise up to US$130m from trimming its stake in <a href="https://www.smartkarma.com/entities/housing-and-urban-development-corporation-limited" target="_blank" data-smartkarma-citation="entities:24013:1" rel="noopener">Housing and Urban Development Corporation Limited (HUDCO IN)</a>. </li>
<li>The base deal includes a 3.5% stake sale, with an option to double it up to 7%. The selldown is targeted at meeting SEBI’s minimum public float requirements of 25%. </li>
<li>At 7.5 days of three month ADV, the deal isn’t a very large one for the firm to digest.</li>
</ul>


The Government of India (GoI) is looking to raise up to US$130m from trimming its stake in Housing and Urban Development Corporation Limited (HUDCO IN). 
The base deal includes a 3.5% stake sale, with an option to double it up to 7%. The selldown is targeted at meeting SEBI’s minimum public float requirements of 25%. 
At 7.5 days of three month ADV, the deal isn’t a very large one for the firm to digest.


Hudco Oct 23 OFS - Momentum Has Been Strong, and Appears to Be Well Flagged

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> updated rule on Collateral for Margin Requirement in Intraday &amp; F&amp;) Trading. </li>
<li>NSE almost trimmed 1000 Securities acceptable as collateral, leaving only about 730 counters for F&amp;O and intraday traders to pledge for margin trading facility.</li>
<li>New Rules will be applicable step by step till Nov-24.</li>
</ul>



National Stock Exchange (NSEIN IN) updated rule on Collateral for Margin Requirement in Intraday &amp; F&amp;) Trading. 
NSE almost trimmed 1000 Securities acceptable as collateral, leaving only about 730 counters for F&amp;O and intraday traders to pledge for margin trading facility.
New Rules will be applicable step by step till Nov-24.


NSE Is Making Future & Options Trading Harder!!!

<ul>
<li>The GoI is looking to raise US$199m in trimming a portion of its stake in <a href="https://www.smartkarma.com/entities/nhpc-ltd" target="_blank" data-smartkarma-citation="entities:7826:1" rel="noopener">NHPC (NHPC IN)</a>. There is an upsize option to increase the deal size to US$279m.</li>
<li>Assuming that the deal upsizes, the deal here would be a relatively large one to digest at 11 days of the stock’s ADV.</li>
<li>The deal appears to be well flagged, with the selldown by the GoI appearing to be part of its divestment drive across PSUs in India.</li>
</ul>


The GoI is looking to raise US$199m in trimming a portion of its stake in NHPC (NHPC IN). There is an upsize option to increase the deal size to US$279m.
Assuming that the deal upsizes, the deal here would be a relatively large one to digest at 11 days of the stock’s ADV.
The deal appears to be well flagged, with the selldown by the GoI appearing to be part of its divestment drive across PSUs in India.


NHPC OFS - While the Overhang Remains, Momentum on the Stock Has Been Very Strong

India

LIC Housing Finance Limited provides housing finance services to individuals for purchase, construction, repair and renovation of new or existing flats and houses. The Company also provides finance on existing property for business, personal needs and gives loans to professionals for purchase, construction of clinics, nursing homes, diagnostic centers, and office space throughout India.

Indiabulls Housing Finance Ltd (IBHFL) is a Housing Finance Company (HFC). The company provides long-term housing loans to individuals and loans against homes to small business owners. IBHFL also provides Lease Rent Discounting (LRD) loans against leased out commercial premises.

Can Fin Homes Ltd provides housing finance.  The company offers long term housing loans to middle and lower income individuals or corporate bodies for construction and acquiring houses/flats.

Bank of India, through its subsidiaries, provides corporate, commercial, personal banking, retail, rural, and development banking.  The Group specializes its services towards corporate and medium businesses, in addition to upmarket retail customers.

Central Bank Of India is a full service commercial bank. The Bank's services include taking deposits, lending services, and investing. Central bank operates branches throughout India.

UCO Bank provides a full range of banking services throughout India. UCO Bank operates over 1,700 banking branches in India, as well as four branches in overseas locations.

GIC Housing Finance Limited supplies housing finance services in India.  The Group provides a variety of housing loans to both individuals and corporations.

IDFC First Bank Limited provides a full range of commercial banking services for retail and institutional customers. The Bank offers fixed deposits, debit cards, savings account, cash management, and other services. IDFC Bank serves its customers in India.

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

Punjab & Sind Bank is a commercial bank. The Bank offers its customers a wide range of banking products and services.

Essent Group Ltd. operates as a holding company. The Company, through its subsidiaries,  provides mortgage insurance and reinsurance coverage products and services on residential property loans for United States real estate.

MGIC Investment Corporation, through its subsidiary, provides private mortgage insurance coverage in the United States.  The Company's customers include thrifts, mortgage bankers and brokers, commercial banks, credit unions, and other lending institutions.  The Company also provides, through subsidiaries, underwriting and contract services related to home mortgage lending.

Radian Group Inc. provides financial guarantee insurance.  The Company's products and services enable homebuyers to purchase homes more quickly and with smaller down payments, protect lenders against loan default, and lower the costs of mortgage origination and servicing.  Radian also provides insurance and reinsurance to investors in corporate, municipal, and asset-backed securities.

Mr. Cooper Group Inc. provides financial services. The Company offers home loan services for single-family residences. Mr. Cooper Group serves clients in the United States.

TFS Financial Corporation is the holding company. The Bank attracts deposits from the general public and originates a variety of loans. Third Federal operates throughout Ohio and Florida.

New York Community Bancorp, Inc. is a multi-bank holding company. The Company, through its banking subsidiaries, offers a full range of traditional and non-traditional products and services, and originates multi-family, commercial real estate, and construction loans, primarily in the New York metropolitan area.

Walker & Dunlop Inc. provides commercial real estate financial services in the United States, with a primary focus on multifamily lending.  The Company originates, sells, and services a range of multifamily and other commercial real estate financing products.

NMI Holdings Inc was created to build a private mortgage insurer delivering high quality customer service and strong investor results.  The Company intends to offer mortgage insurance on a national basis after receipt of the requisite approval from Fannie Mae or Freddie Mac.

WSFS Financial Corporation provides financial services. The Company, through its principal subsidiary, Wilmington Savings Fund Society, FSB, operates a network of offices in New Castle County and Dover, Delaware, as well as Chester, Delaware, and Montgomery counties in Pennsylvania.

Provident Financial Services, Inc. operates as a holding company for The Provident Bank, which provides banking services to individual and corporate customers in northern and central New Jersey. It attracts deposits from the general public and businesses primarily in the areas surrounding its banking offices and uses those funds, together with funds generated from operations and borrowings, to originate commercial real estate loans, residential mortgage loans, commercial business loans, and consumer loans. It also invests in mortgage backed securities and other permissible investments. The company was founded on January 15, 2003 and is headquartered in Jersey City, NJ.

Provident Financial Services, Inc (PFS US)

Housing and Urban Development Corporation Limited provides financial assistance for housing and urban infrastructure development projects. The Company offers loans for housing projects, such as urban and rural housing, co-operative housing, community toilets, and slum upgradation. Housing and Urban Development Corporation operates in India.

Housing and Urban Development Corporation Limited (HUDCO IN)

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Housing and Urban Development Corporation Limited (HUDCO IN)

AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new adds...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance Preview: 14 Changes & Good Performance as Actives Start Trading

There could be 14/15 changes for the NIFTY Midcap150 Index in Sep. Apart from the passive trackers, there are huge active funds tracking the index....

Brian Freitas

Hudco Oct 23 OFS - Momentum Has Been Strong, and Appears to Be Well Flagged

The Government of India (GoI) is looking to raise up to US$130m from trimming its stake in Housing and Urban Development Corporation Limited (HUDCO...

Clarence Chu

NSE Is Making Future & Options Trading Harder!!!

NSE tightens collateral rules for margin trading, reducing acceptable securities trimming more than 1000 Securities which earlier acceptable as F&O...

Nimish Maheshwari

NHPC OFS - While the Overhang Remains, Momentum on the Stock Has Been Very Strong

The GoI is looking to raise US$199m in trimming a portion of its stake in NHPC (NHPC IN). There is an upsize option to increase the deal size to...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

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