Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.</li>
<li>As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.</li>
<li>Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.</li>
</ul>



First Pacific Co (142 HK) is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.
As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.
Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.


BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

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

Amman Mineral Internasional / Event-Driven

<ul>
<li>There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a>, <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>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI)</a> and <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR)</a>. </li>
<li>The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.</li>
</ul>


There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.
The largest passive inflows are expected in Amman Mineral Internasional (AMMN), Bank Rakyat Indonesia (BBRI), Bank Central Asia (BBCA), Bank Mandiri Persero (BMRI) and Jasa Marga (Persero) (JSMR). 
The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.


IDX30/​​LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

<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

<ul>
<li>The review period for the LQ45 Index ended on 31 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.</li>
<li>We see <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/harum-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:1604:1" rel="noopener">Harum Energy (HRUM IJ)</a> as higher probability inclusions in the LQ45 Index.</li>
<li>Given the focus is on liquidity, we see <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> as higher probability deletion candidates.</li>
</ul>


The review period for the LQ45 Index ended on 31 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
We see Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and Harum Energy (HRUM IJ) as higher probability inclusions in the LQ45 Index.
Given the focus is on liquidity, we see Jasa Marga (Persero) (JSMR IJ), Bumi Serpong Damai (BSDE IJ) and AKR Corporindo (AKRA IJ) as higher probability deletion candidates.


LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

Mitra Keluarga Karyasehat Tbk / Event-Driven

<ul>
<li>The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.</li>
<li>We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.
We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

Indonesia

PT Jasa Marga Persero Tbk operates the Indonesian highway system.  The Company collects tolls, maintains the road surfaces, and offers towing and ambulance services.

Price Gauge
52-week Range	0.00 - 0.00
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Jasa Marga (Persero) (JSMR IJ)

BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

First Pacfic Company's holdings in Southeast Asia are benefiting from monetary easing. Indofood and PLDT share prices have recently re-rated and...

David Mudd

IDX30/LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

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

LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

Changes to the LQ45 Index will be announced soon & become effective after the close on 31 Jan. We see three potential changes. The adds outperform...

Brian Freitas

LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

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

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

First Pacfic Company's holdings in Southeast Asia are benefiting from monetary easing. Indofood and PLDT share prices have recently re-rated and...

David Mudd

IDX30/​​LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

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

LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

Changes to the LQ45 Index will be announced soon & become effective after the close on 31 Jan. We see three potential changes. The adds outperform...

Brian Freitas

LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

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

Brian Freitas

IDX30/LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes