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>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> could be added and <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> could be deleted from the SENSEX Index. There could be multiple changes for BSE 100, 200, and 500.</li>
<li>Below is a look at our estimated rankings for potential ADDs/DELs, their recent price performance vs peers, and potential trading opportunities.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.

Adani Enterprises (ADE IN) could be added and Wipro Ltd (WPRO IN) could be deleted from the SENSEX Index. There could be multiple changes for BSE 100, 200, and 500.
Below is a look at our estimated rankings for potential ADDs/DELs, their recent price performance vs peers, and potential trading opportunities.


S&P BSE/​​Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%</li><li>Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segments</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>

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segmentsContent 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.

India Equity Strategy: Cost inflation peaked out; margin recovery on the horizon

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Australia & New Zealand Bankin / Event-Driven

<ul>
<li>ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.</li>
<li>The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.</li>
<li>In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.</li>
</ul>


ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.
In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

Equity Bottom-Up

<div><div><div><div><ul><li>Corporate structure simplification ongoing: The simplification of the corporate structure has been one of the stated objectives of MAXF management.</li></ul><div><div><div><div><ul><li>The promoter is committed to bringing down pledge level: The high pledge of promoter’s holding in MAXF has been one of the key investor concerns.</li></ul><div><div><div><div><ul><li>Counter share and growth in the Axis Bank channel to normalize in H2 as base effects kick in</li></ul></div></div></div></div></div></div></div></div></div></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>

Corporate structure simplification ongoing: The simplification of the corporate structure has been one of the stated objectives of MAXF management.The promoter is committed to bringing down pledge level: The high pledge of promoter’s holding in MAXF has been one of the key investor concerns.Counter share and growth in the Axis Bank channel to normalize in H2 as base effects kick inContent 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.

Max Financial - Well-Positioned for Profitable Growth Despite Temporary ‘noises’

<div><div><div><div><ul><li>Max Life delivers robust operational and financial performance: Max Life, the sole operating company of Max Financial, posted an overall good set of numbers in FY22, with VNB growing by 22% YoY to Rs15.3bn and VNB margin expanding by 2.2ppts YoY to 27.4%.</li></ul><div><div><div><div><ul><li>Focus on growth in FY23: In CY22, the company has so far delivered weaker topline growth owing to a host of factors, including a stronger base (on 2Y/3Y/5Y CAGR, Max Life has the best APE growth), Omicron-led disruptions in distribution and a slowdown in retail protection.</li></ul><div><div><div><div><ul><li>Current weakness in shares unwarranted: The performance of MAXF shares has traditionally been driven by a combination of fundamental performance of Max Life and noises around MAXF.</li></ul></div></div></div></div></div></div></div></div></div></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>

Max Life delivers robust operational and financial performance: Max Life, the sole operating company of Max Financial, posted an overall good set of numbers in FY22, with VNB growing by 22% YoY to Rs15.3bn and VNB margin expanding by 2.2ppts YoY to 27.4%.Focus on growth in FY23: In CY22, the company has so far delivered weaker topline growth owing to a host of factors, including a stronger base (on 2Y/3Y/5Y CAGR, Max Life has the best APE growth), Omicron-led disruptions in distribution and a slowdown in retail protection.Current weakness in shares unwarranted: The performance of MAXF shares has traditionally been driven by a combination of fundamental performance of Max Life and noises around MAXF.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.

Max Financial - VNB Margin Surprises Positively; Growth to Take Centre Stage in FY23

India

Max Financial Services Limited operates as a life insurance company. The Company, through its subsidiaries, provides life insurance and health insurance products, as well as healthcare services. Max Financial Services serves insurance and health industry worldwide.

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Max India Ltd (MAXF IN)

S&P BSE/Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

I see one change for SENSEX, four changes for BSE 100, and three changes for BSE 200 based on the latest available data. There could be around...

Janaghan Jeyakumar, CFA

India Equity Strategy: Cost inflation peaked out; margin recovery on the horizon

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY

HDFC Securities

ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. The retail...

Sumeet Singh

Max Financial - Well-Positioned for Profitable Growth Despite Temporary ‘noises’

We hosted Max Financial Services’ top management in Mumbai on June 7, 2022 for meetings with DIIs to discuss the company’s business performance and...

Emkay

Max Financial - VNB Margin Surprises Positively; Growth to Take Centre Stage in FY23

Max Life reported a robust set of numbers in FY22 despite Covid-19-led disruptions to growth and mortality. The VNB margin threw a big surprise.

Emkay

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P BSE/​​Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

I see one change for SENSEX, four changes for BSE 100, and three changes for BSE 200 based on the latest available data. There could be around...

Janaghan Jeyakumar, CFA

India Equity Strategy: Cost inflation peaked out; margin recovery on the horizon

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY

HDFC Securities

ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. The retail...

Sumeet Singh

Max Financial - Well-Positioned for Profitable Growth Despite Temporary ‘noises’

We hosted Max Financial Services’ top management in Mumbai on June 7, 2022 for meetings with DIIs to discuss the company’s business performance and...

Emkay

Max Financial - VNB Margin Surprises Positively; Growth to Take Centre Stage in FY23

Max Life reported a robust set of numbers in FY22 despite Covid-19-led disruptions to growth and mortality. The VNB margin threw a big surprise.

Emkay

S&P BSE/Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions