Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is at a time a shocker and at a time, not. Because of rising regulatory requirements for NBFCs, this was to be expected at some point.</li>
<li>The deal pays Limited shareholders a slight premium vs previous close, but enables them to exit without a holdco discount. </li>
<li>Early days yet regulatorily speaking, but accretive, and it makes a lot of sense. It will be appreciated. </li>
</ul>


This is at a time a shocker and at a time, not. Because of rising regulatory requirements for NBFCs, this was to be expected at some point.
The deal pays Limited shareholders a slight premium vs previous close, but enables them to exit without a holdco discount. 
Early days yet regulatorily speaking, but accretive, and it makes a lot of sense. It will be appreciated. 


Shocker! HDFC Bank To Merge With HDFC Limited

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

Thematic (Sector/Industry)

<ul>
<li>
Indian Life Insurance Sector is a play on lucrative Indian demographics, under-penetration of life insurance and retirement savings across cohorts of the population.</li>
<li>The large firms<a href="https://www.smartkarma.com/entities/sbi-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:25899:1" rel="noopener">SBI Life</a>, <a href="https://www.smartkarma.com/entities/hdfc-standard-life-insurance" target="_blank" data-smartkarma-citation="entities:26004:1" rel="noopener">HDFC Life</a> , <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">LIC IN</a> , <a href="https://www.smartkarma.com/entities/icici-prudential-life-insurance" target="_blank" data-smartkarma-citation="entities:23608:1" rel="noopener">ICICI Pru</a>, <a href="https://www.smartkarma.com/entities/max-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:2233:1" rel="noopener">MAXF IN</a> are ripe for long-term secular growth for decades to come as they dominate the market.
</li>
<li>This "Primer" sets the stage for the company-specific notes to follow. Here we discuss the sector level issues, key metrics and relative valuations. See attached PDF- Free access.
</li>
</ul>



Indian Life Insurance Sector is a play on lucrative Indian demographics, under-penetration of life insurance and retirement savings across cohorts of the population.
The large firmsSBI Life, HDFC Life , LIC IN , ICICI Pru, MAXF IN are ripe for long-term secular growth for decades to come as they dominate the market.

This "Primer" sets the stage for the company-specific notes to follow. Here we discuss the sector level issues, key metrics and relative valuations. See attached PDF- Free access.



Indian Life Insurance (And Savings) Sector Primer - Long-Term Potential and Strong Operating Margins

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<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>There are only few more days left in the reference period used for the constituent selection process for the June 2023 Rebalance.</li>
<li>Currently, I see 6 ADDs/DELs for the BSE 100 index and 4 ADDs/DELs for the BSE 200 index.</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.
There are only few more days left in the reference period used for the constituent selection process for the June 2023 Rebalance.
Currently, I see 6 ADDs/DELs for the BSE 100 index and 4 ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard for BSE/​​SENSEX Jun 23: Six BSE 100 Changes and Four BSE 200 Changes

<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>The BSE AllCap March 2023 Rebalance results were announced and this changes the main universe from which SENSEX, BSE 100, and BSE 200 members are selected.</li>
<li>In this insight, we take a look at the recent updates to my expectations and the price and volume performance of the candidates.</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.
The BSE AllCap March 2023 Rebalance results were announced and this changes the main universe from which SENSEX, BSE 100, and BSE 200 members are selected.
In this insight, we take a look at the recent updates to my expectations and the price and volume performance of the candidates.


Quiddity Leaderboard for BSE/​SENSEX Jun 23: NMDC Could Be a BSE 200 ADD

<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>The sharp price drops experienced by the Adani Group companies have resulted in a negative change in index flow expectations for some names.</li>
<li>However, some Adani Group companies could be experiencing positive index flows in the June 2023 rebalance due to some peculiar derivative-linkage requirements in the index methodology.</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.
The sharp price drops experienced by the Adani Group companies have resulted in a negative change in index flow expectations for some names.
However, some Adani Group companies could be experiencing positive index flows in the June 2023 rebalance due to some peculiar derivative-linkage requirements in the index methodology.


Quiddity Leaderboard for BSE/SENSEX Jun 23: Mixed Expectations for Adani Names. Some Lose. Some Win.

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)

Shocker! HDFC Bank To Merge With HDFC Limited

HDFC Limited and HDFC Bank announced a surprise" Scheme of Amalgamation this morning. It offers a slight premium, and lots of synergies, but most...

Travis Lundy

Indian Life Insurance (And Savings) Sector Primer - Long-Term Potential and Strong Operating Margins

Indian Life Insurance companies - SBI Life, HDFC Life , LIC IN , ICICI Pru, MAXF IN - are ripe for long-term secular growth for decades to come as...

Raj S, CA, CFA

Quiddity Leaderboard for BSE/SENSEX Jun 23: Six BSE 100 Changes and Four BSE 200 Changes

BSE 100 and BSE 200 ADDs have historically outperformed the SENSEX index on average from the end of the reference period to the announcement of...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard for BSE/SENSEX Jun 23: NMDC Could Be a BSE 200 ADD

Following the March 2023 BSE AllCap rebalance, NMDC could be a BSE 200 ADD as it stands and Apl Apollo Tubes has fallen out of the "IN AS-IS" section.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard for BSE/SENSEX Jun 23: Mixed Expectations for Adani Names. Some Lose. Some Win.

Based on current data, I do not see any changes for SENSEX. I see 6 ADDs/DELs for BSE 100 with Adani Names involved in both sides and I see 3 ADDs...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shocker! HDFC Bank To Merge With HDFC Limited

HDFC Limited and HDFC Bank announced a surprise" Scheme of Amalgamation this morning. It offers a slight premium, and lots of synergies, but most...

Travis Lundy

Indian Life Insurance (And Savings) Sector Primer - Long-Term Potential and Strong Operating Margins

Indian Life Insurance companies - SBI Life, HDFC Life , LIC IN , ICICI Pru, MAXF IN - are ripe for long-term secular growth for decades to come as...

Raj S, CA, CFA

Quiddity Leaderboard for BSE/​​SENSEX Jun 23: Six BSE 100 Changes and Four BSE 200 Changes

BSE 100 and BSE 200 ADDs have historically outperformed the SENSEX index on average from the end of the reference period to the announcement of...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard for BSE/​SENSEX Jun 23: NMDC Could Be a BSE 200 ADD

Following the March 2023 BSE AllCap rebalance, NMDC could be a BSE 200 ADD as it stands and Apl Apollo Tubes has fallen out of the "IN AS-IS" section.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard for BSE/SENSEX Jun 23: Mixed Expectations for Adani Names. Some Lose. Some Win.

Based on current data, I do not see any changes for SENSEX. I see 6 ADDs/DELs for BSE 100 with Adani Names involved in both sides and I see 3 ADDs...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard for BSE/SENSEX Jun 23: Six BSE 100 Changes and Four BSE 200 Changes

Quiddity Leaderboard for BSE/SENSEX Jun 23: NMDC Could Be a BSE 200 ADD