Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>We expect to see large volumes of AGL, MNP and INP to trade in the closing auction due to the index harmonisation.</li>
<li>Passive trackers and hedgers with exposure to vanilla indices will need to sell down their holdings to transition to the SWIX methodology.</li>
<li>The top buys include: NPN, FSR, SBK, GFI, CPI and PRX.</li>
</ul>


We expect to see large volumes of AGL, MNP and INP to trade in the closing auction due to the index harmonisation.
Passive trackers and hedgers with exposure to vanilla indices will need to sell down their holdings to transition to the SWIX methodology.
The top buys include: NPN, FSR, SBK, GFI, CPI and PRX.


JSE March Rebalance Day: Top Sells AGL, MNP & INP

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.

Equity Capital Markets

<ul>
<li>AntFin is looking to raise around US$350m by selling around 2% of <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN).
Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

<ul><li>Indices were rebalanced in the closing auction last week Thursday.</li><li>Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).</li><li>Turnover at the November rebalance was R40.6bn. </li></ul>

Indices were rebalanced in the closing auction last week Thursday.Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).Turnover at the November rebalance was R40.6bn. 

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

<ul><li>Last night the price snapshot was taken for the March 2024 rebalance.</li><li>We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>EXX is expected to enter the RESI with NPH falling out. </li></ul>

Last night the price snapshot was taken for the March 2024 rebalance.We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.EXX is expected to enter the RESI with NPH falling out. 

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

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.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


South Africa

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

Woolworths Holdings Limited is a South African-based retail group. The Group, operates a chain of retail stores offering a selected range of clothing, food, homeware, beauty and financial services under its own brand name. The Company also owns a clothing and homeware retailer and has stores in selected African countries and the Middle East.

The Foschini Group Ltd. is an investment holding company for a group of companies which operate chain stores that retail clothing, cosmetics, jewelry, accessories and sporting goods throughout southern Africa.

Mr. Price Group Limited operates chains of retailers throughout South Africa. The Group retails clothing, accessories, homewares and jewelery.

Truworths International Limited is a retailer of apparel and jewelry.  The Group operates in southern Africa through the branded outlets: "Truworths Man", "Truworths Ladies", "Daniel Hechter", "Inwear", and "LTD".

Lewis Group Limited retails furniture, household, and electrical goods mainly on credit. The Company trades under the Lewis brand in furniture stores, the Best Electric, brand in specialist electrical stores, and Lifestyle Living brand in upmarket furniture and electronic goods stores. Lewis provides credit facilities to the majority of its customers and offers insurance products.

Famous Brands Limited is a food and beverage company.  The Company offers franchising of trademarks, manufacture and supply of product to these franchisees and the retail trade. Famous Brands provides its services with a wide range of meat, sauces, bakery, ice cream, and fruit juice products.

Metair Investments Limited is a holding company for a group of companies which manufactures and supplies motor vehicle components.  Products include batteries, hydraulics, spring systems, radiators, air conditioners, heaters, headlights, wiring harnesses and other items.

City Lodge Hotels Limited operates hotels targeted primarily towards the business community.  The Company operates "The Courtyard", "City Lodge", "Town Lodge" and "Road Lodge" hotels.

Compagnie Financiere Richemont SA, through subsidiaries, manufactures and retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear. Compagnie Financiere Richemont serves customers worldwide.

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Dollar General Corporation operates a chain of discount retail stores located primarily in the southern, southwestern, midwestern, and eastern United States. The Company offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health, beauty, pet supplies, and non-consumables such as seasonal merchandise.

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

Pan Pacific International Holdings Corporation operates discount stores which sell consumer electronics, daily necessities, groceries, watches, and sporting goods. The Company mostly operates small scale stores based in Tokyo.

Pan Pacific International Holdings (7532 JP)

Next Plc conducts retailing, home shopping, and customer services management operations.  The Company's retail stores sell ladies wear, mens wear, childrens wear, and housewares.

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

Canadian Tire Corporation Limited is a family of businesses that includes a retail segment, a financial services division and CT REIT. The Company's retail business provides Canadians with products for life in Canada across its living, playing, fixing, automotive and seasonal categories. Canadian Tire Corporation's  retail products include casual, industrial and active wear.

Dollarama Inc. operates as an online marketplace. The Company offers cleaning, school, office, home, kitchen, food, health, beauty, hardware, electronics, toys, and pets products, as well as provides delivery services. Dollarama serves customers in Canada.

El Puerto de Liverpool SAB de CV owns and operates retail stores and shopping centers located throughout the major cities of Mexico. The Company's stores sell apparel, novelties, and home items. El Puerto de Liverpool also leases retail space in shopping malls in Mexico.

El Puerto de Liverpool SAB de (LIVEPOLC MM)

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Naspers (NPN SJ)

JSE March Rebalance Day: Top Sells AGL, MNP & INP

We expect large volumes of AGL, MNP and INP to trade in the closing auction as the JSE implement Phase 1 of the harmonisation project.

DMA

Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN). In this note, we talk about the deal dynamics.

Sumeet Singh

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

Indices were rebalanced in the closing auction last week Thursday. Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing...

DMA

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

Last night the price snapshot was taken for the March 2024 rebalance. We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI,...

DMA

Screening for GEMs: February 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

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