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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a>/ <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a> replaced <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> last week.</li>
<li>
<a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a> stops trading this week and should be replaced by <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> CDIs in the ASX indices.</li>
<li>Another week of ETF outflows for China with the largest outflows from trackers benchmarked to the CSI 1000 Index.</li>
</ul>



Light &amp; Wonder (LNW US)/ Light &amp; Wonder (LNW AU) replaced United Malt Group Ltd (UMG AU) in the S&amp;P/ASX 200 (AS51 INDEX) last week.

Newcrest Mining (NCM AU) stops trading this week and should be replaced by Newmont Mining (NEM US) CDIs in the ASX indices.
Another week of ETF outflows for China with the largest outflows from trackers benchmarked to the CSI 1000 Index.


Index Rebalance & ETF Flow Recap: NKY, ASX, Liontown, J&T Express, JP/IN Positioning, IndusInd Bank

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>Hindustan Unilever: HUL’s revenue growth of 3.5% YoY was slow but in line with expectations</li><li>Volume growth was at 2% (HSIE 3%) and sustained a four-year CAGR at &lt;3%</li><li>Rural recovery has been slow despite price cuts and overall softening in the inflation</li></ul>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.

Hindustan Unilever: HUL’s revenue growth of 3.5% YoY was slow but in line with expectationsVolume growth was at 2% (HSIE 3%) and sustained a four-year CAGR at &lt;3%Rural recovery has been slow despite price cuts and overall softening in the inflationContent 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.

HSIE Results Daily: Hindustan Unilever, ITC, UltraTech Cement

<ul>
<li>
<a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India</a>, <a href="https://www.smartkarma.com/entities/macrotech-developers-limited" target="_blank" data-smartkarma-citation="entities:27315:1" rel="noopener">Macrotech Developers</a>, <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm</a>, <a href="https://www.smartkarma.com/entities/tata-communications-ltd" target="_blank" data-smartkarma-citation="entities:20892:1" rel="noopener">Tata Communications</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" data-smartkarma-citation="entities:349:1" rel="noopener">Tata Motors DVR</a>, <a href="https://www.smartkarma.com/entities/apl-apollo-tubes-ltd" target="_blank" data-smartkarma-citation="entities:16132:1" rel="noopener">Apl Apollo Tubes</a>, <a href="https://www.smartkarma.com/entities/persistent-systems-ltd" target="_blank" data-smartkarma-citation="entities:9468:1" rel="noopener">Persistent Systems</a> and <a href="https://www.smartkarma.com/entities/suzlon-energy-ltd" target="_blank" data-smartkarma-citation="entities:1073:1" rel="noopener">Suzlon Energy</a> have run up over the recent past and have heightened investor attention.</li>
<li>The increase in market cap has put the stocks on active manager radars and could also result in the stocks being added to global indices in the near future.</li>
<li>We take a look at the positioning on the stocks and recommend pair trades to reduce market risk while trying to capture alpha.</li>
</ul>



Polycab India, Macrotech Developers, Paytm, Tata Communications, Tata Motors DVR, Apl Apollo Tubes, Persistent Systems and Suzlon Energy have run up over the recent past and have heightened investor attention.
The increase in market cap has put the stocks on active manager radars and could also result in the stocks being added to global indices in the near future.
We take a look at the positioning on the stocks and recommend pair trades to reduce market risk while trying to capture alpha.


India - Positioning on Some Interesting* Names

<ul><li>The big news is that not much has changed in the past few months</li><li>Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growth</li><li>In Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong quarter.</li></ul>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.

The big news is that not much has changed in the past few monthsMost of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growthIn Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong quarter.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.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>Accenture reported strong Q4FY23 results, below street expectations on all financial and operational terms. Revenue for the quarter stood at $15.98 Bn, registering a growth of 3.6% YoY.</li><li>It registered GAAP EPS of $2.15 for the quarter while adjusted EPS stood at $2.71 reporting 9% YoY growth.</li><li>The company bagged new bookings at the $16.6 Bn, up 1% YoY. Managed Services book/bill was at 1.05x. Q4FY23 bookings are lower than the typical seasonal strength in Q4. </li></ul>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.

Accenture reported strong Q4FY23 results, below street expectations on all financial and operational terms. Revenue for the quarter stood at $15.98 Bn, registering a growth of 3.6% YoY.It registered GAAP EPS of $2.15 for the quarter while adjusted EPS stood at $2.71 reporting 9% YoY growth.The company bagged new bookings at the $16.6 Bn, up 1% YoY. Managed Services book/bill was at 1.05x. Q4FY23 bookings are lower than the typical seasonal strength in Q4. 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.

Accenture - Skeptical Outlook For FY24; FY 25 May See a Strong Recovery

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

Index Rebalance & ETF Flow Recap: NKY, ASX, Liontown, J&T Express, JP/IN Positioning, IndusInd Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

HSIE Results Daily: Hindustan Unilever, ITC, UltraTech Cement

Hindustan Unilever: HUL’s revenue growth of 3.5% YoY was slow but in line with expectations. Volume growth was at 2% (HSIE 3%) and sustained a four...

HDFC Securities

India - Positioning on Some Interesting* Names

There are 8 Indian stocks have jumped in price recently and where the increased market cap will put them on active investors radars and could get...

Brian Freitas

IT Sector - Soft Q2, Status Quo Remains

Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows

HDFC Securities

Accenture - Skeptical Outlook For FY24; FY 25 May See a Strong Recovery

Accenture reported strong Q4FY23 results, below street expectations on all financial and operational terms. Revenue for the quarter stood at $15.98...

Axis Direct

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