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>The <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</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 (TTMT/A IN)</a> scheme of arrangement has received shareholder approval and regulatory approvals and should be implemented in the short-term.</li>
<li>There will be small buying from global passive trackers while there will be much bigger buying from <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> and <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> trackers.</li>
<li>In total, we estimate passive trackers will need to buy 25.2m shares (US$308m; 1.9x ADV) of <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> with buying coming in at different times. </li>
</ul>


The Tata Motors Ltd (TTMT IN) / Tata Motors DVR (TTMT/A IN) scheme of arrangement has received shareholder approval and regulatory approvals and should be implemented in the short-term.
There will be small buying from global passive trackers while there will be much bigger buying from NIFTY Index (NIFTY INDEX) and S&amp;P BSE SENSEX Index (SENSEX INDEX) trackers.
In total, we estimate passive trackers will need to buy 25.2m shares (US$308m; 1.9x ADV) of Tata Motors Ltd (TTMT IN) with buying coming in at different times. 


Tata Motors (TTMT IN): Index Impact of DVR Cancellation

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Tata Motors' Q1/24-25 results were decent, with revenues and profit reaching record levels. However, net debt increased slightly following investment expenditure, preparations for the Range Rover EV launch and dividend payments. We share the company's view that growth this year will likely be stable compared to the high base of FY 2023-24, due to: [1] consumer expectations surrounding the Range Rover EV launch and its initial revenue effects; and [2] the company's profit margins decreasing slightly to cover the substantial initial costs for marketing, as well as the continuous quality improvements for new EV models. However, the company is confident about its FY 2025-26 target of a 10% EBIT margin. This may occur if the new electric models achieve stable quality rapidly, thus gradually reducing costs or even increasing the selling price.

  Tata Motors' Q1/24-25 results were decent, with revenues and profit reaching record levels. However, net debt increased slightly following investment expenditure, preparations for the Range Rover EV launch and dividend payments. We share the company's view that growth this year will likely be stable compared to the high base of FY 2023-24, due to: [1] consumer expectations surrounding the Range Rover EV launch and its initial revenue effects; and [2] the company's profit margins decreasing slightly to cover the substantial initial costs for marketing, as well as the continuous quality improvements for new EV models. However, the company is confident about its FY 2025-26 target of a 10% EBIT margin. This may occur if the new electric models achieve stable quality rapidly, thus gradually reducing costs or even increasing the selling price. 

Tata Motors - Earnings Flash - Q1 FY 2024-25 Results - Lucror Analytics

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Tata Motors Ltd (TML) continues to target for a double-digit EBITDA margin in both PV and CV business on sustainable basis.</li><li>It aims for an EBITDA breakeven in EV business in FY26.</li><li>It expects a gradual improvement in market share in CV segment, while it plans to follow a product launch strategy to gain market share in PV segment.</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.

Tata Motors Ltd (TML) continues to target for a double-digit EBITDA margin in both PV and CV business on sustainable basis.It aims for an EBITDA breakeven in EV business in FY26.It expects a gradual improvement in market share in CV segment, while it plans to follow a product launch strategy to gain market share in PV segment.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), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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.

<ul><li>We attended Tata Motors' annual analyst meet where the company gave a detailed overview of its Commercial Vehicle (CV), Passenger Vehicle (PV) and Electric Vehicle (EV) businesses and its growth outlook.</li><li>It aims to be net automotive debt free for the consolidated business by FY25E.</li><li>The company believes the proposed demerger of CV business will help improve its management and focus.</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.

We attended Tata Motors' annual analyst meet where the company gave a detailed overview of its Commercial Vehicle (CV), Passenger Vehicle (PV) and Electric Vehicle (EV) businesses and its growth outlook.It aims to be net automotive debt free for the consolidated business by FY25E.The company believes the proposed demerger of CV business will help improve its management and focus.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.

Tata Motors (TTMT IN) - Steady Growth Outlook Across Business Verticals

<ul><li>Prabhudas Lilladher's research report onTata Motors TTMT consolidated revenue for Q4FY24 grew by 13.3% YoY led by strong growth in its JLR &amp; PV business while CV business revenue grew by 1.6% YoY despite a 5.8% YoY decline in its volume.</li><li>The revenue growth was 3.4% lower than Ple while it was in-line with consensus estimates.</li><li>EBITDA margin came in 14.2% (14.6% excl.</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.

Prabhudas Lilladher's research report onTata Motors TTMT consolidated revenue for Q4FY24 grew by 13.3% YoY led by strong growth in its JLR &amp; PV business while CV business revenue grew by 1.6% YoY despite a 5.8% YoY decline in its volume.The revenue growth was 3.4% lower than Ple while it was in-line with consensus estimates.EBITDA margin came in 14.2% (14.6% excl.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.

Tata Motors (TTMT IN) - JLR Margin Guidance Remains Flat for FY25

India

Tata Motors Limited manufactures cars and commercial automotive vehicles. The Company designs, manufactures, and sells heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors Ltd (TTMT IN)

Tata Motors (TTMT IN): Index Impact of DVR Cancellation

With all approvals received, Tata Motors DVRs will be cancelled and new Tata Motors shares will be issued. That will result in increased weight for...

Brian Freitas

Tata Motors - Earnings Flash - Q1 FY 2024-25 Results - Lucror Analytics

Tata Motors' Q1/24-25 results were decent, with revenues and profit reaching record levels. However, net debt increased slightly following...

Lucror Analytics

Tata Motors Ltd - Eyeing a Steady Ride

Tata Motors Ltd (TML) continues to target for a double-digit EBITDA margin in both PV and CV business on sustainable basis. It aims for an EBITDA...

Sharekhan

Tata Motors (TTMT IN) - Steady Growth Outlook Across Business Verticals

Hence, we keep our estimates unchanged and maintain our ‘ACCUMULATE’ rating with a TP of Rs1,089 based on SoTP valuation.

Prabhudas Lilladhar

Tata Motors (TTMT IN) - JLR Margin Guidance Remains Flat for FY25

Prabhudas Lilladher's research report onTata Motors TTMT consolidated revenue for Q4FY24 grew by 13.3% YoY led by strong growth in its JLR & PV...

Prabhudas Lilladhar

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