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>Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.</li>
<li>One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.</li>
<li>Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.</li>
</ul>


Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.
One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.
Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.


AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

<ul>
<li>Less than halfway through the review period, we see 6 stocks moving from MidCap to LargeCap and vice versa, and 7 stocks moving from SmallCap to MidCap and vice versa.</li>
<li>There are a bunch of stocks that are close to the cutoff ranks and there will be more change as we move deeper into the review period.</li>
<li>Over the last 6months, stocks expected to migrate upward have outperformed stocks that are expected to migrate downward. Given the large divergence, there will be a pullback at some point.</li>
</ul>


Less than halfway through the review period, we see 6 stocks moving from MidCap to LargeCap and vice versa, and 7 stocks moving from SmallCap to MidCap and vice versa.
There are a bunch of stocks that are close to the cutoff ranks and there will be more change as we move deeper into the review period.
Over the last 6months, stocks expected to migrate upward have outperformed stocks that are expected to migrate downward. Given the large divergence, there will be a pullback at some point.


India: AMFI Stock Reclassification Preview (Dec 2022)

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Timken India is into manufacturing, distribution and sale of antifriction bearings, primarily tapered roller bearings, cylindrical roller bearing and other bearing components and accessories</li><li>They are also in power transmission product brands &amp; partner with renewable energy companies to power some of world’s largest wind mills</li><li>Target Price and Valuation: We value Timken at Rs 2405 i.e. 48x P/E on FY24E EPS</li></ul><div class="content-highlight"><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></div>

Timken India is into manufacturing, distribution and sale of antifriction bearings, primarily tapered roller bearings, cylindrical roller bearing and other bearing components and accessoriesThey are also in power transmission product brands &amp; partner with renewable energy companies to power some of world’s largest wind millsTarget Price and Valuation: We value Timken at Rs 2405 i.e. 48x P/E on FY24E EPSContent 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.

Timken India: Decent Set of Operational Numbers

<ul><li>Timken India is into manufacturing, distribution and sale of antifriction bearings</li><li>They are also in power transmission product brands &amp; partner with renewable energy companies to power some of world’s largest wind mills</li><li>We continue to maintain our HOLD rating on the stock. We value Timken at Rs 2240 i.e. 45x P/E on FY24E EPS</li></ul><div class="content-highlight"><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></div>

Timken India is into manufacturing, distribution and sale of antifriction bearingsThey are also in power transmission product brands &amp; partner with renewable energy companies to power some of world’s largest wind millsWe continue to maintain our HOLD rating on the stock. We value Timken at Rs 2240 i.e. 45x P/E on FY24E EPSContent 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.

Timken India: Strong Performance but Expensive Valuations

<p>We continue to maintain out HOLD rating on the stock Target Price and Valuation: We value Timken at Rs 1740 i.e. 40x P/E on FY24E EPS Key triggers for future price performance:...</p><div class="content-highlight"><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></div>

We continue to maintain out HOLD rating on the stock Target Price and Valuation: We value Timken at Rs 1740 i.e. 40x P/E on FY24E EPS Key triggers for future price performance:...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.

India

Timken India Limited provides friction management solutions for a wide range of industry applications across the globe; from agriculture to construction, from heavy industrial applications to automobiles and from rail to related products. Timken provides a complete package solution for bearings and roll-shop maintenance.

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Timken India (TMKN IN)

AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice...

Brian Freitas

India: AMFI Stock Reclassification Preview (Dec 2022)

Less than halfway in the review period, we see 6 stocks moving from Mid to Large & vice versa, & 7 stocks moving from Small to Mid & vice versa....

Brian Freitas

Timken India: Decent Set of Operational Numbers

Timken India is into manufacturing, distribution and sale of antifriction bearings, primarily tapered roller bearings, cylindrical roller bearing...

ICICI Securities Limited

Timken India: Strong Performance but Expensive Valuations

Timken India is into manufacturing, distribution and sale of antifriction bearings. They are also in power transmission product brands & partner...

ICICI Securities Limited

Timken India: Strong Performance but Expensive Valuations

We continue to maintain out HOLD rating on the stock Target Price and Valuation: We value Timken at Rs 1740 i.e. 40x P/E on FY24E EPS Key triggers...

ICICI Securities Limited

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52-week Range

Market Cap (USDm)

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