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>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.</li>
<li>There is huge size to trade in <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> and <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings (CRWD US)</a> and both stocks were up big in the after-hours market.</li>
<li>There has been positioning in some stocks recently but stocks including <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co</a>, <a href="https://www.smartkarma.com/entities/rb-global-inc" target="_blank" data-smartkarma-citation="entities:25475:1" rel="noopener">RB Global</a> and <a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land</a> could see further positioning in the next week.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.
There is huge size to trade in KKR &amp; Co (KKR US) and Crowdstrike Holdings (CRWD US) and both stocks were up big in the after-hours market.
There has been positioning in some stocks recently but stocks including KKR &amp; Co, RB Global and Texas Pacific Land could see further positioning in the next week.


S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The weight of the evidence suggests that the lows for this bear market have likely already been established, but that does not mean it will be smooth sailing from here.</li>
<li>The SPX and NDX are both testing important resistance levels (4165-4180 and the YTD downtrend, respectively), making this a logical spot for the indexes to stall and potentially pull back.</li>
<li>Ultimately, we would expect to see support near their 50-day MAs as the market goes through a bottoming process. We remain neutral overall.</li>
</ul>


The weight of the evidence suggests that the lows for this bear market have likely already been established, but that does not mean it will be smooth sailing from here.
The SPX and NDX are both testing important resistance levels (4165-4180 and the YTD downtrend, respectively), making this a logical spot for the indexes to stall and potentially pull back.
Ultimately, we would expect to see support near their 50-day MAs as the market goes through a bottoming process. We remain neutral overall.


S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech

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

<div>
<p>TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, raised around US$338m in its US IPO.</p>
</div>
<div>
<p>TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.</p>
</div>
<div>
<p>We have covered various aspects of the deal in our earlier note <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-tearsheet" target="_blank" rel="noopener">TDCX Inc. Pre-IPO Tearsheet</a>, <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-past-growth-looks-good-the-rest-is-iffy-including-the-founders-s-325m-payout" target="_blank" rel="noopener">TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout</a> and <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-largest-client-is-growing-faster-and-trading-cheaper" target="_blank" rel="noopener">TDCX Inc. Pre-IPO - Largest Client Is Growing Faster and Trading Cheaper</a>.</p>
</div>
<div>
<p>In this note, we will talk about the trading dynamics.</p>
</div>


TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, raised around US$338m in its US IPO.


TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.


We have covered various aspects of the deal in our earlier note TDCX Inc. Pre-IPO Tearsheet, TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout and TDCX Inc. Pre-IPO - Largest Client Is Growing Faster and Trading Cheaper.


In this note, we will talk about the trading dynamics.


Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p><a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a> provides digital customer experience solutions for innovative technology and other blue-chip companies. The company has announced the indicative IPO price range and the terms for its IPO. TDCX plans to offer 18.8m ADS (each ADS represents one Class A share) at an indicative price range of US$16-18 per ADS, and at the midpoint of US$17 per ADS, the company will raise gross proceeds of US$294.5 (assuming the over-allotment option is not exercised) at a market capitalisation of US$2.4bn and a post-money valuation of US$2.3bn.</p><table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 252.0pt;"><p style="text-align: center;"><strong>TDCX IPO Details</strong></p></td></tr>
<tr>
<td style="width: 175.75pt;"><p>No. of ADSs Issued</p></td>
<td style="width: 76.25pt;"><p style="text-align: right;">      18,772,000</p></td>
</tr>
<tr>
<td style="width: 175.75pt;"><p>Ordinary Shares per ADS</p></td>
<td style="width: 76.25pt;"><p style="text-align: right;">1.0</p></td>
</tr>
<tr>
<td style="width: 175.75pt;"><p>Shares Outstanding Post IPO</p></td>
<td style="width: 76.25pt;"><p style="text-align: right;">    142,272,000</p></td>
</tr>
<tr>
<td style="width: 175.75pt;"><p>Offer as a % of Outstanding Shares</p></td>
<td style="width: 76.25pt;"><p style="text-align: right;">13.2%</p></td>
</tr>
<tr>
<td style="width: 175.75pt;"><p>Price per ADS (US$)</p></td>
<td style="width: 76.25pt;"><p style="text-align: right;">16-18</p></td>
</tr>
<tr>
<td style="width: 175.75pt;"><p>Net Proceeds (US$m)</p></td>
<td style="width: 76.25pt;"><p style="text-align: right;">294.5</p></td>
</tr>
<tr>
<td style="width: 175.75pt;"><p>Market Capitalisation (US$m)</p></td>
<td style="width: 76.25pt;"><p style="text-align: right;">           2,418.62</p></td>
</tr>
<tr>
<td style="width: 175.75pt;"><p>Enterprise Value (US$m)</p></td>
<td style="width: 76.25pt;"><p style="text-align: right;">           2,339.12</p></td>
</tr>
</tbody></table><div style="text-align: left;" class="content-caption"><em>Source: Company disclosures (net proceeds, market cap and EV are at the midpoint of the IPO price range, we have used the net debt figure given in the roadshow presentation for EV calculation)</em></div><p>The company plans to use approx. US$188.0m (64.0%) of the net IPO proceeds to repay the loan obtained under the Credit Suisse Facility and the remaining net proceeds will be spent on expanding the company’s business into new markets and for general corporate purposes.</p>

TDCX (TDCX US) provides digital customer experience solutions for innovative technology and other blue-chip companies. The company has announced the indicative IPO price range and the terms for its IPO. TDCX plans to offer 18.8m ADS (each ADS represents one Class A share) at an indicative price range of US$16-18 per ADS, and at the midpoint of US$17 per ADS, the company will raise gross proceeds of US$294.5 (assuming the over-allotment option is not exercised) at a market capitalisation of US$2.4bn and a post-money valuation of US$2.3bn.
TDCX IPO Details

No. of ADSs Issued
      18,772,000


Ordinary Shares per ADS
1.0


Shares Outstanding Post IPO
    142,272,000


Offer as a % of Outstanding Shares
13.2%


Price per ADS (US$)
16-18


Net Proceeds (US$m)
294.5


Market Capitalisation (US$m)
           2,418.62


Enterprise Value (US$m)
           2,339.12

Source: Company disclosures (net proceeds, market cap and EV are at the midpoint of the IPO price range, we have used the net debt figure given in the roadshow presentation for EV calculation)The company plans to use approx. US$188.0m (64.0%) of the net IPO proceeds to repay the loan obtained under the Credit Suisse Facility and the remaining net proceeds will be spent on expanding the company’s business into new markets and for general corporate purposes.

<div><p>TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$338m in its upcoming US IPO.</p></div><div><p>TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.</p></div><div><p>TDCX has recorded very strong growth with revenue, EBITDA and PAT having increased by 2.5x over FY18-20. In addition, Facebook and Airbnb, combined, contributed 60.4% and 62.3% of TDCX’s total revenue for FY20 and 1H21. </p></div><div><p>We have covered various aspects of the deal in our earlier note <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-tearsheet" target="_blank" rel="noopener">TDCX Inc. Pre-IPO Tearsheet</a> and <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-past-growth-looks-good-the-rest-is-iffy-including-the-founders-s-325m-payout" target="_blank" rel="noopener">TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout</a>.</p></div><div><p>In this note we will talk about valuations</p></div>

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$338m in its upcoming US IPO.TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.TDCX has recorded very strong growth with revenue, EBITDA and PAT having increased by 2.5x over FY18-20. In addition, Facebook and Airbnb, combined, contributed 60.4% and 62.3% of TDCX’s total revenue for FY20 and 1H21. We have covered various aspects of the deal in our earlier note TDCX Inc. Pre-IPO Tearsheet and TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout.In this note we will talk about valuations

TDCX Inc. Pre-IPO - Largest Client Is Growing Faster and Trading Cheaper

United States

TTEC Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides customer engagement, experience consulting, care, and technology solutions. TTEC Holdings serves customers worldwide.

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TTEC Holdings (TTEC US)

S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

KKR, Crowdstrike and GoDaddy will be added to the SP500 at the close on 21 June. There are a bunch of changes for the SP400/600 indices too. There...

Brian Freitas

S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech

$SPX is testing important resistance in the 4165-4180 area, the same resistance level we were monitoring in early June before the market tumbled 13...

Vermilion Research

TDCX Inc. IPO Trading - Won't Be Buyers

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, raised around US$338m in its US IPO. In this note we will talk...

Sumeet Singh

TDCX IPO: Peer Comparison and Valuation

Our relative valuation implies that TDCX's IPO is attractively priced and our reverse DCF suggests annual revenues need to grow 9.5-11% to justify...

Shifara Samsudeen, ACMA, CGMA

TDCX Inc. Pre-IPO - Largest Client Is Growing Faster and Trading Cheaper

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$338m in its upcoming US IPO.

Sumeet Singh

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