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>With the review period nearing completion, there could be 14/15 changes for the NIFTY Midcap 150 Index at the September rebalance.</li>
<li>Estimated one-way turnover is 8.2% resulting in a one-way trade of INR 6.6bn (US$79m). With US$38bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>Performance of a long adds/short deletes trade was very good in March, and we could see a repeat over the next couple of months.</li>
</ul>


With the review period nearing completion, there could be 14/15 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 8.2% resulting in a one-way trade of INR 6.6bn (US$79m). With US$38bn tracking the index actively, the impact on the stocks will be much larger.
Performance of a long adds/short deletes trade was very good in March, and we could see a repeat over the next couple of months.


NIFTY MIDCAP150 Index Rebalance Preview: 14 Changes & Good Performance as Actives Start Trading

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Zee Entertainment Enterprises / Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onZee Entertainment Enterprises In an address to investors, Mr R Gopalan, Chairman of the Board, highlighted 1) revival plan is in place post-merger fall out and monthly reviews will be undertaken to track progress 2) an independent advisory committee has been formed to counter circulation of mis-information and 3) steps to enforce merger with Sony are still ongoing (ZEEL has approached NCLT to implement the merger scheme).</li><li>We believe recalibration measures taken to reset the cost structure by re-visiting content, technology, marketing and people spends will take some time to unfold and the competitive landscape is likely to evolve after merger of Disney-Viacom18.</li><li>We maintain our estimates and expect sales CAGR of 10% over next 2 years with EBITDA margin of 11.3%/16.8% in FY24E/FY25E but upgrade our rating to HOLD (earlier REDUCE) with a TP of Rs167 (12x FY26E EPS; no change in target multiple) amid ~18% correction in stock price since our last note.</li></ul><p><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></p>

Prabhudas Lilladher's research report onZee Entertainment Enterprises In an address to investors, Mr R Gopalan, Chairman of the Board, highlighted 1) revival plan is in place post-merger fall out and monthly reviews will be undertaken to track progress 2) an independent advisory committee has been formed to counter circulation of mis-information and 3) steps to enforce merger with Sony are still ongoing (ZEEL has approached NCLT to implement the merger scheme).We believe recalibration measures taken to reset the cost structure by re-visiting content, technology, marketing and people spends will take some time to unfold and the competitive landscape is likely to evolve after merger of Disney-Viacom18.We maintain our estimates and expect sales CAGR of 10% over next 2 years with EBITDA margin of 11.3%/16.8% in FY24E/FY25E but upgrade our rating to HOLD (earlier REDUCE) with a TP of Rs167 (12x FY26E EPS; no change in target multiple) amid ~18% correction in stock price since our last note.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.

Zee Entertainment Enterprises (Z IN) - Solo Journey May Not Be Easy

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We have been covering <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> during the entire merger saga and had already highlighted several financial and governance issues with the entire group.</li>
<li>The $10 bn merger deal with Sony has now been terminated but it is not a surprise to us, considering the events that were unraveled in the last two years.</li>
<li>But where does ZEEL go from here is a question that lacks some clarity. There are uncertainties looming around and ZEEL can face further brunt. </li>
</ul>


We have been covering Zee Entertainment Enterprises (Z IN) during the entire merger saga and had already highlighted several financial and governance issues with the entire group.
The $10 bn merger deal with Sony has now been terminated but it is not a surprise to us, considering the events that were unraveled in the last two years.
But where does ZEEL go from here is a question that lacks some clarity. There are uncertainties looming around and ZEEL can face further brunt. 


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Tata Power's INR 20,000-crore investment in renewables to boosts clean energy</li>
<li>Zee Entertainment's $239 million FCCBs plan: Raises funds to bolster financial position</li>
<li>India to approve INR 70,000-crore warship order: Advanced warships with Indigenous components</li>
</ul>


Tata Power's INR 20,000-crore investment in renewables to boosts clean energy
Zee Entertainment's $239 million FCCBs plan: Raises funds to bolster financial position
India to approve INR 70,000-crore warship order: Advanced warships with Indigenous components


# 31 India Insight: Tata Power Investment, Zee Fund Raise, India Defence Indigenous Components

Housing and Urban Development Corporation Limited / Event-Driven

Housing and Urban Development Corporation Limited

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.</li>
<li>Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.
The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.
Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.


AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

India

PVR INOX Limited operates cinemas. The Company owns and manages multiplex movie theaters.

Saregama India Limited manufactures, sells and deals in Audio Cassettes, CD's and DVDs, which they market in India, Europe, the USA, Canada, the Caribbean Islands and South Africa. The Group's range of music encompasses both new and old Hindi films, regional films, ghazals, classical, Indipop and International. Saregama also has a film business, which produces films and TV serials.

Tips Industries Limited operates a music production company.  The Group owns the rights to over 3,500 music titles, in addition to the soundtrack copyrights to over 50 Hindi movies.  Tips has offices in the United States, Dubai and England, where they operate via licensing agreements.  They also distribute products in South Africa, Israel and Malaysia.

HFCL Ltd provides telecommunication infrastructure construction services. The Company offers optical fiber cables, microwave radios, battery management, and solar solutions. HFCL serves customers in India.

Tata Teleservices Maharashtra Ltd has been licensed by the Government of India to create and maintain telephone services in the states of Maharashtra and Goa. The Group utilizes broadband wired and wireless systems to supply broadband, data and Internet services, which encompass interactive video and multimedia feeds, and web based applications.

Tata Teleservices (Maharashtra) (TTLS IN)

Nouveau Global Ventures Limited is engaged in the business of acquisition and trading of media telecast rights over national and regional TV Channels.

Mahanagar Telephone Nigam Limited operates a telecommunications company, which provides basic phone, Internet and cellular mobile telephony services in Delhi and Mumbai. The Company upgrades the quality of telecom services, expands the telecom network, introduces new services and raises revenue for the telecom development needs of Delhi and Mumbai.

GTL Infrastructure Limited is a shared user infrastructure company. The Company provides passive telecom infrastructure and related network infrastructure for multiple service providers.

Reliance Communications Ltd. offers integrated telephone services. The Company offers fixed line and wireless voice, data and video transmission services, and Internet access.

Quadrant Televentures Ltd. is a fixed line telecommunication service provider. The Company offers fixed line and mobile telephone service, broadband services, data and other services.

Magnite, Inc. provides online advertising solutions. The Company offers real-time cloud and big data computing systems. Magnite serves customers worldwide.

Next 15 Group plc is a technology and data-driven growth consultancy firm. The Company uses data to generate the insights that help businesses, optimizes their brand and build the mission-critical digital assets, and help customers redesign their business model and create new ventures to maximize the value of their organization. Next 15 Group serves clients worldwide.

Altice USA, Inc. operates as a telecommunication and media company. The Company offers digital cable television, high-speed broadband and ultra-HD video, internet, local news and voice offerings, data, and digital advertising solutions. Altice USA serves customers in the United States.

Gannett Co., Inc. operates as a local newspaper company. The Company publishes news through storytelling and events that connect readers and communities, as well as focuses on business practices for sourcing, consumption, and waste. Gannett serves customers in the United States.

John Wiley & Sons, Inc. publishes print and electronic products. The Company specializes in scientific, technical, and medical books and journals, as well as professional and consumer books and subscription services. Wiley also provides textbooks and educational materials.

Hyve Group PLC organizes events. The Company provides platform where people connect, learn, inspire, and share extraordinary moments, advancing businesses, and helping to shape industries. Hyve Group serves customers worldwide.

Team Internet Group PLC operates as an internet services holding company. The Company provides digital advertising and domain name management solutions. Team Internet Group offers domain names selling, technical and consultancy, ancillary, and monitoring services to end users, brands, and corporate clients.

ARN Media Limited operates as a media and entertainment company. The Company owns and manages radio, outdoor, and digital assets. ARN Media offers content marketing and outdoor advertising services, as well as digital radio service, live events, sports opinion, and video platforms.

PT MNC Vision Networks Tbk. provides broadcasting services. The Company offers distribution of subscription television shows. MNC Vision Networks serves customers in Indonesia.

Sports Entertainment Group Limited provides digital broadcasting platform. The Company produces live and pre-recorded television programs and end-to-end live sport coverage for broadcasters. Sports Entertainment Group serves customers in Australia.

Zee Entertainment Enterprises Limited operates as an entertainment company. The Company produces and develops films, serials, game shows, and children's programs. Zee also produces and exports entertainment software for transmission on its ZEE TV channel. Zee Entertainment Enterprises serves customers in India.

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Zee Entertainment Enterprises (Z IN)

NIFTY MIDCAP150 Index Rebalance Preview: 14 Changes & Good Performance as Actives Start Trading

There could be 14/15 changes for the NIFTY Midcap150 Index in Sep. Apart from the passive trackers, there are huge active funds tracking the index....

Brian Freitas