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 Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.</li>
<li>The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.</li>
<li>Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.</li>
</ul>


The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.
The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.
Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.


India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

Index Rebalance

<ul>
<li>With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.</li>
<li>Estimated one-way turnover is 8.3% resulting in a one-way trade of INR 7.65bn (US$88m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The outright adds have outperformed the forecast deletes over the last 6 months, but there has been underperformance this calendar year.</li>
</ul>


With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.
Estimated one-way turnover is 8.3% resulting in a one-way trade of INR 7.65bn (US$88m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.
The outright adds have outperformed the forecast deletes over the last 6 months, but there has been underperformance this calendar year.


NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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

Glenmark Pharmaceuticals / Equity Bottom-Up

<ul><li>We visited the company’s head office to gain insights into its vision and growth prospects.</li><li>The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.</li><li>It has signed an MoU with Pfizer and BeiGene for various formulations in India. </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 visited the company’s head office to gain insights into its vision and growth prospects.The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.It has signed an MoU with Pfizer and BeiGene for various formulations in India. 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.

Glenmark Pharmaceuticals Ltd - Glenmark Pharmaceuticals Limited - Management Meet

<ul><li>We visited the company’s head office to gain insights into its vision and growth prospects.</li><li>The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.</li><li>It has signed an MoU with Pfizer and BeiGene for various formulations in India. </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 visited the company’s head office to gain insights into its vision and growth prospects.The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.It has signed an MoU with Pfizer and BeiGene for various formulations in India. 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.

Glenmark Pharmaceuticals Ltd - Management Meet

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Alteogen has signed an exclusive license agreement with Daiichi Sankyo to develop and commercialize a subcutaneous version of Enhertu. Volpara won $7.3M contract from the U.S. Defense Health Agency.</li>
<li>Santen Pharmaceutical has rolled out Rhopressa ophthalmic solution in South Korea for the treatment of open-angle glaucoma or ocular hypertension.</li>
<li>Sun Pharmaceutical’s launch of alopecia drug Leqselvi in the U.S. will be delayed due to litigation with Incyte. Recently, a U.S. District Court decided to grant a preliminary injunction.</li>
</ul>


Alteogen has signed an exclusive license agreement with Daiichi Sankyo to develop and commercialize a subcutaneous version of Enhertu. Volpara won $7.3M contract from the U.S. Defense Health Agency.
Santen Pharmaceutical has rolled out Rhopressa ophthalmic solution in South Korea for the treatment of open-angle glaucoma or ocular hypertension.
Sun Pharmaceutical’s launch of alopecia drug Leqselvi in the U.S. will be delayed due to litigation with Incyte. Recently, a U.S. District Court decided to grant a preliminary injunction.


APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

India

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

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Glenmark Pharmaceuticals (GNP IN)

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The March changes for the Nifty indices will be announced tomorrow. There are changes forecast for most indices with large AUM. Round-trip trade...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

There could be 15 changes in March. Estimated one-way turnover is 8.3% and one-way trade is INR 7.65bn. With over US$40bn tracking the index...

Brian Freitas

Glenmark Pharmaceuticals Ltd - Glenmark Pharmaceuticals Limited - Management Meet

The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.

Axis Direct

Glenmark Pharmaceuticals Ltd - Management Meet

We visited the company’s head office to gain insights into its vision and growth prospects. The company is projected to outpace IPM growth by 1.5x...

Axis Direct

APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The March changes for the Nifty indices will be announced tomorrow. There are changes forecast for most indices with large AUM. Round-trip trade...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

There could be 15 changes in March. Estimated one-way turnover is 8.3% and one-way trade is INR 7.65bn. With over US$40bn tracking the index...

Brian Freitas

Glenmark Pharmaceuticals Ltd - Glenmark Pharmaceuticals Limited - Management Meet

The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.

Axis Direct

Glenmark Pharmaceuticals Ltd - Management Meet

We visited the company’s head office to gain insights into its vision and growth prospects. The company is projected to outpace IPM growth by 1.5x...

Axis Direct

APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

​Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...

Tina Banerjee

Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...