Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Life Insurance  of India / Index Rebalance

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices for the December 2022 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (LICI IN)</a> will be added to BSE 200 and BSE 500 at the end of this week. Below are more details on this.</li>
<li>In addition, I have discussed some trading opportunities with interesting potential index flow dynamics.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices for the December 2022 Rebalance.

Life Insurance Corp of India (LICI IN) will be added to BSE 200 and BSE 500 at the end of this week. Below are more details on this.
In addition, I have discussed some trading opportunities with interesting potential index flow dynamics.


S&P BSE Quiddity Leaderboard Dec 2022: LIC, Shriram Finance, Tata Motors, Dr Reddy's, & More

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>'s low-balled Offer; and <a href="https://www.smartkarma.com/entities/uniden-holdings-corp" target="_blank" data-smartkarma-citation="entities:8611:1" rel="noopener">Uniden Holdings (6815 JP)</a>'s MBO. Rumours on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> also.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, &amp; <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a> </li>
</ul>


There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Giordano International (709 HK)'s low-balled Offer; and Uniden Holdings (6815 JP)'s MBO. Rumours on Toshiba Corp (6502 JP) also.
Key updates took place for: Resapp Health (RAP AU), Infomedia Ltd (IFM AU), Link Net (LINK IJ), Toyo Construction (1890 JP), &amp; SPH REIT (SPHREIT SP) 


Asia-Pac Weekly Risk Arb Wrap: Toshiba, Uniden, Giordano, ResApp, Infomedia, SPH REIT, Toyo

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Focus on digital initiatives for loan disbursement and collection. During FY22, digital collection of loan EMIs and fixed deposits (FD) stood at 27.09% and 11.02%, respectively.</li><li>Change in policies for NPA tagging and repossession of financial instruments affected profit before tax by Rs4.41bn in FY22.</li><li>Improvement in funding from banks and higher deposit collections.</li></ul></div></div></div></div>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.

Focus on digital initiatives for loan disbursement and collection. During FY22, digital collection of loan EMIs and fixed deposits (FD) stood at 27.09% and 11.02%, respectively.Change in policies for NPA tagging and repossession of financial instruments affected profit before tax by Rs4.41bn in FY22.Improvement in funding from banks and higher deposit collections.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.

Shriram Transport Finance - FY22 - Annual Report Analysis

<ul>
<li>There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>'s Scheme, and  <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>'s Offer for <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/kito-corporation" target="_blank" data-smartkarma-citation="entities:19512:1" rel="noopener">Kito Corporation (6409 JP)</a>, and <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>.</li>
</ul>


There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Frasers Hospitality Trust (FHT SP)'s Scheme, and  Pfizer Inc (PFE US)'s Offer for Resapp Health (RAP AU).
Key updates took place for: Link Administration (LNK AU), Virtus Health (VRT AU), Toyo Construction (1890 JP), Kito Corporation (6409 JP), and Hwa Hong Corp (HWAH SP).


Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

<ul>
<li>There are 48 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> &amp; Tunas Andolan’s indirect delisting proposal for <a href="https://www.smartkarma.com/entities/tunas-ridean-tbk-pt" target="_blank" data-smartkarma-citation="entities:3780:1" rel="noopener">Tunas Ridean (TURI IJ)</a> &amp; <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban (6166 HK)</a>'s pre-conditional Offer.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>, <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>, and <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a>.</li>
</ul>


There are 48 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Jardine Cycle &amp; Carriage (JCNC SP) &amp; Tunas Andolan’s indirect delisting proposal for Tunas Ridean (TURI IJ) &amp; China Vast Industrial Urban (6166 HK)'s pre-conditional Offer.
Key updates took place for: Yancoal Australia (YAL AU), Hwa Hong Corp (HWAH SP), Mapletree North Asia Commercial Trust (MAGIC SP), and Lanzhou Zhuangyuan Pasture (1533 HK).


Asia-Pac Weekly Risk Arb Wrap: Tunas Ridean, Hwa Hong, China VAST, Mapletree, Giordano

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

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Shriram Finance (SHFL IN)

S&P BSE Quiddity Leaderboard Dec 2022: LIC, Shriram Finance, Tata Motors, Dr Reddy's, & More

Details on LIC's S&P BSE Inclusion Event and more discussions on potential index changes in the S&P BSE Index family in the run up to the December...

Janaghan Jeyakumar, CFA

Asia-Pac Weekly Risk Arb Wrap: Toshiba, Uniden, Giordano, ResApp, Infomedia, SPH REIT, Toyo

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Shriram Transport Finance - FY22 - Annual Report Analysis

Shriram Transport Finance (SHTF) is well placed to offer an attractive CV cycle play at low valuation. In contrast to other NBFCs, we are expecting...

Nirmal Bang

Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Asia-Pac Weekly Risk Arb Wrap: Tunas Ridean, Hwa Hong, China VAST, Mapletree, Giordano

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)