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>
<a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India</a>, <a href="https://www.smartkarma.com/entities/macrotech-developers-limited" target="_blank" data-smartkarma-citation="entities:27315:1" rel="noopener">Macrotech Developers</a>, <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm</a>, <a href="https://www.smartkarma.com/entities/tata-communications-ltd" target="_blank" data-smartkarma-citation="entities:20892:1" rel="noopener">Tata Communications</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" data-smartkarma-citation="entities:349:1" rel="noopener">Tata Motors DVR</a>, <a href="https://www.smartkarma.com/entities/apl-apollo-tubes-ltd" target="_blank" data-smartkarma-citation="entities:16132:1" rel="noopener">Apl Apollo Tubes</a>, <a href="https://www.smartkarma.com/entities/persistent-systems-ltd" target="_blank" data-smartkarma-citation="entities:9468:1" rel="noopener">Persistent Systems</a> and <a href="https://www.smartkarma.com/entities/suzlon-energy-ltd" target="_blank" data-smartkarma-citation="entities:1073:1" rel="noopener">Suzlon Energy</a> have run up over the recent past and have heightened investor attention.</li>
<li>The increase in market cap has put the stocks on active manager radars and could also result in the stocks being added to global indices in the near future.</li>
<li>We take a look at the positioning on the stocks and recommend pair trades to reduce market risk while trying to capture alpha.</li>
</ul>



Polycab India, Macrotech Developers, Paytm, Tata Communications, Tata Motors DVR, Apl Apollo Tubes, Persistent Systems and Suzlon Energy have run up over the recent past and have heightened investor attention.
The increase in market cap has put the stocks on active manager radars and could also result in the stocks being added to global indices in the near future.
We take a look at the positioning on the stocks and recommend pair trades to reduce market risk while trying to capture alpha.


India - Positioning on Some Interesting* Names

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>The sector has seen various challenges over the last few quarters due to (1) unseasonal rains in peak summer months; (2) weak consumer sentiment, given the inflationary environment; and (3) delayed liquidation of non-rated fan inventory</li><li>However, with most of these headwinds now appearing to be behind, and with the ‘housing’ theme still in good shape, we believe categories like fan, lighting, RAC, and KEA will see benefits in H2FY24 and FY25 (back-ended cycle categories). Besides, we believe fan category volume will bounce back in H2FY24 along with the benefits of a price increase of high single-digit (rating change)</li><li>It should recover the ECD segment for Crompton, Havells, Orient, and V-Guard.</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.

The sector has seen various challenges over the last few quarters due to (1) unseasonal rains in peak summer months; (2) weak consumer sentiment, given the inflationary environment; and (3) delayed liquidation of non-rated fan inventoryHowever, with most of these headwinds now appearing to be behind, and with the ‘housing’ theme still in good shape, we believe categories like fan, lighting, RAC, and KEA will see benefits in H2FY24 and FY25 (back-ended cycle categories). Besides, we believe fan category volume will bounce back in H2FY24 along with the benefits of a price increase of high single-digit (rating change)It should recover the ECD segment for Crompton, Havells, Orient, and V-Guard.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.

Consumer Durables - Likely Similar Print, Festive Season Delays to Impact

<ul><li>With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor any sign of further deceleration.</li><li>On the other hand, demand momentum in B2B portfolio has sustained.</li><li>However, challenges witnessed in the past 12 months is expected to near its end (inflation, fan rating change). </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.

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor any sign of further deceleration.On the other hand, demand momentum in B2B portfolio has sustained.However, challenges witnessed in the past 12 months is expected to near its end (inflation, fan rating change). 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.

Consumer Durables: Unchanged demand trend, margin likely bottoming out

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/r-r-kabel" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (2333180Z IN)</a> raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.</li>
<li>R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.
R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


R R Kabel IPO Trading - Average Subscription Rates but Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/r-r-kabel" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (2333180Z IN)</a> is looking to raise up to US$238m in its India IPO.</li>
<li>R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



R R Kabel (2333180Z IN) is looking to raise up to US$238m in its India IPO.
R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


R R Kabel IPO - Peer Comp & Thoughts on Valuation - Fifth in Market Share but First in Sales Growth

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

Price Gauge
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Havells India (HAVL IN)

India - Positioning on Some Interesting* Names

There are 8 Indian stocks have jumped in price recently and where the increased market cap will put them on active investors radars and could get...

Brian Freitas

Consumer Durables - Likely Similar Print, Festive Season Delays to Impact

The sector has seen various challenges over the last few quarters due to (1) unseasonal rains in peak summer months; (2) weak consumer sentiment,...

HDFC Securities

Consumer Durables: Unchanged demand trend, margin likely bottoming out

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor...

HDFC Securities

R R Kabel IPO Trading - Average Subscription Rates but Strong Insti Demand

R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India - Positioning on Some Interesting* Names

There are 8 Indian stocks have jumped in price recently and where the increased market cap will put them on active investors radars and could get...

Brian Freitas

Consumer Durables - Likely Similar Print, Festive Season Delays to Impact

The sector has seen various challenges over the last few quarters due to (1) unseasonal rains in peak summer months; (2) weak consumer sentiment,...

HDFC Securities

Consumer Durables: Unchanged demand trend, margin likely bottoming out

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor...

HDFC Securities

R R Kabel IPO Trading - Average Subscription Rates but Strong Insti Demand

R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th...

Ethan Aw

R R Kabel IPO - Peer Comp & Thoughts on Valuation - Fifth in Market Share but First in Sales Growth

R R Kabel (2333180Z IN) is looking to raise up to US$238m in its India IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw