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

Index Rebalance

<ul>
<li>A big rally in <a href="https://www.smartkarma.com/entities/hitachi-energy-india-limited" target="_blank" data-smartkarma-citation="entities:36054:1" rel="noopener">Hitachi Energy India (POWERIND IN)</a> this year could lead to the stock being added to a global index in August.</li>
<li>
<a href="https://www.smartkarma.com/entities/hitachi-energy-india-limited" target="_blank" data-smartkarma-citation="entities:36054:1" rel="noopener">Hitachi Energy India (POWERIND IN)</a> has outperformed its peers and now trades at significantly higher valuations compared to its peer group.</li>
<li>There is positioning in the stock and early entrants could be looking to unwind some of their holdings over the next couple of weeks.</li>
</ul>


A big rally in Hitachi Energy India (POWERIND IN) this year could lead to the stock being added to a global index in August.

Hitachi Energy India (POWERIND IN) has outperformed its peers and now trades at significantly higher valuations compared to its peer group.
There is positioning in the stock and early entrants could be looking to unwind some of their holdings over the next couple of weeks.


Hitachi Energy India (POWERIND IN): Powering into a Global Index in August

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

<ul><li>We revise our CY25/26E EPS estimates by -2.9%/-6.1% factoring in pricing normalization and transient base order moderation but upgrade the rating to ‘BUY’ from Accumulate due to recent sharp correction in stock price and ABB’s sustained growth momentum.</li><li>ABB India (ABB) reported strong quarterly performance with revenue growing 22.0% YoY and EBITDA margin expanding by 440bps YoY to 19.5%.</li><li>During the quarter, the growth was led by strong momentum in Electrification and execution upticks in Data center orders.</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 revise our CY25/26E EPS estimates by -2.9%/-6.1% factoring in pricing normalization and transient base order moderation but upgrade the rating to ‘BUY’ from Accumulate due to recent sharp correction in stock price and ABB’s sustained growth momentum.ABB India (ABB) reported strong quarterly performance with revenue growing 22.0% YoY and EBITDA margin expanding by 440bps YoY to 19.5%.During the quarter, the growth was led by strong momentum in Electrification and execution upticks in Data center orders.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.

ABB India (ABB IN) - Strong Q4; Healthy Outlook Across Key Segments

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>ABB India (ABB) reported a strong Q4CY24 result with revenue of INR 33.7bn (+22% YoY), EBITDA of INR 6.6bn (+58% YoY) and PAT of INR 5.3bn (+54% YoY).</li><li>EBITDA margin continued its uptrend to 19.5% for the quarter (+440bps YoY).</li><li>Note that revenue grew 19%, 24%, 22% and 17% in CY21, CY22, CY23 and CY24, respectively.</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.

ABB India (ABB) reported a strong Q4CY24 result with revenue of INR 33.7bn (+22% YoY), EBITDA of INR 6.6bn (+58% YoY) and PAT of INR 5.3bn (+54% YoY).EBITDA margin continued its uptrend to 19.5% for the quarter (+440bps YoY).Note that revenue grew 19%, 24%, 22% and 17% in CY21, CY22, CY23 and CY24, respectively.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.

ABB India - A Strong Quarter Marred by Decline in Order Inflow

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>AIL reported revenue growth of 12.3% YoY in Q3FY25, slightly ahead of expectations of 8% YoY.</li><li>Abbott’s growth of 12.3% outpaced the IPM's growth of 8.0%.</li><li>An increase in secondary sales and a higher share of Duphalac, Udiliv, and Rybelsus, which reported QoQ growth of 17.1%, 19.4%, and 51% respectively, contributed to the improved market share.</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.

AIL reported revenue growth of 12.3% YoY in Q3FY25, slightly ahead of expectations of 8% YoY.Abbott’s growth of 12.3% outpaced the IPM's growth of 8.0%.An increase in secondary sales and a higher share of Duphalac, Udiliv, and Rybelsus, which reported QoQ growth of 17.1%, 19.4%, and 51% respectively, contributed to the improved market share.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.

Abbott India Ltd - Outpacing IPM & Sustaining Higher EBITDA Margins

<ul>
<li>There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.</li>
<li>Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.</li>
<li>The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.</li>
</ul>


There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.
Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.
The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.


NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

India

ABB India Limited is a leading technology company specializing in electrification, motion, process automation, and robotics. It provides industrial systems and solutions that optimize power, enhance industrial productivity, and enable a more sustainable future across factories, utilities, rail, and infrastructure. The company was incorporated in 1949 and is headquartered in Bengaluru, Karnataka, India.

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ABB India (ABB IN)

Hitachi Energy India (POWERIND IN): Powering into a Global Index in August

Hitachi Energy India could be added to a global index in Aug. The stock has outperformed peers and trades at significantly higher valuations....

Brian Freitas

ABB India (ABB IN) - Strong Q4; Healthy Outlook Across Key Segments

ABB India (ABB) reported strong quarterly performance with revenue growing 22.0% YoY and EBITDA margin expanding by 440bps YoY to 19.5%.

Prabhudas Lilladhar

ABB India - A Strong Quarter Marred by Decline in Order Inflow

ABB India (ABB) reported a strong Q4CY24 result with revenue of INR 33.7bn (+22% YoY), EBITDA of INR 6.6bn (+58% YoY) and PAT of INR 5.3bn (+54% YoY).

ICICI Securities Limited

Abbott India Ltd - Outpacing IPM & Sustaining Higher EBITDA Margins

AIL reported revenue growth of 12.3% YoY in Q3FY25, slightly ahead of expectations of 8% YoY. Abbott’s growth of 12.3% outpaced the IPM's growth of...

Axis Direct

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

There are 19 changes a side and all names are in line with our forecast. Estimated one-way turnover is 64.9% resulting in a one-way trade of INR...

Brian Freitas

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