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>The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.</li>
</ul>


The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.
The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.


Global Index: Potential Changes in August for Asia Pac

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

Equity Bottom-Up

Adani Energy Solutions / Equity Bottom-Up

<ul>
<li>AESL signs a binding agreement to acquire 100% equity in IntelliSmart Infrastructure for INR 3,050 crore, buying out NIIF's 51% and redeeming EESL's optionally convertible debentures.</li>
<li>The deal catapults AESL to India's largest smart-meter platform at 47+ million meters, placing it at the center of a government-mandated 250-million meter replacement program.</li>
<li>A premium multiple signals AESL's confidence in long-duration regulatory cash flows, but execution risk, subsidiary losses, and balance-sheet stretch demand careful monitoring</li>
</ul>


AESL signs a binding agreement to acquire 100% equity in IntelliSmart Infrastructure for INR 3,050 crore, buying out NIIF's 51% and redeeming EESL's optionally convertible debentures.
The deal catapults AESL to India's largest smart-meter platform at 47+ million meters, placing it at the center of a government-mandated 250-million meter replacement program.
A premium multiple signals AESL's confidence in long-duration regulatory cash flows, but execution risk, subsidiary losses, and balance-sheet stretch demand careful monitoring


Adani Energy Acquired IntelliSmart: A Costly But Calculated Bet on India's Smart Meter Supercycle

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Energy Solutions</a> was added to a global index in May 2021 and deleted in May 2023. The next rebalance in May could see the stock added back.</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Energy Solutions</a> has outperformed peers over the last 6-7 months and trades at higher valuations compared to its peer group.</li>
<li>Positioning for the inclusion event is ongoing, but passives will need to buy over 25 days of delivery volume. There could be further upside as positioning picks up near-term.</li>
</ul>



Adani Energy Solutions was added to a global index in May 2021 and deleted in May 2023. The next rebalance in May could see the stock added back.

Adani Energy Solutions has outperformed peers over the last 6-7 months and trades at higher valuations compared to its peer group.
Positioning for the inclusion event is ongoing, but passives will need to buy over 25 days of delivery volume. There could be further upside as positioning picks up near-term.


Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February CPI data), and following soft demand for a 10Y note auction.</li>
<li>Fed-dated OIS are now pricing in 30 bps of rate cuts for the rest of 2026 (vs. 44 bps as of last Friday).</li>
<li>The UST curve bear steepened, with the yield on the 2Y UST rising 6 bps to 3.65%, while that on the 10Y UST was up 7 bps at 4.23%. </li>
</ul>


UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February CPI data), and following soft demand for a 10Y note auction.
Fed-dated OIS are now pricing in 30 bps of rate cuts for the rest of 2026 (vs. 44 bps as of last Friday).
The UST curve bear steepened, with the yield on the 2Y UST rising 6 bps to 3.65%, while that on the 10Y UST was up 7 bps at 4.23%. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance Industries</li>
<li>UST yields rose 2-5 bps on Friday, as the market slightly reduced the expectation of Fed rate cuts, after US President Donald Trump's comments appeared to cool the chances of front-runner Kevin Hassett succeeding Jerome Powell as Fed Chairman.</li>
<li>The UST curve bear-steepened, with the yield on the 2Y UST rising 2 bps to 3.59%, while the yield on the 10Y UST jumped 5 bps to 4.22%. Equities edged down, with the S&amp;P 500 and Nasdaq both dipping 0.1% to 6,940 and 23,515, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance Industries
UST yields rose 2-5 bps on Friday, as the market slightly reduced the expectation of Fed rate cuts, after US President Donald Trump's comments appeared to cool the chances of front-runner Kevin Hassett succeeding Jerome Powell as Fed Chairman.
The UST curve bear-steepened, with the yield on the 2Y UST rising 2 bps to 3.59%, while the yield on the 10Y UST jumped 5 bps to 4.22%. Equities edged down, with the S&amp;P 500 and Nasdaq both dipping 0.1% to 6,940 and 23,515, respectively.


India

Adani Energy Solutions Limited is a major Indian electric power transmission and distribution company. It develops, operates, and maintains power transmission systems, distributes electricity to over 12 million consumers, and provides smart metering and cooling solutions. The company is headquartered in Ahmedabad, India, and was founded on December 9, 2013.

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Adani Energy Solutions (ADANIENS IN)

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Adani Energy Acquired IntelliSmart: A Costly But Calculated Bet on India's Smart Meter Supercycle

AESL acquires IntelliSmart Infra for INR 3,050 crore, becoming India's largest smart-meter platform with 47+ million meters and positioning itself...

Sudarshan Bhandari

Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Adani Energy Solutions recent run-up could see the stock added back to a global index. Passives need to buy over 25x delivery volume. Positioning...

Brian Freitas

Lucror Analytics - Morning Views Asia

UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Adani Energy Acquired IntelliSmart: A Costly But Calculated Bet on India's Smart Meter Supercycle

​AESL acquires IntelliSmart Infra for INR 3,050 crore, becoming India's largest smart-meter platform with 47+ million meters and positioning itself...

Sudarshan Bhandari

Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Adani Energy Solutions recent run-up could see the stock added back to a global index. Passives need to buy over 25x delivery volume. Positioning...

Brian Freitas

Lucror Analytics - Morning Views Asia

UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance...

Lucror Analytics

AESL acquires IntelliSmart Infra for INR 3,050 crore, becoming India's largest smart-meter platform with 47+ million meters and positioning itself...