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>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

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

<ul>
<li>M&amp;B Engineering, a leader in the PEB space, launched a INR 650 crore IPO with a price band of INR 366-385, opening July 30, 2025.</li>
<li>The company will use the INR 275 crore fresh issue proceeds for capital expenditure to expand manufacturing facilities, upgrade technology, and repay certain borrowings.</li>
<li>Growth is fueled by 60% capacity expansion by FY28 and a booming PEB market; valuation appears reasonable given its high PAT CAGR of 53%.</li>
</ul>


M&amp;B Engineering, a leader in the PEB space, launched a INR 650 crore IPO with a price band of INR 366-385, opening July 30, 2025.
The company will use the INR 275 crore fresh issue proceeds for capital expenditure to expand manufacturing facilities, upgrade technology, and repay certain borrowings.
Growth is fueled by 60% capacity expansion by FY28 and a booming PEB market; valuation appears reasonable given its high PAT CAGR of 53%.


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

ICICI Securities Limited

External broker reports(aggregated public sources)

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>AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills).</li><li>Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings &amp; crusher parts for cement, mining and power</li><li>The company is the second largest hi-chrome producer in the world.</li></ul><p><em>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.</em></p>

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills).Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings &amp; crusher parts for cement, mining and powerThe company is the second largest hi-chrome producer in the world.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.

AIA Engineering (AIA) - Growth in Volumes Visible…

AIA Engineering (AIAENG) - Growth in Volumes Visible…

<ul><li>AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills)</li><li>Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings &amp; crusher parts for cement, mining and power</li><li>Target Price and Valuation: We value AIA at Rs 1895 i.e. 28x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>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.</em></div>

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills)Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings &amp; crusher parts for cement, mining and powerTarget Price and Valuation: We value AIA at Rs 1895 i.e. 28x P/E on FY24E EPSContent 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.

AIA Engineering: Volumes Disappoint, Recovery to Be Gradual

India

AIA Engineering Ltd. manufactures high chromium wear, corrosion, and abrasion resistant parts used by the cement, mining, and thermal power generation industries.

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Aia Engineering (AIAE IN)

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

M&B Engineering Ltd. IPO Analysis

M&B Engineering launches INR 650 crore IPO to fuel expansion and capitalize on booming PEB market, with strong growth projections and reasonable...

Sudarshan Bhandari

AIA Engineering (AIA) - Growth in Volumes Visible…

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement,...

ICICI Securities Limited

AIA Engineering (AIAENG) - Growth in Volumes Visible…

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement,...

ICICI Securities Limited

AIA Engineering: Volumes Disappoint, Recovery to Be Gradual

New mining customer acquisition are expected to pick up as the travel situation has started to normalise in H1FY23E and will allow AIA to gain...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

M&B Engineering Ltd. IPO Analysis

​M&B Engineering launches INR 650 crore IPO to fuel expansion and capitalize on booming PEB market, with strong growth projections and reasonable...

Sudarshan Bhandari

AIA Engineering (AIA) - Growth in Volumes Visible…

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement,...

ICICI Securities Limited

AIA Engineering (AIAENG) - Growth in Volumes Visible…

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement,...

ICICI Securities Limited

AIA Engineering: Volumes Disappoint, Recovery to Be Gradual

New mining customer acquisition are expected to pick up as the travel situation has started to normalise in H1FY23E and will allow AIA to gain...

ICICI Securities Limited

M&B Engineering launches INR 650 crore IPO to fuel expansion and capitalize on booming PEB market, with strong growth projections and reasonable...