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>Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.


India: Potential Free Float Changes & Passive Flows in February

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ipca-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:15774:1" rel="noopener">Ipca Laboratories (IPCA IN)</a> reported 12% YoY growth in domestic revenue to INR8.7B in Q1FY25. The company has delivered market beating growth in both acute and chronic segments.</li>
<li>Standalone EBITDA margin expanded 312bps YoY to 22.3% (FY25 guidance: 21%). Margin improvement is driven by favorable product mix, lower input costs as well as lower manufacturing and other costs.</li>
<li>Ipca is reducing FY25 revenue growth guidance to ~9.0% from 10.5–11.0% and raising FY25 consolidated EBITDA margin guidance by 0.5–1.0% to 18.5–19.0%.</li>
</ul>



Ipca Laboratories (IPCA IN) reported 12% YoY growth in domestic revenue to INR8.7B in Q1FY25. The company has delivered market beating growth in both acute and chronic segments.
Standalone EBITDA margin expanded 312bps YoY to 22.3% (FY25 guidance: 21%). Margin improvement is driven by favorable product mix, lower input costs as well as lower manufacturing and other costs.
Ipca is reducing FY25 revenue growth guidance to ~9.0% from 10.5–11.0% and raising FY25 consolidated EBITDA margin guidance by 0.5–1.0% to 18.5–19.0%.


Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024. </li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Indegene Limited (1864095D IN) was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024. 
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Indegene Lockup Expiry - US$1bn+ Lockup Release, Some Could Look to Book 3x Gain

Torrent Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> reported 17% YoY increase in net profit to INR4.5B on  9% YoY growth in revenue to INR28.9B in Q2FY25. EBITDA margin expanded 150bps YoY to 32.5%.</li>
<li>Domestic market revenue increased 13% YoY to INR16B, led by outperformance in focus therapies aided by strong new launch performance. Torrent’s chronic business grew 14% versus IPM growth of 9%.</li>
<li>Torrent has been reporting improvement in EBITDA margin. Going ahead, the company expects 50–100bps annual margin improvement, driven by solid pricing power in the branded business and operating leverage.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) reported 17% YoY increase in net profit to INR4.5B on  9% YoY growth in revenue to INR28.9B in Q2FY25. EBITDA margin expanded 150bps YoY to 32.5%.
Domestic market revenue increased 13% YoY to INR16B, led by outperformance in focus therapies aided by strong new launch performance. Torrent’s chronic business grew 14% versus IPM growth of 9%.
Torrent has been reporting improvement in EBITDA margin. Going ahead, the company expects 50–100bps annual margin improvement, driven by solid pricing power in the branded business and operating leverage.


Torrent Pharmaceuticals (TRP IN): Domestic Business Drives Q2 Result; Margin Expansion to Continue

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Taiwan Stock Exchange Weighted Index / Technical Analysis

<ul>
<li>Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.</li>
<li>We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.</li>
<li>Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.</li>
</ul>


Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.
We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.
Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.


Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

India

Alkem Laboratories Limited operates as a pharmaceutical company. The Company researches, develops, manufactures, and markets generic and branded pharmaceuticals. Alkem also provides nutraceuticals, functional foods, health foods, and herbal products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alkem Laboratories Ltd (ALKEM IN)

India: Potential Free Float Changes & Passive Flows in February

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 5...

Brian Freitas

Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

Ipca will announce Q2FY25 result on November 14. Thus far, Indian pharma companies have reported strong domestic revenue. We are expecting similar...

Tina Banerjee

Indegene Lockup Expiry - US$1bn+ Lockup Release, Some Could Look to Book 3x Gain

Indegene Limited (1864095D IN) was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024.

Clarence Chu

Torrent Pharmaceuticals (TRP IN): Domestic Business Drives Q2 Result; Margin Expansion to Continue

Torrent Pharmaceuticals reported 17% YoY increase in net profit on 9% YoY revenue growth and expanding EBITDA margin in Q2FY25. Going ahead, the...

Tina Banerjee

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India: Potential Free Float Changes & Passive Flows in February

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 5...

Brian Freitas

Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

Ipca will announce Q2FY25 result on November 14. Thus far, Indian pharma companies have reported strong domestic revenue. We are expecting similar...

Tina Banerjee

Indegene Lockup Expiry - US$1bn+ Lockup Release, Some Could Look to Book 3x Gain

Indegene Limited (1864095D IN) was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024.

Clarence Chu

Torrent Pharmaceuticals (TRP IN): Domestic Business Drives Q2 Result; Margin Expansion to Continue

​Torrent Pharmaceuticals reported 17% YoY increase in net profit on 9% YoY revenue growth and expanding EBITDA margin in Q2FY25. Going ahead, the...

Tina Banerjee

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research

Torrent Pharmaceuticals reported 17% YoY increase in net profit on 9% YoY revenue growth and expanding EBITDA margin in Q2FY25. Going ahead, the...