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>Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-December and/or end-September.</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 6 stocks with passive inflows from global trackers while 4 could see passive outflows in May.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-December and/or end-September.
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 6 stocks with passive inflows from global trackers while 4 could see passive outflows in May.


India: Potential Free Float Changes & Passive Flows in 3 Weeks

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>HP Adhesives has expanded its product portfolio with high-growth categories like silicone sealants and diversified into high-margin niches such as epoxy putties, strengthening its market position. </li>
<li>The company’s strategic distribution expansion, along with product innovation, aligns well with the growing demand in the Indian adhesives market, positioning HPAL for sustainable growth across various sectors. </li>
<li>While facing challenges like raw material price volatility and competition from market leaders, HPAL’s strong capacity expansion and focus on high-margin products indicate significant potential for long-term value creation.</li>
</ul>


HP Adhesives has expanded its product portfolio with high-growth categories like silicone sealants and diversified into high-margin niches such as epoxy putties, strengthening its market position. 
The company’s strategic distribution expansion, along with product innovation, aligns well with the growing demand in the Indian adhesives market, positioning HPAL for sustainable growth across various sectors. 
While facing challenges like raw material price volatility and competition from market leaders, HPAL’s strong capacity expansion and focus on high-margin products indicate significant potential for long-term value creation.


Business Breakdown: HP Adhesives- Building a Brand or Battling Giants

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>Astral Pipes is a leading name in India’s home building materials industry, renowned for a strong presence in plastic pipes, adhesives, paints, faucets, and sanitary ware.</li><li>Backed by robust manufacturing, a wide range of products, and a trusted brand, the company has consistently outpaced industry growth.</li><li>Its resilience and operational excellence have cemented its position as a dominant force in the market.</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.

Astral Pipes is a leading name in India’s home building materials industry, renowned for a strong presence in plastic pipes, adhesives, paints, faucets, and sanitary ware.Backed by robust manufacturing, a wide range of products, and a trusted brand, the company has consistently outpaced industry growth.Its resilience and operational excellence have cemented its position as a dominant force in the market.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.

Pick of the Week: Astral Ltd - 05 April, 2025

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Following discussions with Astral management, we note that plumbing product demand remains muted in Q4FY25</li><li>PVC resin prices declined in February and March, keeping channel inventory low</li><li>Management reiterated their focus on margin maintenance over sales growth in the subdued market</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.

Following discussions with Astral management, we note that plumbing product demand remains muted in Q4FY25PVC resin prices declined in February and March, keeping channel inventory lowManagement reiterated their focus on margin maintenance over sales growth in the subdued marketContent 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.

Astral: Focus on Margin over Volume. Maintain ADD

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

India

Astral Polytechnik Limited manufactures and markets CPVC plumbing systems for residential and industrial applications. The Company also manufactures ASTM solvent weld lead free PVC plumbing systems.

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Astral Ltd (ASTRA IN)

India: Potential Free Float Changes & Passive Flows in 3 Weeks

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

Business Breakdown: HP Adhesives- Building a Brand or Battling Giants

HP Adhesives strategically expands product portfolio and distribution to capitalize on growing demand in Indian adhesives market, positioning for...

Sudarshan Bhandari

Pick of the Week: Astral Ltd - 05 April, 2025

Astral Pipes is a leading name in India’s home building materials industry, renowned for a strong presence in plastic pipes, adhesives, paints,...

Axis Direct

Astral: Focus on Margin over Volume. Maintain ADD

We maintain an ADD rating on Astral with a revised target price of INR 1,540 per share, valuing the company at 60x EPS for Mar-27E.

HDFC Securities

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India: Potential Free Float Changes & Passive Flows in 3 Weeks

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

Business Breakdown: HP Adhesives- Building a Brand or Battling Giants

​HP Adhesives strategically expands product portfolio and distribution to capitalize on growing demand in Indian adhesives market, positioning for...

Sudarshan Bhandari

Pick of the Week: Astral Ltd - 05 April, 2025

Astral Pipes is a leading name in India’s home building materials industry, renowned for a strong presence in plastic pipes, adhesives, paints,...

Axis Direct

Astral: Focus on Margin over Volume. Maintain ADD

We maintain an ADD rating on Astral with a revised target price of INR 1,540 per share, valuing the company at 60x EPS for Mar-27E.

HDFC Securities

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

HP Adhesives strategically expands product portfolio and distribution to capitalize on growing demand in Indian adhesives market, positioning for...