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>There could be 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 58.2% and that will result in a one-way trade of INR 20bn (US$240m).</li>
<li>Since July, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December.
If all changes are on expected lines, one-way turnover is estimated at 58.2% and that will result in a one-way trade of INR 20bn (US$240m).
Since July, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 58% Turnover & Strong Momentum

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>While the earnings season continues, this will be the final dedicated earnings edition.</li>
<li>For reference, the previous earnings editions are <a href="https://www.smartkarma.com/insights/week-8-namaste-india-earnings-edition-part-i" target="_blank" data-smartkarma-citation="insights:115688" rel="noopener">[Week 8] Namaste India 🙏 | Earnings Edition - Part I</a> &amp; <a href="https://www.smartkarma.com/insights/week-9-namaste-india-earnings-edition-part-ii" target="_blank" data-smartkarma-citation="insights:116224" rel="noopener">[Week 9] Namaste India 🙏 | Earnings Edition - Part II</a> </li>
<li>At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.</li>
</ul>


While the earnings season continues, this will be the final dedicated earnings edition.
For reference, the previous earnings editions are [Week 8] Namaste India 🙏 | Earnings Edition - Part I &amp; [Week 9] Namaste India 🙏 | Earnings Edition - Part II 
At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.


[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

<ul>
<li>Our earnings coverage continues for the second edition and is expected to continue for one more week.</li>
<li>At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.</li>
<li>We also highlight the earnings of some of the global companies that have significant operations or growth in India.</li>
</ul>


Our earnings coverage continues for the second edition and is expected to continue for one more week.
At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.
We also highlight the earnings of some of the global companies that have significant operations or growth in India.


[Week 9] Namaste India 🙏 | Earnings Edition - Part II

<ul>
<li>Due to the ongoing earnings season, for the next two weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>We focus on reported earnings, performance against expectations, and the top three highlights that we believe are important from earnings calls for each company that is usually under coverage.</li>
<li>Besides the Bullish/Bearish names, we draw attention to the ones that are highlighted as interesting and would be pleased to engage in discussions about any of them.</li>
</ul>


Due to the ongoing earnings season, for the next two weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.
We focus on reported earnings, performance against expectations, and the top three highlights that we believe are important from earnings calls for each company that is usually under coverage.
Besides the Bullish/Bearish names, we draw attention to the ones that are highlighted as interesting and would be pleased to engage in discussions about any of them.


[Week 8] Namaste India 🙏 | Earnings Edition - Part I

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 posted consolidated revenue growth of 16.3% YoY in Q2FY24, majorly led by growth in Plastic (+17.3% YoY) and Adhesive segment (+14% YoY).</li><li>The Plumbing division reported strong volume growth of 27.8% YoY while realisations decresed due to high volatility in PVC prices to Rs 188/kg. In Q2FY24, average realisations stood at Rs 196 (-8.2% YoY) and EBITDA stood stable at Rs 34/kg (-1.5% QoQ) which includes losses Rs 4.1 Cr in Sanitaryware and Faucets segments.</li><li>The company’s full-year volume growth guidance has been increased to 20% YoY (vs. 15% YoY earlier). </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>

Astral posted consolidated revenue growth of 16.3% YoY in Q2FY24, majorly led by growth in Plastic (+17.3% YoY) and Adhesive segment (+14% YoY).The Plumbing division reported strong volume growth of 27.8% YoY while realisations decresed due to high volatility in PVC prices to Rs 188/kg. In Q2FY24, average realisations stood at Rs 196 (-8.2% YoY) and EBITDA stood stable at Rs 34/kg (-1.5% QoQ) which includes losses Rs 4.1 Cr in Sanitaryware and Faucets segments.The company’s full-year volume growth guidance has been increased to 20% YoY (vs. 15% YoY earlier). 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.

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)

NIFTY200 Momentum30 Index Rebalance Preview: 58% Turnover & Strong Momentum

There could be 18 changes for the Nifty200 Momentum30 Index resulting in 1-way turnover of 58.2% and in a 1-way trade of INR 20bn (US$240m). Adds...

Brian Freitas

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

[Week 8] Namaste India 🙏 | Earnings Edition - Part I

Deviating from our usual format due to earnings season, this is a long but must-read for anyone who is keen to track the earnings of Indian...

Pranav Bhavsar

Astral Ltd - Revenue Guidance Increased

Astral posted consolidated revenue growth of 16.3% YoY in Q2FY24, majorly led by growth in Plastic (+17.3% YoY) and Adhesive segment (+14% YoY).

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY200 Momentum30 Index Rebalance Preview: 58% Turnover & Strong Momentum

There could be 18 changes for the Nifty200 Momentum30 Index resulting in 1-way turnover of 58.2% and in a 1-way trade of INR 20bn (US$240m). Adds...

Brian Freitas

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

​This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

​Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

[Week 8] Namaste India 🙏 | Earnings Edition - Part I

Deviating from our usual format due to earnings season, this is a long but must-read for anyone who is keen to track the earnings of Indian...

Pranav Bhavsar

Astral Ltd - Revenue Guidance Increased

Astral posted consolidated revenue growth of 16.3% YoY in Q2FY24, majorly led by growth in Plastic (+17.3% YoY) and Adhesive segment (+14% YoY).

Axis Direct

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...