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>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P Midcap400 Index and S&amp;P SmallCap600 Index for the March rebalance will be announced after market close on Friday.</li>
<li>There will also be capping changes for the Select Sector indices that will result in a round-trip trade of US$13.1bn. Constituent changes will add to that flow.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a>, <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL US)</a> and <a href="https://www.smartkarma.com/entities/electronic-arts-inc" target="_blank" data-smartkarma-citation="entities:1179:1" rel="noopener">Electronic Arts</a>. Largest outflows are from <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms</a>, <a href="https://www.smartkarma.com/entities/linde-plc" target="_blank" data-smartkarma-citation="entities:35233:1" rel="noopener">Linde</a>, <a href="https://www.smartkarma.com/entities/mcdonald-s-corp" target="_blank" data-smartkarma-citation="entities:1425:1" rel="noopener">Mcdonald's Corp</a> and <a href="https://www.smartkarma.com/entities/take-two-interactive-software-inc" target="_blank" data-smartkarma-citation="entities:14948:1" rel="noopener">Take Two Interactive</a>.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P Midcap400 Index and S&amp;P SmallCap600 Index for the March rebalance will be announced after market close on Friday.
There will also be capping changes for the Select Sector indices that will result in a round-trip trade of US$13.1bn. Constituent changes will add to that flow.
The largest inflows will be in Amazon.com, Tesla, Microsoft, NVIDIA, Alphabet (GOOGL US) and Electronic Arts. Largest outflows are from Broadcom, Meta Platforms, Linde, Mcdonald's Corp and Take Two Interactive.


Select Sector Indices and S&P Equal Weight Rebalance Preview: Capping Changes & US$13bn Trade

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>AT&T's latest financial performance in the fourth quarter of 2024 shows a balanced overview of strengths and challenges that shape its investment profile.</li><li>Positively, the company has demonstrated solid growth in its core operations, particularly in the Mobility and Consumer Wireline segments.</li><li>Postpaid phone net additions totaled approximately 1.7 million with a service revenue growth of 3.5% for Mobility, contributing to AT&T likely leading the industry in postpaid phone churn for most of the past sixteen quarters.</li></ul>

AT&T's latest financial performance in the fourth quarter of 2024 shows a balanced overview of strengths and challenges that shape its investment profile.Positively, the company has demonstrated solid growth in its core operations, particularly in the Mobility and Consumer Wireline segments.Postpaid phone net additions totaled approximately 1.7 million with a service revenue growth of 3.5% for Mobility, contributing to AT&T likely leading the industry in postpaid phone churn for most of the past sixteen quarters.

AT&T: Will Its Fiber Infrastructure Expansion Be A Game-Changer Or A Costly Mistake? - Major Drivers

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Our estimations for FY 2024 annual revenue range at around $124,142 million and for FY 2025 at around $126,625 million.</li><li>The company’s annual revenue reached $122,428 million in FY 2023 compared to $120,741 million in FY 2022, posting an increase by 1.40%.</li><li>AT&amp;T gross profit for FY 2023 was $72,305 million, increased by 3.45% compared to $69,893 million for the corresponding period of 2022.</li></ul>

Our estimations for FY 2024 annual revenue range at around $124,142 million and for FY 2025 at around $126,625 million.The company’s annual revenue reached $122,428 million in FY 2023 compared to $120,741 million in FY 2022, posting an increase by 1.40%.AT&amp;T gross profit for FY 2023 was $72,305 million, increased by 3.45% compared to $69,893 million for the corresponding period of 2022.

Equity Research Flash Note: AT&T LNC. - December 18, 2024

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,344/1,338 points and the resistance at 1,364/1,370 points.</li><li>Investment strategy: Sell on rallies and wait to buy back when a new breakout signal occurs.</li><li>Maintain a Buy recommendation for the banking sector, focusing on TTB and KKP, due to their strong potential to outperform in a high bond yield environment.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,344/1,338 points and the resistance at 1,364/1,370 points.Investment strategy: Sell on rallies and wait to buy back when a new breakout signal occurs.Maintain a Buy recommendation for the banking sector, focusing on TTB and KKP, due to their strong potential to outperform in a high bond yield environment.

Krungthai XSpring Zoom Eng. January 27, 2025

<ul><li>AT&T's Q3 2024 earnings painted a picture of a company strategically holding firm on its path, aimed at leadership in converged connectivity achieved through its investments in 5G and fiber networks.</li><li>The earnings report underscored AT&T’s focus on sustainable subscriber growth in its mobility segment and continued strong additions in its broadband offerings, particularly fiber.</li><li>Positively, the company reported robust growth in the 5G subscriber base, with 403,000 postpaid phone net adds.</li></ul>

AT&T's Q3 2024 earnings painted a picture of a company strategically holding firm on its path, aimed at leadership in converged connectivity achieved through its investments in 5G and fiber networks.The earnings report underscored AT&T’s focus on sustainable subscriber growth in its mobility segment and continued strong additions in its broadband offerings, particularly fiber.Positively, the company reported robust growth in the 5G subscriber base, with 403,000 postpaid phone net adds.

AT&T Inc.: An Insight Into Its Fixed-Line Network Synergies

United States

AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

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AT&T (T US)

Select Sector Indices and S&P Equal Weight Rebalance Preview: Capping Changes & US$13bn Trade

Capping changes for the Select Sector indices will result in a round-trip trade of US$13bn. Constituent changes will be announced after market...

Brian Freitas

AT&T: Will Its Fiber Infrastructure Expansion Be A Game-Changer Or A Costly Mistake? - Major Drivers

AT&T's latest financial performance in the fourth quarter of 2024 shows a balanced overview of strengths and challenges that shape its...

Baptista Research

Equity Research Flash Note: AT&T LNC. - December 18, 2024

The company’s annual revenue reached $122,428 million in FY 2023 compared to $120,741 million in FY 2022, posting an increase by 1.40%.

VRS (Valuation & Research Specialists)

Krungthai XSpring Zoom Eng. January 27, 2025

Technically, the SET Index is expected to move sideways, with the support at 1,344/1,338 points and the resistance at 1,364/1,370...

Krungthai XSpring

AT&T Inc.: An Insight Into Its Fixed-Line Network Synergies

AT&T's Q3 2024 earnings painted a picture of a company strategically holding firm on its path, aimed at leadership in converged connectivity...

Baptista Research

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