US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/atlassian-corp" target="_blank" data-smartkarma-citation="entities:21026:1" rel="noopener">Atlassian (TEAM US)</a> is expected to be deleted from Nasdaq100 in April 2026 due to low index weighting following a price tumble of ~50% in the last 3 months.</li>
<li>
<a href="https://www.smartkarma.com/entities/sandisk-corp" target="_blank" data-smartkarma-citation="entities:1093:1" rel="noopener">Sandisk Corp (SNDK US)</a> is forecasted to replace <a href="https://www.smartkarma.com/entities/atlassian-corp" target="_blank" data-smartkarma-citation="entities:21026:1" rel="noopener">Atlassian (TEAM US)</a> as it is the highest-ranked non-constituent following a price surge of ~200% in the last 3 months.</li>
<li>
<a href="https://www.smartkarma.com/entities/lumentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:12529:1" rel="noopener">Lumentum Holdings (LITE US)</a> is now the top addition candidate following the anticipated inclusion of <a href="https://www.smartkarma.com/entities/sandisk-corp" target="_blank" data-smartkarma-citation="entities:1093:1" rel="noopener">Sandisk Corp (SNDK US)</a>.</li>
</ul>



Atlassian (TEAM US) is expected to be deleted from Nasdaq100 in April 2026 due to low index weighting following a price tumble of ~50% in the last 3 months.

Sandisk Corp (SNDK US) is forecasted to replace Atlassian (TEAM US) as it is the highest-ranked non-constituent following a price surge of ~200% in the last 3 months.

Lumentum Holdings (LITE US) is now the top addition candidate following the anticipated inclusion of Sandisk Corp (SNDK US).


Atlassian (TEAM US): Fast-Exit Potential from Nasdaq100 in April 2026

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>Atlassian Corporation Plc reported strong financial performance for the first quarter of fiscal year 2026, achieving total revenue growth of 21% year-over-year, amounting to $1.4 billion.</li>
<li>A significant contributor to this growth was their cloud revenue, which saw a 26% increase to $998 million.</li>
<li>Additionally, the company's remaining performance obligations (RPO) grew impressively by 42% to $3.3 billion.</li>
</ul>


Atlassian Corporation Plc reported strong financial performance for the first quarter of fiscal year 2026, achieving total revenue growth of 21% year-over-year, amounting to $1.4 billion.
A significant contributor to this growth was their cloud revenue, which saw a 26% increase to $998 million.
Additionally, the company's remaining performance obligations (RPO) grew impressively by 42% to $3.3 billion.


Atlassian’s Cloud + AI Combo Could Redefine How Companies Work Forever!

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.</li>
<li>We expect threes changes at the December index rebal event and no intra-review changes before then.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.
We expect threes changes at the December index rebal event and no intra-review changes before then.


Quiddity Leaderboard Nasdaq100 Dec26 Rebal: 3 ADDs/DELs; US$42bn One-Way Flow

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.</li><li>While North America is currently the largest market, Asia-Pacific is projected to overtake it in a few years.</li><li>Smart Cities are urban areas that utilize digital infrastructure and interconnected systems, most likely using artificial intelligence (AI). </li></ul>

The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.While North America is currently the largest market, Asia-Pacific is projected to overtake it in a few years.Smart Cities are urban areas that utilize digital infrastructure and interconnected systems, most likely using artificial intelligence (AI). 

Tech Talk: Smart Cities Delivering on the Promise

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>The Thai baht experienced a 1.8% QoQ weakening against the USD in 2Q23, primarily influenced by a stronger dollar and domestic political uncertainty.</li><li>Our empirical study on the relationship between the baht and the electronics sector indicates that the depreciation of the Thai currency may result in positive earnings surprises for electronic stocks in 2Q23E due to their high exposure to revenue from exports.</li><li>As a tactical play, we recommend HANA, as it is expected to benefit from the improvement of its GPM by 5.52% in 2Q23E thanks to the depreciation of the baht, with a strong correlation of -58.6%.</li></ul>

The Thai baht experienced a 1.8% QoQ weakening against the USD in 2Q23, primarily influenced by a stronger dollar and domestic political uncertainty.Our empirical study on the relationship between the baht and the electronics sector indicates that the depreciation of the Thai currency may result in positive earnings surprises for electronic stocks in 2Q23E due to their high exposure to revenue from exports.As a tactical play, we recommend HANA, as it is expected to benefit from the improvement of its GPM by 5.52% in 2Q23E thanks to the depreciation of the baht, with a strong correlation of -58.6%.

Tactical Play on the Electronics Sector Amid Weaker Baht

United States

Atlassian Corporation provides technology solutions. The Company designs and develops enterprise software platform for project management, collaboration, issue tracking, integration, deployment, and support services. Atlassian serves customers worldwide.

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Atlassian (TEAM US)