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 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).</li>
<li>Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.</li>
</ul>


There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).
Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.


NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>EBITDA (+68% YoY) was led by 17% sales growth (-4% QoQ US but up 18% YoY, +10% EU, and +49% YoY in growth markets), higher gross margin (+490 bps YoY), muted SG&amp;A/R&amp;D (+7%/ -4% YoY) but was partly offset by higher staff cost (+20% YoY)</li><li>ARBP expects to maintain US oral solid business growth momentum, led by new launches and volume gain in the base business</li><li>However, specialty/injectable business is expected to remain muted due to Eugia plant impact (site transfer to Vizag plant may take 1 year)—the company has guided for quarterly sales rate at USD 150 mn (Q4FY24 was at USD 147 mn) and US sales rate of USD 100-110 mn for FY25, it expects growth to improve in FY26 on the back of new launches</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.

EBITDA (+68% YoY) was led by 17% sales growth (-4% QoQ US but up 18% YoY, +10% EU, and +49% YoY in growth markets), higher gross margin (+490 bps YoY), muted SG&amp;A/R&amp;D (+7%/ -4% YoY) but was partly offset by higher staff cost (+20% YoY)ARBP expects to maintain US oral solid business growth momentum, led by new launches and volume gain in the base businessHowever, specialty/injectable business is expected to remain muted due to Eugia plant impact (site transfer to Vizag plant may take 1 year)—the company has guided for quarterly sales rate at USD 150 mn (Q4FY24 was at USD 147 mn) and US sales rate of USD 100-110 mn for FY25, it expects growth to improve in FY26 on the back of new launchesContent 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.

Aurobindo Pharma (4QFY24): Strong Q4, Eugia’s USFDA Issues Key Concern.

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a>'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  </li>
<li>For BSE 100, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a> is a new potential ADD and that has caused major changes to the index change expectations I had previously.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.

Wipro Ltd (WPRO IN)'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  
For BSE 100, Jio Financial Services (JIOFIN IN) is a new potential ADD and that has caused major changes to the index change expectations I had previously.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

Thematic (Sector/Industry)

<ul><li>The Axis Top Picks Basket delivered an excellent return of 5.8% in Apr’24 against the 1.2% return posted by Nifty 50, thereby beating the benchmark by a wide margin of 4.6%.</li><li>Over the last one year, the basket has gained 49%. Moreover, it gives us immense joy to inform you that our Top Picks Basket has delivered an impressive return of 284% since its inception (May’20), which stands well above the 144% return delivered by the NIFTY 50 index over the same period.</li><li>In light of this, we continue to believe in our thematic approach to Top Picks selection.</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.

The Axis Top Picks Basket delivered an excellent return of 5.8% in Apr’24 against the 1.2% return posted by Nifty 50, thereby beating the benchmark by a wide margin of 4.6%.Over the last one year, the basket has gained 49%. Moreover, it gives us immense joy to inform you that our Top Picks Basket has delivered an impressive return of 284% since its inception (May’20), which stands well above the 144% return delivered by the NIFTY 50 index over the same period.In light of this, we continue to believe in our thematic approach to Top Picks selection.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.

<ul><li>Aurobindo Pharma Limited (ARBP) is an integrated global pharmaceutical company headquartered in Hyderabad, India.</li><li>The company is engaged in the development, manufacturing, and commercialization of a wide range of generic pharmaceuticals, branded specialty pharmaceuticals, and active pharmaceutical ingredients (APIs) worldwide, spanning across more than 150 countries.</li><li>With a presence in over 25 manufacturing and packaging facilities, Aurobindo Pharma holds approvals from leading regulatory agencies including the USFDA, MHRA, EDQM, PMDA, WHO, Health Canada, MCC, and ANVISA. </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.

Aurobindo Pharma Limited (ARBP) is an integrated global pharmaceutical company headquartered in Hyderabad, India.The company is engaged in the development, manufacturing, and commercialization of a wide range of generic pharmaceuticals, branded specialty pharmaceuticals, and active pharmaceutical ingredients (APIs) worldwide, spanning across more than 150 countries.With a presence in over 25 manufacturing and packaging facilities, Aurobindo Pharma holds approvals from leading regulatory agencies including the USFDA, MHRA, EDQM, PMDA, WHO, Health Canada, MCC, and ANVISA. 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 - Aurobindo Pharma Ltd - 04 MAR 2024

India

Aurobindo Pharma Limited manufactures and markets oral and sterile antibiotics, antibacterials, anti-ulcerants and other generic basic drugs. Products include semi-synthetic penicillin drugs like ampicillin and amoxycillinas well as antibiotics, which include cloxacillin and dicloxacillin. The Company also manufactures formulations like astemizole, domeperidone and omeprazole.

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Aurobindo Pharma (ARBP IN)

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

Aurobindo Pharma (4QFY24): Strong Q4, Eugia’s USFDA Issues Key Concern.

ARBP expects to maintain US oral solid business growth momentum, led by new launches and volume gain in the base business

HDFC Securities

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Wipro will be replaced by Adani Ports & S.E.Zone in the SENSEX index as expected. There will be five changes for BSE 100 which are consistent with...

Janaghan Jeyakumar, CFA

Axis Top Picks - May 2024

The Axis Top Picks Basket delivered an excellent return of 5.8% in Apr’24 against the 1.2% return posted by Nifty 50, thereby beating the benchmark...

Axis Direct

Pick of the Week - Aurobindo Pharma Ltd - 04 MAR 2024

The company is engaged in the development, manufacturing, and commercialization of a wide range of generic pharmaceuticals, branded specialty...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

Aurobindo Pharma (4QFY24): Strong Q4, Eugia’s USFDA Issues Key Concern.

ARBP expects to maintain US oral solid business growth momentum, led by new launches and volume gain in the base business

HDFC Securities

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Wipro will be replaced by Adani Ports & S.E.Zone in the SENSEX index as expected. There will be five changes for BSE 100 which are consistent with...

Janaghan Jeyakumar, CFA

Axis Top Picks - May 2024

The Axis Top Picks Basket delivered an excellent return of 5.8% in Apr’24 against the 1.2% return posted by Nifty 50, thereby beating the benchmark...

Axis Direct

Pick of the Week - Aurobindo Pharma Ltd - 04 MAR 2024

The company is engaged in the development, manufacturing, and commercialization of a wide range of generic pharmaceuticals, branded specialty...

Axis Direct

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities