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

Mitra Keluarga Karyasehat / Index Rebalance

<ul>
<li>The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.</li>
<li>We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.
We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Bank Syariah Indonesia / Equity Bottom-Up

<ul><li>BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.</li><li>NIM slightly improved mom to 5.6% in Aug24 thanks to the higher LDR, with CoF remaining flattish at 2.6%.</li><li>Maintain our Hold rating despite the still positive growth outlook, as valuation has reached its fair value, in our view.</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.

BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.NIM slightly improved mom to 5.6% in Aug24 thanks to the higher LDR, with CoF remaining flattish at 2.6%.Maintain our Hold rating despite the still positive growth outlook, as valuation has reached its fair value, in our view.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.

Bank Syariah Indonesia - Improved NIM and Cost Efficiency Offseting the Higher CoC

<ul><li>BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.</li><li>NIM slightly improved mom to 5.6% in Aug24 thanks to the higher LDR, with CoF remaining flattish at 2.6%.</li><li>Maintain our Hold rating despite the still positive growth outlook, as valuation has reached its fair value, in our view</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.

BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.NIM slightly improved mom to 5.6% in Aug24 thanks to the higher LDR, with CoF remaining flattish at 2.6%.Maintain our Hold rating despite the still positive growth outlook, as valuation has reached its fair value, in our viewContent 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.

BRIS.IJ - Aug24 Results: Improved NIM and Cost Efficiency Offseting the Higher CoC

<ul><li>BRIS booked net profit of Rp1.7tr in 2Q24 (flat qoq, +24% yoy), bringing its 1H24 NP to Rp3.4tr (+20% yoy), i.e., in line with ours and consensus. </li><li>NIM declined to 5.1% in 2Q24 (-23bps qoq, -76bps yoy), but the CoC remained robust at 0.9%, supported by improving MSME loan quality.</li><li>We maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalyst.</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.

BRIS booked net profit of Rp1.7tr in 2Q24 (flat qoq, +24% yoy), bringing its 1H24 NP to Rp3.4tr (+20% yoy), i.e., in line with ours and consensus. NIM declined to 5.1% in 2Q24 (-23bps qoq, -76bps yoy), but the CoC remained robust at 0.9%, supported by improving MSME loan quality.We maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalyst.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.

Bank Syariah Indonesia (BRIS IJ) - In Line 1H24 Net Profit

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri's</a> recent results reflect the success of the bank's strategy to grow higher-yielding loans and its strength in corporate, commercial, and consumer loans, with micro showing slower growth.</li>
<li>The bank funding base remains solid with strong CASA growth, helping it to maintain NIMs. Mandiri's mobile banking under Livin' continues to drive its transactional banking, loan and deposit growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri</a>'s upgrade to its loan growth projects speaks volumes about its confidence. With credit costs at less than 1% and ample liquidity, the bank is well-positioned for growth.</li>
</ul>



Bank Mandiri's recent results reflect the success of the bank's strategy to grow higher-yielding loans and its strength in corporate, commercial, and consumer loans, with micro showing slower growth.
The bank funding base remains solid with strong CASA growth, helping it to maintain NIMs. Mandiri's mobile banking under Livin' continues to drive its transactional banking, loan and deposit growth.

Bank Mandiri's upgrade to its loan growth projects speaks volumes about its confidence. With credit costs at less than 1% and ample liquidity, the bank is well-positioned for growth.


Bank Mandiri (BMRI IJ) - Escalating Returns and Lower Credit Costs

Indonesia

Bank Syariah Indonesia is a state-owned Islamic bank in Indonesia, offering a comprehensive range of commercial banking products and services to individuals and corporations, including savings, financing, investment, and digital banking. It operates through segments such as Corporate Banking, Commercial Banking, Institutional Relation, Retail Banking, and Treasury Banking and Head Office. The bank was officially founded on February 1, 2021, as a result of a merger between three state-owned sharia banks. Its headquarters are located in Jakarta, Indonesia.

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Bank Syariah Indonesia (BRIS IJ)

LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in October. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

Bank Syariah Indonesia - Improved NIM and Cost Efficiency Offseting the Higher CoC

BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.

BRI Danareksa Research

BRIS.IJ - Aug24 Results: Improved NIM and Cost Efficiency Offseting the Higher CoC

BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.

BRI Danareksa Research