Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.</li>
<li>Our previous note included the company's business, financials and pre-IPO investor backing.</li>
<li>In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.</li>
</ul>


Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
Our previous note included the company's business, financials and pre-IPO investor backing.
In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.


Jio Platforms Pre-IPO: Peer Comparison and Valuation

Index Rebalance

<ul>
<li>NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.</li>
<li>BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.</li>
<li>Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.</li>
</ul>


NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.
BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.
Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.


NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.</li>
<li>But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.</li>
<li>Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we expected an 8-10% pullback to provide a buying opportunity.
But that all changed last week (4/1/25 Compass and 4/3/25 Int'l Compass), when we downgraded our outlook to bearish/cautious, citing several concerning developments.
Despite the 90-day pause, we remain cautious and we continue to favor defensives as long as the S&amp;P 500 and ACWI-US are below their 200-day MAs.


Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Taiwan Stock Exchange Weighted Index / Technical Analysis

Taiwan Stock Exchange Weighted Index (TWSE INDEX)

<ul>
<li>Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.</li>
<li>We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.</li>
<li>Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.</li>
</ul>


Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.
We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.
Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.


Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX EQUITY)</a> Surpasses Hong Kong to Become Fourth-Highest Equity Market Globally.</li>
<li>Vodafone to Sell Entire <a href="https://www.smartkarma.com/entities/indus-towers-ltd" target="_blank" data-smartkarma-citation="entities:8922:1" rel="noopener">Indus Towers (INDUSTOW IN)</a> Stake Worth $2.3 Billion via Block Deals</li>
<li>
<a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> Completes Rs 830 Crore Bond Issuance</li>
</ul>



S&amp;P BSE SENSEX Index (SENSEX INDEX EQUITY) Surpasses Hong Kong to Become Fourth-Highest Equity Market Globally.
Vodafone to Sell Entire Indus Towers (INDUSTOW IN) Stake Worth $2.3 Billion via Block Deals

State Bank Of India (SBIN IN) Completes Rs 830 Crore Bond Issuance


#15 India Insight: Sensex Crossed Hongkong Market, Vodafone to Sell Indus Stake, Adani Ent

India

Indus Towers is an Indian telecommunications infrastructure company that provides passive infrastructure services to mobile network operators and other wireless service providers. The company deploys, owns, and manages telecom towers and communication structures, offering tower infrastructure for mounting operator antennae, uninterrupted power supply solutions, and space for housing telecom and power equipment. Headquartered in Gurugram, Haryana, Indus Towers was incorporated in November 2007.

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Indus Towers (INDUSTOW IN)

Jio Platforms Pre-IPO: Peer Comparison and Valuation

Jio Platforms has filed its draft prospectus with SEBI for its listing in India. In this note, we compare the company with its listed peers,...

Ke Yan, CFA, FRM

NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

NIFTY 50 enters implementation on 30 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Still Favor Defensives Until Market Dynamics Improve; EURO $STOXX 50 Testing Crucial 5000 Level; Watch for Resistance at $105-$117.69 on $ACWI. Buy...

Vermilion Research

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research

#15 India Insight: Sensex Crossed Hongkong Market, Vodafone to Sell Indus Stake, Adani Ent

S&P BSE SENSEX Index surpasses Hong Kong to become fourth-highest equity market globally, Vodafone to sell entire Indus Towers stake worth $2.3...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jio Platforms Pre-IPO: Peer Comparison and Valuation

Jio Platforms has filed its draft prospectus with SEBI for its listing in India. In this note, we compare the company with its listed peers,...

Ke Yan, CFA, FRM

NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

NIFTY 50 enters implementation on 30 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Still Favor Defensives Until Market Dynamics Improve; EURO $STOXX 50 Testing Crucial 5000 Level; Watch for Resistance at $105-$117.69 on $ACWI. Buy...

Vermilion Research

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research

#15 India Insight: Sensex Crossed Hongkong Market, Vodafone to Sell Indus Stake, Adani Ent

​S&P BSE SENSEX Index surpasses Hong Kong to become fourth-highest equity market globally, Vodafone to sell entire Indus Towers stake worth $2.3...

Sudarshan Bhandari

S&P BSE SENSEX Index surpasses Hong Kong to become fourth-highest equity market globally, Vodafone to sell entire Indus Towers stake worth $2.3...