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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.


NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

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.

Thematic (Sector/Industry)

<ul><li>MCX is expected to report a robust quarter, led by strong growth in futures and options trading, driven by gold and silver</li><li>Options revenue is estimated to rise 70.8% QoQ and futures revenue to expand 99.1% QoQ, taking total revenue to INR 6.46bn in Q3, up 72.6/114.3% QoQ/YoY</li><li>We expect EBITDA/PAT of INR 4.81bn/3.88bn, up +97.6/+96.6% QoQ</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.

MCX is expected to report a robust quarter, led by strong growth in futures and options trading, driven by gold and silverOptions revenue is estimated to rise 70.8% QoQ and futures revenue to expand 99.1% QoQ, taking total revenue to INR 6.46bn in Q3, up 72.6/114.3% QoQ/YoYWe expect EBITDA/PAT of INR 4.81bn/3.88bn, up +97.6/+96.6% QoQContent 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.

Exchanges, Staffing and Internet (Q3FY26E Results Preview): Exchanges strong, staffing weak

<ul><li>MCX is expected to report a flat quarter sequentially (+0.4 QoQ) although it will register 31.2% YoY growth</li><li>The revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQ</li><li>We expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/-1.1% QoQ</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.

MCX is expected to report a flat quarter sequentially (+0.4 QoQ) although it will register 31.2% YoY growthThe revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQWe expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/-1.1% QoQContent 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.

Exchanges, Staffing and Internet: Recovery in sight

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>Following the lock-up expiry, pre-IPO investors have been selling stock, and the increased free float should lead to <a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a>'s inclusion in a global index in November. </li>
<li>The stock is up 11% since we highlighted it as a potential inclusion a couple of weeks back.</li>
<li>Positioning has surged in the last few trading sessions and there could be more to go before passives need to buy.</li>
</ul>


Following the lock-up expiry, pre-IPO investors have been selling stock, and the increased free float should lead to Meesho (MEESHO IN)'s inclusion in a global index in November. 
The stock is up 11% since we highlighted it as a potential inclusion a couple of weeks back.
Positioning has surged in the last few trading sessions and there could be more to go before passives need to buy.


Meesho (MEESHO IN): Higher Float & Global Index Inclusion

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>This insight discusses about listing dynamics of <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> .</li>
<li>We present factors which would impact the listing price and present various valuation scenarios.</li>
<li>Finally, we conclude with view on near term price movement for the company.</li>
</ul>


This insight discusses about listing dynamics of National Stock Exchange (NSEIN IN) .
We present factors which would impact the listing price and present various valuation scenarios.
Finally, we conclude with view on near term price movement for the company.


NSE IPO: Listing Scenarios,Will It Go Below the IPO Price?

India

BSE Ltd. is Asia's oldest stock exchange, providing a transparent market for trading in equities, debt instruments, derivatives, mutual funds, and other securities. It offers services including listing, trading, clearing, settlement, and data services, and operates platforms for SMEs and mutual fund distribution. The company is headquartered in Mumbai, India, and was founded in 1875.

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BSE (BSE IN)

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

Exchanges, Staffing and Internet (Q3FY26E Results Preview): Exchanges strong, staffing weak

Options revenue is estimated to rise 70.8% QoQ and futures revenue to expand 99.1% QoQ, taking total revenue to INR 6.46bn in Q3, up 72.6/114.3%...

HDFC Securities

Exchanges, Staffing and Internet: Recovery in sight

The revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQ. We expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/...

HDFC Securities

Meesho (MEESHO IN): Higher Float & Global Index Inclusion

Following lock-up expiry, foreign investors have been selling Meesho and that results in a big increase in free float. Global index inclusion in...

Brian Freitas

NSE IPO: Listing Scenarios,Will It Go Below the IPO Price?

This insight discusses about listing dynamics of National Stock Exchange (NSEIN IN). We present factors which would impact the listing price and...

Sreemant Dudhoria

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52-week Range

Market Cap (USDm)

P/E

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