Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

Thematic (Sector/Industry)

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. &nbsp;<div><ul><li>I discuss Long Term trends of cement pricing in India, environmental issues and relative cost structures.&nbsp; </li><li>I believe that this work might aid fund managers / analysts in deriving a better view on the cement sector.&nbsp; </li><li>Cement Company Managements can also use this as an analysis framework to benchmark their own performance.&nbsp; </li><li>Lastly, I also try to raise thoughts on whether 2015-2020 is like 2003-2008 for the Indian stock market.&nbsp;</li></ul><blockquote>My work examines publicly available data spanning 15 years, going back to 1999.&nbsp;</blockquote></div>

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. &nbsp;I discuss Long Term trends of cement pricing in India, environmental issues and relative cost structures.&nbsp; I believe that this work might aid fund managers / analysts in deriving a better view on the cement sector.&nbsp; Cement Company Managements can also use this as an analysis framework to benchmark their own performance.&nbsp; Lastly, I also try to raise thoughts on whether 2015-2020 is like 2003-2008 for the Indian stock market.&nbsp;My work examines publicly available data spanning 15 years, going back to 1999.&nbsp;

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

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>
<a href="https://www.smartkarma.com/entities/almonty-industries-inc" target="_blank" data-smartkarma-citation="entities:23864:1" rel="noopener">Almonty Industries (AII CN)</a>, <a href="https://www.smartkarma.com/entities/standard-lithium-ltd" target="_blank" data-smartkarma-citation="entities:38824:1" rel="noopener">Standard Lithium (SLI US)</a> and <a href="https://www.smartkarma.com/entities/hubei-zhenhua-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:30013:1" rel="noopener">Hubei Zhenhua Chemical Co Ltd (603067 CH)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> in December.</li>
<li>The constituent changes, float changes and capping changes result in an estimated one-way turnover of 18.2% and in a round-trip trade of US$550m.</li>
<li>There have been large creations in <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> as strategic metals and rare earths stocks have surged in price over the last few months.</li>
</ul>



Almonty Industries (AII CN), Standard Lithium (SLI US) and Hubei Zhenhua Chemical Co Ltd (603067 CH) will be added to the VanEck Rare Earth/Strategic Me (REMX US) in December.
The constituent changes, float changes and capping changes result in an estimated one-way turnover of 18.2% and in a round-trip trade of US$550m.
There have been large creations in VanEck Rare Earth/Strategic Me (REMX US) as strategic metals and rare earths stocks have surged in price over the last few months.


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

Dawning Information Industry C / Index Rebalance

Dawning Information Industry C (603019 CH)

<ul>
<li>There are 4 constituent changes for the <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index (SSE50 INDEX)</a> that will be implemented at the close on 12 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/dawning-information-industry-c" target="_blank" data-smartkarma-citation="entities:25380:1" rel="noopener">Dawning Information Industry C (603019 CH)</a> is a surprise add given the upcoming merger with <a href="https://www.smartkarma.com/entities/hygon-information-technology-c" target="_blank" data-smartkarma-citation="entities:36366:1" rel="noopener">Hygon Information Technology C (688041 CH)</a>. </li>
<li>The <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index</a> adds have underperformed the deletes over the last couple of months and there could be outperformance from here as positioning builds ahead of the implementation of the changes.</li>
</ul>


There are 4 constituent changes for the SSE50 Index (SSE50 INDEX) that will be implemented at the close on 12 December.

Dawning Information Industry C (603019 CH) is a surprise add given the upcoming merger with Hygon Information Technology C (688041 CH). 
The SSE50 Index adds have underperformed the deletes over the last couple of months and there could be outperformance from here as positioning builds ahead of the implementation of the changes.


SSE50 Index Rebalance: 4 Changes a Side & US$2.2bn Trade

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

DZT Research

DZT 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 CSI 100 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 CAMBRICON TECHNOLOGIES, CHINA VANKE, ZIJIN MINING, TONGWEI, CSCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TCL TECHNOLOGY, Zijin Mining, Tcl Technology, China Vanke.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 CAMBRICON TECHNOLOGIES, CHINA VANKE, ZIJIN MINING, TONGWEI, CSCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TCL TECHNOLOGY, Zijin Mining, Tcl Technology, China Vanke.


CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

China Northern Rare Earth Group High-Tech / Equity Bottom-Up

China Northern Rare Earth Group High-Tech (600111 CH)

China Northern Rare Earth Group High-Tech

<ul>
<li>CNRE (600111.SH) posted record H1 FY25 profits with strong production and margin gains.</li>
<li>The company is ramping alloy, magnet, and separation capacity into 2026 to lift downstream integration.</li>
<li>Shares have surged over 200% in 12 months, leaving valuations stretched and bubble-like.</li>
</ul>


CNRE (600111.SH) posted record H1 FY25 profits with strong production and margin gains.
The company is ramping alloy, magnet, and separation capacity into 2026 to lift downstream integration.
Shares have surged over 200% in 12 months, leaving valuations stretched and bubble-like.


CNRE (600111.SH) – H1 FY25 Beat, Downstream Expansion; Valuations Look Stretched

China

China Northern Rare Earth Group High-Tech Co. Ltd. is the consolidation of mining, smelting, separation and utilization companies in the northern region of Inner Mongolia.

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China Northern Rare Earth Group High-Tech (600111 CH)

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. I discuss Long Term trends...

Pawan Sachdeva

MV Global Rare Earth/Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

There are 3 adds for the REMX in Dec. Estimated one-way turnover is 18.2% and round-trip trade is US$550m. There have been big creations in REMX...

Brian Freitas

SSE50 Index Rebalance: 4 Changes a Side & US$2.2bn Trade

There are 4 changes for the SSE50 Index in Dec. Dawning is the surprise addition and could move closer to the merger ratio implied price. Estimated...

Brian Freitas

CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

We analyzed CSI 100's consensus for Aug 2025 and highlighted changes of EPS in CAMBRICON TECHNOLOGIES (688256 CH), CHINA VANKE (000002 CH), ZIJIN...

Ke Yan, CFA, FRM

CNRE (600111.SH) – H1 FY25 Beat, Downstream Expansion; Valuations Look Stretched

CNRE (600111.SH) achieved record profits in H1 FY25 due to production and margin gains.However, shares have surged over 200% in the past year,...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. I discuss Long Term trends...

Pawan Sachdeva

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

There are 3 adds for the REMX in Dec. Estimated one-way turnover is 18.2% and round-trip trade is US$550m. There have been big creations in REMX...

Brian Freitas

SSE50 Index Rebalance: 4 Changes a Side & US$2.2bn Trade

There are 4 changes for the SSE50 Index in Dec. Dawning is the surprise addition and could move closer to the merger ratio implied price. Estimated...

Brian Freitas

CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

We analyzed CSI 100's consensus for Aug 2025 and highlighted changes of EPS in CAMBRICON TECHNOLOGIES (688256 CH), CHINA VANKE (000002 CH), ZIJIN...

Ke Yan, CFA, FRM

CNRE (600111.SH) – H1 FY25 Beat, Downstream Expansion; Valuations Look Stretched

​CNRE (600111.SH) achieved record profits in H1 FY25 due to production and margin gains.However, shares have surged over 200% in the past year,...

Rahul Jain

MV Global Rare Earth/Strategic Metals Index Rebalance: 3 Adds and Other Changes; US$550m Trade

CNRE (600111.SH) achieved record profits in H1 FY25 due to production and margin gains.However, shares have surged over 200% in the past year,...