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>As forecast, <a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS PM)</a> will replace <a href="https://www.smartkarma.com/entities/bloomberry-resorts-corp" target="_blank" data-smartkarma-citation="entities:17961:1" rel="noopener">Bloomberry Resorts (BLOOM PM)</a> in the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> at the close of trading on 15 August.</li>
<li>
<a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive</a> has traded lower following the filing of the Online Gambling Regulatory bill that aims to enhance responsible gaming standards and strengthen regulatory oversight in the sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive</a> is in the early stages of a buyback and is looking to launch in Brazil and South Africa. The index inclusion could provide some respite in the short-term.</li>
</ul>


As forecast, DigiPlus Interactive (PLUS PM) will replace Bloomberry Resorts (BLOOM PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 15 August.

DigiPlus Interactive has traded lower following the filing of the Online Gambling Regulatory bill that aims to enhance responsible gaming standards and strengthen regulatory oversight in the sector.

DigiPlus Interactive is in the early stages of a buyback and is looking to launch in Brazil and South Africa. The index inclusion could provide some respite in the short-term.


PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
<a target="_blank" rel="noopener">The DigiPlus Interactive (PLUS PM)</a> share price has slipped from a peak of 65 Pesos on June 17th to under 30 Pesos/share as gaming restriction proposals dampen sentiment.  </li>
<li>The bill proposed by Senator Gatchalian prohibits e-wallets, imposes high minimum cash-ins, and stricter advertising regulations. In addition, the Finance department is proposing a tax on online gaming. </li>
<li>The stock now trades at 8.3x PE FY25e. The company has announced a buyback of 6 billion pesos (5% of outstanding shares on current market capitalization). </li>
</ul>



The DigiPlus Interactive (PLUS PM) share price has slipped from a peak of 65 Pesos on June 17th to under 30 Pesos/share as gaming restriction proposals dampen sentiment.  
The bill proposed by Senator Gatchalian prohibits e-wallets, imposes high minimum cash-ins, and stricter advertising regulations. In addition, the Finance department is proposing a tax on online gaming. 
The stock now trades at 8.3x PE FY25e. The company has announced a buyback of 6 billion pesos (5% of outstanding shares on current market capitalization). 


DigiPlus Interactive (PLUS PM): Six Billion Peso Buy Back To Counter Negative News

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan's 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.</li>
<li>Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&amp;M (-5.1%).</li>
<li>Our themes - tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region - are working fine. We make no changes to our portfolio.</li>
</ul>


From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan's 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&amp;M (-5.1%).
Our themes - tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region - are working fine. We make no changes to our portfolio.


Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

<ul>
<li>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>With the Q1 earnings season on, we update our readers on <a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS PM)</a>, <a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, and more. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
With the Q1 earnings season on, we update our readers on DigiPlus Interactive (PLUS PM), Shakey's Pizza (PIZZA PM), The Keepers Holdings (KEEPR PM), and more. 


Shortlist of High Conviction Philippines Equity Ideas - May 2025

Philippine Stock Exchange / Equity Bottom-Up

<ul>
<li>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>We add <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a>  and <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> to our Philippines high-conviction list, which we will be initiating coverage on shortly. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
We add ICTSI (ICT PM)  and Asian Terminals (ATI PM) to our Philippines high-conviction list, which we will be initiating coverage on shortly. 


Shortlist of High Conviction Philippines Equity Ideas - April 2025

Philippines

DigiPlus Interactive is a digital entertainment company operating in the Philippines, specializing in online and land-based gaming. The company offers a diverse portfolio of products including bingo, e-casino, specialty games, sports betting, and poker through platforms like BingoPlus, ArenaPlus, SpinPlus, and GameZone. Headquartered in Taguig City, Philippines, the company was founded in 1957.

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DigiPlus Interactive (PLUS PM)

PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock

DigiPlus will replace Bloomberry in the PCOMP. DigiPlus has sold off on regulatory concerns and has launched a buyback. Bloomberry has continued to...

Brian Freitas