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>With 90% of the review period for the August rebalance of 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> complete, there could be one change for the index.</li>
<li>
<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> should 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 index. <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> also has some global passive selling at the close on 30 May.</li>
<li>
<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> is up 25x over the last couple of years and is up 46% since we identified the stock as a potential index inclusion.</li>
</ul>


With 90% of the review period for the August rebalance of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) complete, there could be one change for the index.

DigiPlus Interactive (PLUS PM) should replace Bloomberry Resorts (BLOOM PM) in the index. Bloomberry Resorts (BLOOM PM) also has some global passive selling at the close on 30 May.

DigiPlus Interactive (PLUS PM) is up 25x over the last couple of years and is up 46% since we identified the stock as a potential index inclusion.


PCOMP Index Rebalance Preview: One Set of Changes as PLUS Runs Away

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 href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS PM)</a>  reported robust Q2 FY25 results with revenue/net profits up 30.6%/30.1% YoY, driven by an increase in MAUs to 8.5 million from 7.5 million in Q1FY25.</li>
<li>Net margins remained flat YoY at 17%, as a decline in franchisee fees and taxes was offset by an increase in A&amp;P spend as marketshare declined to 39% (vs 45%). </li>
<li>The stock trades at 6.9x FY25e, with multiple expansion catalysts. On the flipside, the <a href="https://www.bloomberg.com/news/articles/2025-08-14/philippines-to-remove-online-gambling-links-from-e-wallets%20" target="_blank" rel="noopener">regulatory concerns (on restrictions on online gaming)</a> still cloud the sector. </li>
</ul>



DigiPlus Interactive (PLUS PM)  reported robust Q2 FY25 results with revenue/net profits up 30.6%/30.1% YoY, driven by an increase in MAUs to 8.5 million from 7.5 million in Q1FY25.
Net margins remained flat YoY at 17%, as a decline in franchisee fees and taxes was offset by an increase in A&amp;P spend as marketshare declined to 39% (vs 45%). 
The stock trades at 6.9x FY25e, with multiple expansion catalysts. On the flipside, the regulatory concerns (on restrictions on online gaming) still cloud the sector. 


Digi Plus Interactive (PLUS PM): Strong Q2 FY25, But Regulatory Cloud A Massive Overhang

<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

<ul>
<li>
<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> has seen remarkable performance lately, with its share price increasing by 20% this month, 32% YTD, and 300% since January 2024.</li>
<li>The share price performance is driven by optimism over the company's shortlisting for a Brazilian operating license and a recent broker upgrade with a bold price target of 55.4 pesos.</li>
<li>Currently trading at 13.7x and 10.5x FY24/25 PE with an ROCE exceeding 35%, we anticipate the next catalyst will be the company’s strong FY24 earnings report in April.</li>
</ul>



DigiPlus Interactive (PLUS PM) has seen remarkable performance lately, with its share price increasing by 20% this month, 32% YTD, and 300% since January 2024.
The share price performance is driven by optimism over the company's shortlisting for a Brazilian operating license and a recent broker upgrade with a bold price target of 55.4 pesos.
Currently trading at 13.7x and 10.5x FY24/25 PE with an ROCE exceeding 35%, we anticipate the next catalyst will be the company’s strong FY24 earnings report in April.


Digiplus Interactive (PLUS PM): FY24 Earnings Preview, Cheap Despite Quadrupling Since Jan 2024

<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

Philippines

DigiPlus Interactive Corp. provides gaming and leisure facilities. The Company offers multi-gaming platforms, numerous products, and games with a strong distribution network of entertainment facilities in neighborhood sites. DigiPlus Interactive serves customers in the Philippines.

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DigiPlus Interactive (PLUS PM)

PCOMP Index Rebalance Preview: One Set of Changes as PLUS Runs Away

DigiPlus Interactive could replace Bloomberry Resorts in the PCOMP in August. There will also be selling in BLOOM at the close on 30 May. PLUS is...

Brian Freitas