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>The <a href="https://www.smartkarma.com/entities/spdr-straits-times-index-etf" target="_blank" data-smartkarma-citation="entities:35880:1" rel="noopener">SPDR Straits Times Index ETF (STTF SP)</a> will need to sell <a href="https://www.smartkarma.com/entities/emperador-inc-1be53f2f-f106-4f4f-b9be-5cf1341e76ae" target="_blank" data-smartkarma-citation="entities:36111:1" rel="noopener">Emperador (EMI SP)</a> at the close of trading on 15 March.</li>
<li>Other global index trackers will need to sell <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador (EMP PM)</a> at the close on 15 March.</li>
<li>There will be around US$55m to sell across both lines and varying liquidity has opened up a huge spread between the listings.</li>
</ul>


The SPDR Straits Times Index ETF (STTF SP) will need to sell Emperador (EMI SP) at the close of trading on 15 March.
Other global index trackers will need to sell Emperador (EMP PM) at the close on 15 March.
There will be around US$55m to sell across both lines and varying liquidity has opened up a huge spread between the listings.


STTF Index Rebalance: The Widening Emperador Spread

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul>
<li>Emperador's acquisition of Los Danzantes aligns with its "Contemporise, Premiumise, Internationalise" strategy, enhancing its premium Mezcal offerings.</li>
<li>The Dalmore Distillery expansion, doubling capacity, will impact Emperador's revenue mix 12 years post-completion.</li>
<li>Whyte &amp; Mackay's sustainability initiatives include a Jura Biomass Boiler and carbon capture, targeting carbon neutrality by 2030.</li>
</ul>


Emperador's acquisition of Los Danzantes aligns with its "Contemporise, Premiumise, Internationalise" strategy, enhancing its premium Mezcal offerings.
The Dalmore Distillery expansion, doubling capacity, will impact Emperador's revenue mix 12 years post-completion.
Whyte &amp; Mackay's sustainability initiatives include a Jura Biomass Boiler and carbon capture, targeting carbon neutrality by 2030.


10 in 10 with Emperador – Embracing Premiumisation for Global Expansion

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

<ul>
<li>We are gradually building a high-conviction coverage of ideas for the mid and small-caps in the Philippines.</li>
<li>We set criteria for high ROCE, reasonable growth (10-15% YoY), strong balance sheets, and reasonable capital allocation (dividend yields), all ingredients for being multi-baggers.</li>
<li>We also offer updates on several companies we met at the PSE conference in Manila, which took place from March 19 to 21.</li>
</ul>


We are gradually building a high-conviction coverage of ideas for the mid and small-caps in the Philippines.
We set criteria for high ROCE, reasonable growth (10-15% YoY), strong balance sheets, and reasonable capital allocation (dividend yields), all ingredients for being multi-baggers.
We also offer updates on several companies we met at the PSE conference in Manila, which took place from March 19 to 21.


Shortlist of High Conviction Philippines Equity Ideas and Updates from PSE Conference - March 2025

<ul>
<li>In our insight, we summarized the FY23 results: <a href="https://www.smartkarma.com/insights/keepers-holdings-keepr-pm-fy23-30-yoy-net-cash-growth-6-8x-pe-and-a-7-6-dividend-yield" target="_blank" data-smartkarma-citation="insights:136757" rel="noopener">Keepers Holdings (KEEPR PM) FY23: 30% YoY, Net Cash, Growth 6.8x PE, And A 7.6% Dividend Yield</a>.  </li>
<li>For the council held on April 19th, the company reiterated its long-term teen growth CAGR for revenue but emphasized that the trend would not be linear.</li>
<li>The company will aim to maintain a 50% payout ratio and improve its working capital position to enhance cash flow generation.</li>
</ul>


In our insight, we summarized the FY23 results: Keepers Holdings (KEEPR PM) FY23: 30% YoY, Net Cash, Growth 6.8x PE, And A 7.6% Dividend Yield.  
For the council held on April 19th, the company reiterated its long-term teen growth CAGR for revenue but emphasized that the trend would not be linear.
The company will aim to maintain a 50% payout ratio and improve its working capital position to enhance cash flow generation.


Keepers Holdings FY23 Concall Highlights: Premiumization Growth Trajectory to Continue

Philippines

Emperador, Inc. operates in the beverage industry. The Company, through  its subsidiary, produces and markets brandy.

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Emperador (EMP PM)

STTF Index Rebalance: The Widening Emperador Spread

The STTF ETF will need to sell Singapore listed Emperador at the close on 15 March. Global passive portfolios will be selling Emperador in the...

Brian Freitas

10 in 10 with Emperador – Embracing Premiumisation for Global Expansion

Emperador's acquisition of Los Danzantes aligns with its "Contemporise, Premiumise, Internationalise" strategy, enhancing its premium Mezcal...

Singapore Exchange Ltd (SGX)

Shortlist of High Conviction Philippines Equity Ideas and Updates from PSE Conference - March 2025

We provide pertinent summaries of all our meetings at the PSE conference held on 19-21 March, in addition to our screen of high-quality companies...

Sameer Taneja

Keepers Holdings FY23 Concall Highlights: Premiumization Growth Trajectory to Continue

We summarize the concall for Keepers Holdings. The stock trades at an attractive 6.9x FY23 PE and a 7.7% dividend yield (50% payout ratio for FY24...

Sameer Taneja

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