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>It was a busy week with index rebalance implementations and announcements of index changes.</li>
<li>The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.</li>
<li>There were big inflows to China ETFs during the week while the largest inflows went to the <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> ETF.</li>
</ul>


It was a busy week with index rebalance implementations and announcements of index changes.
The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.
There were big inflows to China ETFs during the week while the largest inflows went to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF.


Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

Event-Driven

<ul>
<li>NSE Indices have started a market consultation on dropping stocks that are not a part of the Futures &amp; Options segment from the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a>. </li>
<li>This will be done in two phases with a weight reduction for non-F&amp;O stocks in June and deletion from the index in September.</li>
<li>That will result in 11 inclusions to the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a> in September and bring in a lot of flow to the stocks.</li>
</ul>


NSE Indices have started a market consultation on dropping stocks that are not a part of the Futures &amp; Options segment from the Nifty Next 50 Index (NIFTYJR INDEX). 
This will be done in two phases with a weight reduction for non-F&amp;O stocks in June and deletion from the index in September.
That will result in 11 inclusions to the Nifty Next 50 Index (NIFTYJR INDEX) in September and bring in a lot of flow to the stocks.


NIFTY NEXT 50 Index Market Consultation: Non-F&O Stocks Could Be Dropped

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%</li><li>The margin beat was largely driven by a higher-than-expected gross margin</li><li>While AL has done well in FY23 in the MHCV goods segment (+550bps market share to 32.3%), its market share has declined sharply in the MHCV passenger segment to 28% for FY23 (-410bps), where it has traditionally been a market leader (slipped to the third position)</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.

Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%The margin beat was largely driven by a higher-than-expected gross marginWhile AL has done well in FY23 in the MHCV goods segment (+550bps market share to 32.3%), its market share has declined sharply in the MHCV passenger segment to 28% for FY23 (-410bps), where it has traditionally been a market leader (slipped to the third position)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.

HSIE Results Daily: Ashok Leyland, Fsn E-Commerce Ventures (Nykaa)

Equity Bottom-Up

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul><li>We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holds</li><li>Hence, our REDUCE rating on Nykaa stands with a DCF-based TP of INR110/sh (implying 157x FY25 P/E)</li><li>Our three-point thesis was (1) TAM seemed oversold (2) ad revenue will be closely contended for and (3) Nykaa seems more like an efficient pipe business than a platform</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.

We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holdsHence, our REDUCE rating on Nykaa stands with a DCF-based TP of INR110/sh (implying 157x FY25 P/E)Our three-point thesis was (1) TAM seemed oversold (2) ad revenue will be closely contended for and (3) Nykaa seems more like an efficient pipe business than a platformContent 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.

Fsn E-commerce Ventures: The going seems to be getting tougher! Maintain REDUCE

Fsn E-Commerce Ventures - The Going Seems to Be Getting Tougher! Maintain REDUCE

India

FSN E-Commerce Ventures Private Limited providese-retailing beauty and personal care solutions. The Company offers comprehensive selection of makeup, skin and hair care, bath body, fragrance, grooming appliances, personal care, and health and welness categories. FSN E-Commerce Ventures serves customers worldwide.

FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

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FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

NIFTY NEXT 50 Index Market Consultation: Non-F&O Stocks Could Be Dropped

A market consultation could lead to the deletion of non-F&O stocks from the NIFTY NEXT50 index in September. That means 11 new index members and...

Brian Freitas

HSIE Results Daily: Ashok Leyland, Fsn E-Commerce Ventures (Nykaa)

Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%

HDFC Securities

Fsn E-commerce Ventures: The going seems to be getting tougher! Maintain REDUCE

We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holds. Hence, our REDUCE rating on Nykaa stands with a...

HDFC Securities

Fsn E-Commerce Ventures - The Going Seems to Be Getting Tougher! Maintain REDUCE

We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holds. Hence, our REDUCE rating on Nykaa stands with a...

HDFC Securities

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52-week Range

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