Brian Freitas

Pan-Asia Index Rebalances/Events/Delta One

Periscope Analytics

Event-Driven

<ul>
<li>For Asia Pacific, there are 2 adds to the FTSE All-World Index, 2 adds to the FTSE All-Cap Index and 2 deletions from the FTSE All-World Index.</li>
<li>All changes are on expected lines. The one surprise is the non-inclusion of <a href="https://www.smartkarma.com/entities/rainbow-children-s-medicare-limited" target="_blank" data-smartkarma-citation="entities:35874:1" rel="noopener">Rainbow Children's Hospital (RAINBOW IN)</a> to the All-Cap Index where it likely just failed investable market cap.</li>
<li>
<a href="https://www.smartkarma.com/entities/sungeel-hitech-co-ltd" target="_blank" data-smartkarma-citation="entities:36028:1" rel="noopener">Sungeel Hitech (365340 KS)</a> is also an add to the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> at the close on 8 December, while there is a huge lock-up expiry for <a href="https://www.smartkarma.com/entities/delhivery-limited" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (DELHIVER IN)</a>.</li>
</ul>

<ul>
<li>FTSE has announced that it will be changing <a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources (GGR SP)</a>'s nationality from Singapore to Ineligible at the close on 16 December. </li>
<li>This means the stock will be deleted from the FTSE All-World Index at the close on 16 December. We estimate passive trackers will need to sell multiple days ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources (GGR SP)</a> trades cheaper than a lot of its peers but has outperformed them over the last year. There could be a short-term reversal.</li>
</ul>

Charles Spencer

Over 25-yrs in Global Materials & Soft Commodities

Alpha Factors

Equity Bottom-Up

<p><strong>INVESTMENT CONCLUSION: </strong>We recommend avoiding shares linked to the Indonesian plantation sector, like <a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources (GGR SP)</a> and <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> until the risks associated with a recent spike in transboundary haze passes.  Over the past few days, there has been a sharp deterioration in air pollution throughout Southeast Asia as a result of an escalation of fire clearing activities across Sumatra and Kalimantan.  </p>

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

Insights across South East Asia

<ul>
<li>A recent webinar hosted by Smartkarma with <a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources</a> revealed a company confident in the outlook for both its plantation and its value-added processing businesses.</li>
<li>
<a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources</a> leads the industry in terms of the yields on its plantations versus both Indonesia and Malaysia and continues to replant with higher-yielding varieties.</li>
<li>The company has plentiful processing capacity for its own needs and those of third parties, which will help maintain margins. Management is confident in the outlook for palm oil prices.</li>
</ul>

Smartkarma Research

Smartkarma Research Team

Smartkarma

Research Reinvented

<p>For our next Corporate Webinar, we are glad to welcome <a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142" rel="noopener">Golden Agri Resources (GGR SP) </a>Director, Investor Relations, Richard Fung. In the upcoming Webinar, Richard will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>. A live Q&amp;A session will follow.</p><h3>The Corporate Webinar will be hosted on Tuesday, 5 July 2022, 17:00 SGT.</h3><div><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89650028931" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Listed on the Singapore Exchange since 1999, Golden Agri-Resources Ltd (GAR) is one of the leading integrated palm oil plantation companies in the world, with a market capitalisation of US$2.6 billion as of 31 May 2022. During 2021, it generated revenue of over US$10 billion and underlying profit of US$603 million. GAR’s integrated operations focus on the technology-driven production and distribution of an extensive portfolio of palm-based products.</p><p>GAR encompasses an efficient end-to-end supply chain, from responsible production to global delivery. It cultivates 536 thousand hectares of palm oil plantations in Indonesia, including plasma smallholders; harvesting and extracting fresh fruit bunches into crude palm oil and palm kernel; processing into a broad range of value-added products such as cooking oil, margarine, shortening, biodiesel, and oleochemicals.</p><p>GAR has a global market presence with destination refining, ex-tank operations, and sales representative offices in several markets. GAR’s products are sold globally to approximately 100 countries. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses.</p><p>Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p><p></p></div>

Singapore

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells crude palm oil and palm kernel.  The Company also refines crude palm oil into cooking oil, margarine, and shortening for sale and distribution.

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Golden Agri Resources - GGR SP

FTSE All-World/All-Cap Index Rebalance: Watch Golden Agri-Resources & Delhivery

The changes are on expected lines. Some stocks are adds to other indices or have lock-ups coming free. The largest flow and impact is on Golden...

Brian Freitas