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 the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.</li>
<li>Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.</li>
</ul>


With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.


NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.</li>
<li>Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.</li>
<li>But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.</li>
</ul>



TVS Motor (TVSL IN) posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.
Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.
But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.


TVS Motor (TVSL) – The Juggernaut; Solid Outlook

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Max Healthcare Institute / Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.


Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>With the review period nearing completion, there could be 4 changes (including 1 migration) for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.</li>
<li>Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.</li>
</ul>


With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.


NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

There could be 11 changes in Sep. Estimated one-way turnover is 7.7% and round-trip trade is INR 17.6bn. With over US$43bn tracking the index...

Brian Freitas

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...

Sreemant Dudhoria,CFA

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

These are our final expectations for ADDs/DELs for the NIFTY index family for the September 2025 index review. The reference period ended on 31st...

Janaghan Jeyakumar, CFA

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

There could be 11 changes in Sep. Estimated one-way turnover is 7.7% and round-trip trade is INR 17.6bn. With over US$43bn tracking the index...

Brian Freitas

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

​TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...

Sreemant Dudhoria,CFA

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

These are our final expectations for ADDs/DELs for the NIFTY index family for the September 2025 index review. The reference period ended on 31st...

Janaghan Jeyakumar, CFA

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

TVS Motor continues with its Juggernaut performance, but valuation at 57x P/E TTM EPS is a concern. Expects strong H2FY26 performance driven by...