Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.


MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Coal India, Max Healthcare Institute, HDFC Bank, Mahindra &amp; Mahindra, Grasim Industries, State Bank of India, Adani Enterprises, ICICI Bank.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Coal India, Max Healthcare Institute, HDFC Bank, Mahindra &amp; Mahindra, Grasim Industries, State Bank of India, Adani Enterprises, ICICI Bank.


NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat Petroleum, Infosys, Vedanta, Hindalco Industries.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat Petroleum, Infosys, Vedanta, Hindalco Industries.


MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

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>There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.</li>
<li>Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.</li>
</ul>


There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.
Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.


NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

India

Hindalco Industries Limited is an Indian aluminium and copper manufacturing company, and a subsidiary of the Aditya Birla Group. It is a major producer of primary aluminium, flat-rolled products, extrusions, and foils, and also manufactures copper cathodes and continuous cast copper rods. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1958.

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Hindalco Industries (HNDL IN)

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

We analyzed NIFTY's consensus for Feb 2026 and highlighted changes of EPS in Coal India (COAL IN), Max Healthcare Institute (MAXHEALT IN), HDFC...

Ke Yan, CFA, FRM

MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

We analyzed MS-India's consensus for Jan 2026 and highlighted changes of EPS in HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat...

Ke Yan, CFA, FRM

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

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