Chairman, sgtradex

Tan Chin-Hwee

Chairman

Thematic (Sector/Industry)

The discourse on Asia&rsquo;s &ldquo;rise&rdquo; is dominated by China and India, countries whose vast populations and buoyant economies have captured the imagination of international investors, journalists and policy analysts.&ldquo;Chindia&rdquo;-scented rhetoric abounds with catchphrases that state the obvious, but whose import is less so. China has the hardware, India the software; India needs China&rsquo;s roads, China could do with India&rsquo;s political inclusiveness. Given how fundamentally different India and China are, though, such &ldquo;lessons learnt&rdquo; are of limited value.The more relevant comparison in Asia &ndash; and one with enormous implications for the global economy &ndash; is between India and its civilisational sibling, Indonesia. These two eclectic democracies share more in common than India and China, yet they are rarely hyphenated.Last year&rsquo;s elections saw the elevation of a new breed of popular leader in both countries. Narendra Modi, whose family ran a tea stall, has risen from near the bottom of India&rsquo;s caste and class hierarchies. Joko Widodo is from a similarly underprivileged background.

The discourse on Asia&rsquo;s &ldquo;rise&rdquo; is dominated by China and India, countries whose vast populations and buoyant economies have captured the imagination of international investors, journalists and policy analysts.&ldquo;Chindia&rdquo;-scented rhetoric abounds with catchphrases that state the obvious, but whose import is less so. China has the hardware, India the software; India needs China&rsquo;s roads, China could do with India&rsquo;s political inclusiveness. Given how fundamentally different India and China are, though, such &ldquo;lessons learnt&rdquo; are of limited value.The more relevant comparison in Asia &ndash; and one with enormous implications for the global economy &ndash; is between India and its civilisational sibling, Indonesia. These two eclectic democracies share more in common than India and China, yet they are rarely hyphenated.Last year&rsquo;s elections saw the elevation of a new breed of popular leader in both countries. Narendra Modi, whose family ran a tea stall, has risen from near the bottom of India&rsquo;s caste and class hierarchies. Joko Widodo is from a similarly underprivileged background.

The Rise of Asia: India and Indonesia's Shared Challenges and Opportunities.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Gree Electric Appliances / Equity Bottom-Up

<ul>
<li>Since inception on February 23, our Robust Dividend Yielders basket has generated 20.3% total return, vs MSCI Asia-ex-Japan's 11.34%. 10 stocks in our basket of 23 appreciated more than 20%.</li>
<li>We reconstruct our basket screening all Asian stocks &gt; US$2bn market cap, dividend yield &gt;6% in 2025 and 2026, EPS CAGR &gt; 5% and upward revision to EPS forecasts.</li>
<li>Our new Dividend Yield basket has 15 stocks, 10 from HK, 3 from onshore China, 1 each from Indonesia and Singapore. Bosideng is the only stock common in both baskets. </li>
</ul>


Since inception on February 23, our Robust Dividend Yielders basket has generated 20.3% total return, vs MSCI Asia-ex-Japan's 11.34%. 10 stocks in our basket of 23 appreciated more than 20%.
We reconstruct our basket screening all Asian stocks &gt; US$2bn market cap, dividend yield &gt;6% in 2025 and 2026, EPS CAGR &gt; 5% and upward revision to EPS forecasts.
Our new Dividend Yield basket has 15 stocks, 10 from HK, 3 from onshore China, 1 each from Indonesia and Singapore. Bosideng is the only stock common in both baskets. 


Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hm-sampoerna-tbk-pt" target="_blank" data-smartkarma-citation="entities:617:1" rel="noopener">HM Sampoerna (HMSP IJ)</a> has been announced as a deletion from the Large cap of the Global Index at the September 2024 review.</li>
<li>The reason for the security's removal is due to a change of listing from an eligible to an ineligible exchange segment of the Indonesian Stock Exchange (IDX).</li>
<li>Forecasted passive fund supply is ~$24.6m and ~11.9 ADV at the close of 20 September 2024. The significant ADV is because of the security's low free float.</li>
</ul>



HM Sampoerna (HMSP IJ) has been announced as a deletion from the Large cap of the Global Index at the September 2024 review.
The reason for the security's removal is due to a change of listing from an eligible to an ineligible exchange segment of the Indonesian Stock Exchange (IDX).
Forecasted passive fund supply is ~$24.6m and ~11.9 ADV at the close of 20 September 2024. The significant ADV is because of the security's low free float.


HM Sampoerna (HMSP IJ): Global Index Deletion Following IDX Segment Shift

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

Tower Bersama Infrastructure / Index Rebalance

<ul>
<li>The review period for the LQ45 Index ended on 29 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.</li>
</ul>


The review period for the LQ45 Index ended on 29 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.


LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gudang-garam-tbk-pt" target="_blank" data-smartkarma-citation="entities:722:1" rel="noopener">Gudang Garam (GGRM IJ)</a> and <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> will replace <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a> and <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)</a> in the LQ45 Index next week.</li>
<li>There are some large changes to free float plus capping changes for <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> and <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>. </li>
<li>There could be jumps in the stocks of the adds/deletes today, though there should be pre-positioning and a potential reversal later in the week.</li>
</ul>



Gudang Garam (GGRM IJ) and Mitra Adiperkasa (MAPI IJ) will replace Timah Persero (TINS IJ) and Japfa Comfeed Indonesia (JPFA IJ) in the LQ45 Index next week.
There are some large changes to free float plus capping changes for Bank Central Asia (BBCA IJ) and Bank Rakyat Indonesia (BBRI IJ). 
There could be jumps in the stocks of the adds/deletes today, though there should be pre-positioning and a potential reversal later in the week.


​​​LQ45 Index Rebalance: Two Changes in a Few Days

Indonesia

PT Hanjaya Mandala Sampoerna Tbk is an Indonesian tobacco company that manufactures, distributes, and trades a variety of cigarette and tobacco products, including machine-made and hand-rolled kretek cigarettes under brands like Dji Sam Soe Magnum, Sampoerna A, and Marlboro Filter Black. The company also offers smoke-free products and is involved in general trading, e-commerce, property development, and management consulting. It was founded in 1913 and is headquartered in Surabaya, Indonesia.

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Sampoerna (HMSP IJ)

The Rise of Asia: India and Indonesia's Shared Challenges and Opportunities.

The discourse on Asia’s “rise” is dominated by China and India, countries whose vast populations and buoyant economies have captured the...

Tan Chin-Hwee

Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance

Since inception (Feb 23) our Robust Dividend Yielders basket generated 20.3% total return vs MSCI AxJ's 11.34%. Our new Dividend Yield basket...

Manishi Raychaudhuri

HM Sampoerna (HMSP IJ): Global Index Deletion Following IDX Segment Shift

HM Sampoerna (HMSP IJ) will be removed from the Large cap of the Global Index at the September 2024 review due to a listing change. Forecasted...

Dimitris Ioannidis

LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

There could be 5 potential changes for the LQ45 Index in January. The potential adds have performed well while the potential deletes are trading...

Brian Freitas

LQ45 Index Rebalance: Two Changes in a Few Days

GGRM and MAPI replace TINS and JPFA in the LQ45. Passives need to buy between 1-3x ADV in the next 4 trading days. There will be pre-positioning on...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Rise of Asia: India and Indonesia's Shared Challenges and Opportunities.

The discourse on Asia’s “rise” is dominated by China and India, countries whose vast populations and buoyant economies have captured the...

Tan Chin-Hwee

Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance

Since inception (Feb 23) our Robust Dividend Yielders basket generated 20.3% total return vs MSCI AxJ's 11.34%. Our new Dividend Yield basket...

Manishi Raychaudhuri

HM Sampoerna (HMSP IJ): Global Index Deletion Following IDX Segment Shift

​HM Sampoerna (HMSP IJ) will be removed from the Large cap of the Global Index at the September 2024 review due to a listing change. Forecasted...

Dimitris Ioannidis

LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

There could be 5 potential changes for the LQ45 Index in January. The potential adds have performed well while the potential deletes are trading...

Brian Freitas

​​​LQ45 Index Rebalance: Two Changes in a Few Days

GGRM and MAPI replace TINS and JPFA in the LQ45. Passives need to buy between 1-3x ADV in the next 4 trading days. There will be pre-positioning on...

Brian Freitas

HM Sampoerna (HMSP IJ) will be removed from the Large cap of the Global Index at the September 2024 review due to a listing change. Forecasted...

LQ45 Index Rebalance: Two Changes in a Few Days