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

Event-Driven

<ul>
<li>The lock-up on nearly 9.4bn shares of <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> expires on 13 March. Most of that is from the banks that helped in the recapitalisation in March 2020.</li>
<li>There will be forced sellers as soon as the lock-up ends, and there will be other sellers that will want to sell.</li>
<li>The forced and discretionary selling will be offset to a very small extent by inflows from passive trackers in May/June as the free float for the stock increases.</li>
</ul>


The lock-up on nearly 9.4bn shares of Yes Bank (YES IN) expires on 13 March. Most of that is from the banks that helped in the recapitalisation in March 2020.
There will be forced sellers as soon as the lock-up ends, and there will be other sellers that will want to sell.
The forced and discretionary selling will be offset to a very small extent by inflows from passive trackers in May/June as the free float for the stock increases.


YES Bank Lock-Up Expiry: Forced Sellers, Overhang & Index Implications

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/bharat-22-etf" target="_blank" data-smartkarma-citation="entities:28307:1" rel="noopener">BHARAT 22 ETF (ICICIB22 IN)</a> will rebalance on 17 March while the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF (CPSEBE IN)</a> and <a href="https://www.smartkarma.com/entities/nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index (NSEBANK INDEX)</a> will rebalance on 29 March.</li>
<li>There are no constituent changes for the indices in March but there will be capping changes for the stocks and there is a reasonable impact on some stocks.</li>
<li>There are stocks that will have opposing flows on the two days, while there are some stocks that will have same way flows from passive trackers.</li>
</ul>


The BHARAT 22 ETF (ICICIB22 IN) will rebalance on 17 March while the CPSE ETF (CPSEBE IN) and Nifty Bank Index (NSEBANK INDEX) will rebalance on 29 March.
There are no constituent changes for the indices in March but there will be capping changes for the stocks and there is a reasonable impact on some stocks.
There are stocks that will have opposing flows on the two days, while there are some stocks that will have same way flows from passive trackers.


CPSE / BHARAT22 / CNXBANK Index Rebalance Preview: Capping Changes in March

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Japan Post Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, there were two deals launched this week.</li>
<li>For placements, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s planned selldown by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> came earlier than expected.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, there were two deals launched this week.
For placements, Japan Post Bank (7182 JP)'s planned selldown by Japan Post Holdings (6178 JP) came earlier than expected.


ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>We are glad to announce that we released a new report – Top Dividend Yield Stocks during the month.</li><li>This monthly report contains the top 15 dividend-yield companies from PSUs, Large Cap, Mid Cap, and Small Cap space each.</li><li>Axis Top Picks: Our Axis Top Picks basket reported an impressive performance with a return of 149 % since its inception, notably beating the 87% returns reported by the benchmark NIFTY 50 Index over the same period.</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 are glad to announce that we released a new report – Top Dividend Yield Stocks during the month.This monthly report contains the top 15 dividend-yield companies from PSUs, Large Cap, Mid Cap, and Small Cap space each.Axis Top Picks: Our Axis Top Picks basket reported an impressive performance with a return of 149 % since its inception, notably beating the 87% returns reported by the benchmark NIFTY 50 Index over the same period.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.

<ul><li>Axis Top picks basket delivered a positive return of 0.7%, outperforming the Nifty 50 index which declined by 1.7% over the same period (since 1st Feb’23).</li><li>This outperformance was indeed commendable, especially considering the highly volatile month of Feb’23 which witnessed a rather mixed performance across the sectoral, market cap, and style indices.</li><li>Furthermore, our Top Picks basket has delivered an impressive return of 149% since its inception in May’20, which stands significantly higher than the 87% returns reported by Nifty 50 over the same period.</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.

Axis Top picks basket delivered a positive return of 0.7%, outperforming the Nifty 50 index which declined by 1.7% over the same period (since 1st Feb’23).This outperformance was indeed commendable, especially considering the highly volatile month of Feb’23 which witnessed a rather mixed performance across the sectoral, market cap, and style indices.Furthermore, our Top Picks basket has delivered an impressive return of 149% since its inception in May’20, which stands significantly higher than the 87% returns reported by Nifty 50 over the same period.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.

India

ICICI Bank Limited operates a network of banks located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients.

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Icici Bank Ltd Spon Adr (IBN US)

YES Bank Lock-Up Expiry: Forced Sellers, Overhang & Index Implications

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There will be capping changes on the Bharat22, CPSE and NIFTYBANK indices in March. There are stocks that have opposite flows while some have same...

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ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Axis Research Scorecard Report - Feb 23

We are glad to announce that we released a new report – Top Dividend Yield Stocks during the month. This monthly report contains the top 15...

Axis Direct

Axis Top Picks - March 2023

Axis Top picks basket delivered a positive return of 0.7%, outperforming the Nifty 50 index which declined by 1.7% over the same period (since 1st...

Axis Direct

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