Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a> will replace <a href="https://www.smartkarma.com/entities/hap-seng-consolidated-bhd" target="_blank" data-smartkarma-citation="entities:13036:1" rel="noopener">Hap Seng Consolidated (HAP MK)</a> in the <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" data-smartkarma-citation="entities:22913:1" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> after the close of trading on 17 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/hap-seng-consolidated-bhd" target="_blank" data-smartkarma-citation="entities:13036:1" rel="noopener">Hap Seng Consolidated (HAP MK)</a> is a delete on liquidity and there will be over 5 days of ADV to sell. The impact on <a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a> is smaller.</li>
<li>
<a href="https://www.smartkarma.com/entities/hap-seng-consolidated-bhd" target="_blank" data-smartkarma-citation="entities:13036:1" rel="noopener">Hap Seng Consolidated (HAP MK)</a> could drop in the short term but underperformance vs its peers could provide a buying opportunity, especially close to implementation date.</li>
</ul>



Westports Holdings (WPRTS MK) will replace Hap Seng Consolidated (HAP MK) in the Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) after the close of trading on 17 December.

Hap Seng Consolidated (HAP MK) is a delete on liquidity and there will be over 5 days of ADV to sell. The impact on Westports Holdings (WPRTS MK) is smaller.

Hap Seng Consolidated (HAP MK) could drop in the short term but underperformance vs its peers could provide a buying opportunity, especially close to implementation date.


KLCI Index Rebalance: Westports Replaces Hap Seng

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

Equity Bottom-Up

<div class="content-highlight">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.</div>

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.

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>The energy shock is widening the earnings gap—long China exporters with stable electricity costs, short LNG-exposed manufacturing hubs facing margin compression.</li>
<li>The trade is relative, not absolute—this is about cost competitiveness and reallocation of market share, not global growth. </li>
<li>Timing is critical—position early in prolonged energy disruption, but exit decisively if demand destruction overtakes cost advantage.</li>
</ul>


The energy shock is widening the earnings gap—long China exporters with stable electricity costs, short LNG-exposed manufacturing hubs facing margin compression.
The trade is relative, not absolute—this is about cost competitiveness and reallocation of market share, not global growth. 
Timing is critical—position early in prolonged energy disruption, but exit decisively if demand destruction overtakes cost advantage.


Energy Shock Is Not Symmetric — Why China Wins This Cycle (Part 2)

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

This insight is meant for you who may not have the time to read through a long note on <a href="https://www.smartkarma.com/insights/erajaya-eraa-growing-sustainable-smartphone-demand-in-indonesia-on-the-ground-findings" target="_blank" data-smartkarma-citation="insights:30542" rel="noopener">Erajaya (ERAA): Growing Sustainable Smartphone Demand in Indonesia - On the Ground Findings</a> , and serve as an excerpt of that note. With most of the technology and telecom stocks are hammered from US-China trade war uncertainties, Erajaya provides exposure to the growing smartphone demand in Indonesia with a careful and calculated expansion plan to the second and third-tier cities. At the current low PE multiple at 10x compared to its peers at 24x, the market has not priced in the growth potential that comes from increasing organic demand from customers, a reduced amount of black-market smartphones in the circulation and a more timely and consistent supply of new launches smartphones.  We expect the company's top line to continue growing in the next few periods with a similar level of net margin. We suggest investors start buying Erajaya Swasembada and existing investors to add their position.

This insight is meant for you who may not have the time to read through a long note on Erajaya (ERAA): Growing Sustainable Smartphone Demand in Indonesia - On the Ground Findings , and serve as an excerpt of that note. With most of the technology and telecom stocks are hammered from US-China trade war uncertainties, Erajaya provides exposure to the growing smartphone demand in Indonesia with a careful and calculated expansion plan to the second and third-tier cities. At the current low PE multiple at 10x compared to its peers at 24x, the market has not priced in the growth potential that comes from increasing organic demand from customers, a reduced amount of black-market smartphones in the circulation and a more timely and consistent supply of new launches smartphones.  We expect the company's top line to continue growing in the next few periods with a similar level of net margin. We suggest investors start buying Erajaya Swasembada and existing investors to add their position. 

Erajaya (ERAA): Growing Sustainable Smartphone Demand in Indonesia - (Summary Note)

Malaysia

Inari Amertron Berhad is an investment holding company involved in the electronics manufacturing services (EMS) industry. The Company provides semiconductor packaging services such as back-end wafer processing, assembly and testing for global customers in Radio Frequency (RF) and in Optoelectronic products. Inari has manufacturing facilities in Malaysia, China and Philippines.

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Inari Amertron (INRI MK)

KLCI Index Rebalance: Westports Replaces Hap Seng

Westports Holdings will replace Hap Seng Consolidated in the KLCI at the December rebalance. HAP MK is a liquidity delete and passive trackers will...

Brian Freitas

Looking Forward to Another Record Year

Buy Inari Amertron Berhad: Looking Forward to Another Record Year. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

Record High Revenue in FY21

Buy Inari Amertron Berhad: Record High Revenue in FY21. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

Energy Shock Is Not Symmetric — Why China Wins This Cycle (Part 2)

Energy shock widens earnings: Long China (stable power), short LNG-exposed hubs (margin squeeze). Focus on cost competitiveness over growth. Timing...

Mo Aziz

Erajaya (ERAA): Growing Sustainable Smartphone Demand in Indonesia - (Summary Note)

This insight is meant for you who may not have the time to read through a long note on Erajaya (ERAA): Growing Sustainable Smartphone Demand in...

Henry Soediarko

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