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 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 JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, 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 JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.


NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

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>Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 19 stocks with passive inflows from global trackers while 8 could have passive outflows in February.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 19 stocks with passive inflows from global trackers while 8 could have passive outflows in February.


India: Potential Free Float Changes & Passive Flows in February 2026

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Jababeka, Nissan Motor, JSW Steel</li>
<li>UST yields fell 1-2 bps on Friday, although there were no material catalysts. The yield on the 2Y UST declined 1 bp to 3.59%, while the yield on the 10Y UST fell 2 bps to 4.23%. Equities were mixed, with the S&amp;P 500 flat at 6,916, while the Nasdaq rose 0.3% to 23,501.</li>
<li>The Chinese government will set a lower economic growth target of 4.5-5.0% this year (vs. c. 5% for each of the past two years), reported SCMP on Friday, citing unidentified sources briefed on the matter.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Jababeka, Nissan Motor, JSW Steel
UST yields fell 1-2 bps on Friday, although there were no material catalysts. The yield on the 2Y UST declined 1 bp to 3.59%, while the yield on the 10Y UST fell 2 bps to 4.23%. Equities were mixed, with the S&amp;P 500 flat at 6,916, while the Nasdaq rose 0.3% to 23,501.
The Chinese government will set a lower economic growth target of 4.5-5.0% this year (vs. c. 5% for each of the past two years), reported SCMP on Friday, citing unidentified sources briefed on the matter.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed on the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the June 2026 index rebal event.</li>
<li>As things stand, there could be one ADD and one DEL for the BSE SENSEX index.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed on the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the June 2026 index rebal event.
As things stand, there could be one ADD and one DEL for the BSE SENSEX index.


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: One Change Possible; US$357mn One-Way

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

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> raised around US$119m in its all-secondary India IPO. BCCL is a subsidiary of Coal India Limited engaged primarily in mining of coking coal. </li>
<li>It produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised around US$119m in its all-secondary India IPO. BCCL is a subsidiary of Coal India Limited engaged primarily in mining of coking coal. 
It produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

We analyzed NIFTY's consensus for Jan 2026 and highlighted changes of EPS in JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank,...

Ke Yan, CFA, FRM

India: Potential Free Float Changes & Passive Flows in February 2026

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in February. Passive trackers will need to...

Brian Freitas

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Jababeka, Nissan Motor,...

Lucror Analytics

Quiddity Leaderboard BSE SENSEX Jun26: One Change Possible; US$357mn One-Way

We estimate one-way flow to be around US$357mn. Both the expected ADD and DEL could have around 5x ADV to trade. There is still time left in the...

Janaghan Jeyakumar, CFA

Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

Bharat Coking Coal Ltd raised around US$119m in its all-secondary India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

We analyzed NIFTY's consensus for Jan 2026 and highlighted changes of EPS in JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank,...

Ke Yan, CFA, FRM

India: Potential Free Float Changes & Passive Flows in February 2026

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in February. Passive trackers will need to...

Brian Freitas

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Jababeka, Nissan Motor,...

Lucror Analytics

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: One Change Possible; US$357mn One-Way

We estimate one-way flow to be around US$357mn. Both the expected ADD and DEL could have around 5x ADV to trade. There is still time left in the...

Janaghan Jeyakumar, CFA

Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

Bharat Coking Coal Ltd raised around US$119m in its all-secondary India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Quiddity Leaderboard BSE SENSEX Jun26: One Change Possible; US$357mn One-Way