Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!


[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index Mar25] S&P500/600 Jun25 Rebal: Early Days But a Few Intrareview Changes Possible

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Kellanova, a renowned snack food manufacturer known for brands like Cheez-It and Pringles, has recently attracted the interest of Mars, the global confectionery giant behind M&M's and Snickers.</li><li>With a market value of approximately $27 billion, including debt, Kellanova is a significant player in the packaged food sector.</li><li>Despite its robust market presence and diverse product portfolio, Kellanova's shares have underperformed relative to peers, presenting a potential acquisition opportunity.</li></ul>

Kellanova, a renowned snack food manufacturer known for brands like Cheez-It and Pringles, has recently attracted the interest of Mars, the global confectionery giant behind M&M's and Snickers.With a market value of approximately $27 billion, including debt, Kellanova is a significant player in the packaged food sector.Despite its robust market presence and diverse product portfolio, Kellanova's shares have underperformed relative to peers, presenting a potential acquisition opportunity.

Kellanova on Mars’ Radar: What Makes This Snack Leader a Prime Target?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Haldiram's skyrockets from Bikaner roots to $8 billion global snack powerhouse.</li>
<li>Agarwal family's strategic split and merger propel Haldiram to new heights in the snack industry.</li>
<li>Bain and Blackstone battle for Haldiram, eyeing a massive acquisition.</li>
</ul>


Haldiram's skyrockets from Bikaner roots to $8 billion global snack powerhouse.
Agarwal family's strategic split and merger propel Haldiram to new heights in the snack industry.
Bain and Blackstone battle for Haldiram, eyeing a massive acquisition.


Snack Dynasty: Haldiram's Rise to a Multi-Billion Dollar Empire

<ul><li>During the latest earnings, W.K. Kellogg Co demonstrated its strategic plans for the future and reported strong financial results for the fourth quarter and fiscal year 2023.</li><li>The CEO, Gary Pilnick, emphasized the company’s commitment to delivering on its promises and its focus on execution and engaging its team.</li><li>The company achieved net sales at the high end of their guidance range and EBITDA margin above their guidance range indicating effective business planning.</li></ul>

During the latest earnings, W.K. Kellogg Co demonstrated its strategic plans for the future and reported strong financial results for the fourth quarter and fiscal year 2023.The CEO, Gary Pilnick, emphasized the company’s commitment to delivering on its promises and its focus on execution and engaging its team.The company achieved net sales at the high end of their guidance range and EBITDA margin above their guidance range indicating effective business planning.

WK Kellogg Co: Positive Price/Mix and Revenue Growth Management Initiatives! - Major Drivers

United States

Kellogg Company manufactures and markets ready-to-eat cereal and other convenience foods. The Company's products include cereals, cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles and veggie foods. Kellogg markets its products in the United States, Canada, and other countries throughout the world.

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Kellogg Co (K US)

[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

The S&P 500 June 2025 rebal will have fun at both ends of the spectrum. A bunch of intra-review changes at the top are likely, and a few S&P...

Travis Lundy

[Quiddity Index Mar25] S&P500/600 Jun25 Rebal: Early Days But a Few Intrareview Changes Possible

The S&P500/400/600 rebalance for March is done as of Friday. The S&P rebalance for June now has a leaderboard. APP and CRH lead from outside the...

Travis Lundy

Kellanova on Mars’ Radar: What Makes This Snack Leader a Prime Target?

Kellanova, a renowned snack food manufacturer known for brands like Cheez-It and Pringles, has recently attracted the interest of Mars, the global...

Baptista Research

Snack Dynasty: Haldiram's Rise to a Multi-Billion Dollar Empire

Haldiram's rapid rise to $8 billion global snack giant was fueled by the split, strategic merger, and acquisition interest from Bain and Blackstone.

Sudarshan Bhandari

WK Kellogg Co: Positive Price/Mix and Revenue Growth Management Initiatives! - Major Drivers

During the latest earnings, W.K. Kellogg Co demonstrated its strategic plans for the future and reported strong financial results for the fourth...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

The S&P 500 June 2025 rebal will have fun at both ends of the spectrum. A bunch of intra-review changes at the top are likely, and a few S&P...

Travis Lundy

[Quiddity Index Mar25] S&P500/600 Jun25 Rebal: Early Days But a Few Intrareview Changes Possible

The S&P500/400/600 rebalance for March is done as of Friday. The S&P rebalance for June now has a leaderboard. APP and CRH lead from outside the...

Travis Lundy

Kellanova on Mars’ Radar: What Makes This Snack Leader a Prime Target?

Kellanova, a renowned snack food manufacturer known for brands like Cheez-It and Pringles, has recently attracted the interest of Mars, the global...

Baptista Research

Snack Dynasty: Haldiram's Rise to a Multi-Billion Dollar Empire

​Haldiram's rapid rise to $8 billion global snack giant was fueled by the split, strategic merger, and acquisition interest from Bain and Blackstone.

Sudarshan Bhandari

WK Kellogg Co: Positive Price/Mix and Revenue Growth Management Initiatives! - Major Drivers

During the latest earnings, W.K. Kellogg Co demonstrated its strategic plans for the future and reported strong financial results for the fourth...

Baptista Research

Haldiram's rapid rise to $8 billion global snack giant was fueled by the split, strategic merger, and acquisition interest from Bain and Blackstone.