Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>Intra-Review changes from two M&amp;A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.</li>
<li>We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
Intra-Review changes from two M&amp;A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.
We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.


Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&amp;D pipeline.</li><li>In the meantime, AFT’s operating business continues to perform strongly, with management reiterating FY27 guidance for revenue of &gt;NZ$300m, up &gt;+18% year-on-year, and EBIT of NZ$28m–NZ$32m (FB estimate: ~NZ$31m).</li><li>We retain OUTPERFORM, with the risk–reward still skewed to the upside.</li></ul>

AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&amp;D pipeline.In the meantime, AFT’s operating business continues to perform strongly, with management reiterating FY27 guidance for revenue of &gt;NZ$300m, up &gt;+18% year-on-year, and EBIT of NZ$28m–NZ$32m (FB estimate: ~NZ$31m).We retain OUTPERFORM, with the risk–reward still skewed to the upside.

AFT Pharmaceuticals Pipeline Prescribes Upside

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.

<ul><li>Shares of Kenvue Inc., maker of Tylenol, dropped roughly 10% in early September 2025 after media reports—primarily from The Wall Street Journal—indicated that U.S. Health Secretary Robert F.</li><li>Kennedy Jr. will release a forthcoming HHS report that likely links prenatal use of acetaminophen (Tylenol’s active ingredient) to autism.</li><li>This decline followed investor concern over what such a regulatory conclusion could mean for Kenvue’s reputation, sales, litigation exposure, and overall risk profile.</li></ul>

Shares of Kenvue Inc., maker of Tylenol, dropped roughly 10% in early September 2025 after media reports—primarily from The Wall Street Journal—indicated that U.S. Health Secretary Robert F.Kennedy Jr. will release a forthcoming HHS report that likely links prenatal use of acetaminophen (Tylenol’s active ingredient) to autism.This decline followed investor concern over what such a regulatory conclusion could mean for Kenvue’s reputation, sales, litigation exposure, and overall risk profile.

Kenvue Crashing?—New RFK Jr. Report May Blame Tylenol Use In Pregnancy For Autism!

<ul><li>Kenvue's second quarter of 2025 results highlight both opportunities and challenges, providing a complex landscape for potential investors.</li><li>The company's recent performance, although disappointing, demonstrates the ongoing strategic review and leadership changes that could lead to future improvements.</li><li>The financial results for the quarter showed an organic sales decline of 4.2%, with adjusted operating margins slightly contracting by 10 basis points to 22.7%.</li></ul>

Kenvue's second quarter of 2025 results highlight both opportunities and challenges, providing a complex landscape for potential investors.The company's recent performance, although disappointing, demonstrates the ongoing strategic review and leadership changes that could lead to future improvements.The financial results for the quarter showed an organic sales decline of 4.2%, with adjusted operating margins slightly contracting by 10 basis points to 22.7%.

Kenvue: Aligning Innovation, Efficiency, & Strategy But What Does The Future Look Like?

<ul><li>Kenvue, a major player in the consumer health sector, reported its first quarter 2025 earnings, revealing a strategic focus on accelerating profitable growth against a backdrop of fluctuating macroeconomic conditions.</li><li>The company's performance demonstrated both achievements and challenges which provide a nuanced basis for investment consideration.</li><li>A key highlight from Kenvue's results is the execution of its strategic priorities geared towards innovation and operational efficiency.</li></ul>

Kenvue, a major player in the consumer health sector, reported its first quarter 2025 earnings, revealing a strategic focus on accelerating profitable growth against a backdrop of fluctuating macroeconomic conditions.The company's performance demonstrated both achievements and challenges which provide a nuanced basis for investment consideration.A key highlight from Kenvue's results is the execution of its strategic priorities geared towards innovation and operational efficiency.

Kenvue Inc.: Innovation & Brand Activation to Help Sustain Consumer Loyalty & Drive Category Penetration!

United States

Kenvue Inc. operates as a consumer health company. The Company offers a consumer health portfolio in self-care, skin health & beauty, and essential health products. Kenvue serves customers worldwide.

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Kenvue (KVUE US)

Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow

Intra-review changes from two M&A deals and a spin-off could trigger early flows in the Select Sector indices, while the December rebalance one-way...

Anjana Amarasuriya

AFT Pharmaceuticals Pipeline Prescribes Upside

AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&D pipeline. In the meantime, AFT’s operating...

Forsyth Barr

Kenvue Crashing?—New RFK Jr. Report May Blame Tylenol Use In Pregnancy For Autism!

Shares of Kenvue Inc., maker of Tylenol, dropped roughly 10% in early September 2025 after media reports—primarily from The Wall Street...

Baptista Research

Kenvue: Aligning Innovation, Efficiency, & Strategy But What Does The Future Look Like?

Kenvue's second quarter of 2025 results highlight both opportunities and challenges, providing a complex landscape for potential investors. The...

Baptista Research

Kenvue Inc.: Innovation & Brand Activation to Help Sustain Consumer Loyalty & Drive Category Penetration!

Kenvue, a major player in the consumer health sector, reported its first quarter 2025 earnings, revealing a strategic focus on accelerating...

Baptista Research

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