US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>If <a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> remains ranked above 26 on 30 May, it will replace <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> in EURO STOXX50 at the June 2025 quarterly review.</li>
<li>Main forecasted additions to EURO STOXX50 at the September 2025 annual review are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a>.</li>
<li>Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are <a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard SA (RI FP)</a> and <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a>. </li>
</ul>


If Rheinmetall AG (RHM GR) remains ranked above 26 on 30 May, it will replace Kering (KER FP) in EURO STOXX50 at the June 2025 quarterly review.
Main forecasted additions to EURO STOXX50 at the September 2025 annual review are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR).
Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are Pernod Ricard SA (RI FP) and Stellantis NV (STLAM IM). 


Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>  targets to raise approximately USD350 mn from a primary placement of 4.31 million new shares at HKD630 per share.</li>
<li>Laopu Gold has delivered both superior margins and rapid growth by marrying cultural resonance, premium pricing, artisanal excellence, and outstanding store economics.</li>
<li>Laopu’s growth track record coincides with period of rising gold prices. Investors should weigh its impressive margins and brand strength against the risk of a less supportive gold price environment.</li>
</ul>



Laopu Gold (6181 HK)  targets to raise approximately USD350 mn from a primary placement of 4.31 million new shares at HKD630 per share.
Laopu Gold has delivered both superior margins and rapid growth by marrying cultural resonance, premium pricing, artisanal excellence, and outstanding store economics.
Laopu’s growth track record coincides with period of rising gold prices. Investors should weigh its impressive margins and brand strength against the risk of a less supportive gold price environment.


Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.</li>
<li>Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. </li>
<li>RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> is the main deletion candidate.</li>
</ul>



Rheinmetall AG (RHM GR) surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.
Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. 
RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. Kering (KER FP) is the main deletion candidate.


EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The ES50 Index is one of the most highly-tracked indices in Europe and the annual index review takes place in September every year.</li>
<li>In this insight, we take a look at Quiddity's estimation of the latest ranks of potential ADDs and DELs for the upcoming index rebal event in September 2024.</li>
<li>The rankings will be finalized at the end of this week. Currently, we see one expected ADD/DEL but the expectations can change since there are three more trading days left.</li>
</ul>


The ES50 Index is one of the most highly-tracked indices in Europe and the annual index review takes place in September every year.
In this insight, we take a look at Quiddity's estimation of the latest ranks of potential ADDs and DELs for the upcoming index rebal event in September 2024.
The rankings will be finalized at the end of this week. Currently, we see one expected ADD/DEL but the expectations can change since there are three more trading days left.


Quiddity Leaderboard ES50 Sep 24: DSM Addition Unlikely; Engie Could Replace Kering (US$1bn+ Flows)

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> is the main candidate for direct deletion as it is the only constituent below the exit threshold. Forecasted supply is $750m and 9.7 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/dsm-firmenich-ag" target="_blank" data-smartkarma-citation="entities:43730:1" rel="noopener">DSM-Firmenich (DSFIR NA)</a> is the main candidate for addition replacing <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> as it is the highest ranked non-constituent. Forecasted demand is $1.3bn and 22.5 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> and <a href="https://www.smartkarma.com/entities/volkswagen-ag-2754ab9c-fd60-43d7-a087-b4ce4465a0eb" target="_blank" data-smartkarma-citation="entities:734:1" rel="noopener">Volkswagen (Pref) (VOW3 GR)</a> are only 2% above the exit threshold. Potential replacements are <a href="https://www.smartkarma.com/entities/engie-sa" target="_blank" data-smartkarma-citation="entities:21449:1" rel="noopener">Engie SA (ENGI FP)</a> and <a href="https://www.smartkarma.com/entities/argenx-se" target="_blank" data-smartkarma-citation="entities:28604:1" rel="noopener">Argenx SE (ARGX US)</a>.</li>
</ul>



Kering (KER FP) is the main candidate for direct deletion as it is the only constituent below the exit threshold. Forecasted supply is $750m and 9.7 ADV.

DSM-Firmenich (DSFIR NA) is the main candidate for addition replacing Kering (KER FP) as it is the highest ranked non-constituent. Forecasted demand is $1.3bn and 22.5 ADV.

Nokia OYJ (NOKIA FH) and Volkswagen (Pref) (VOW3 GR) are only 2% above the exit threshold. Potential replacements are Engie SA (ENGI FP) and Argenx SE (ARGX US).


EURO STOXX 50: Kering Out of Fashion with $750M Deletion. DSM-Firmenich In with $1.3B Addition.

France

Kering SA designs, manufactures and markets luxury and sport & lifestyle goods. The Company's brands include Gucci, Bottega Veneta, Alexander McQueen, Puma and Volcom. Kering operates globally and is headquartered in Paris, France.

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Kering (KER FP)

Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

Rheinmetall is expected to replace Kering through fast-entry into EURO STOXX50 at the June 2025 review, while Siemens Energy and Deutsche Bank are...

Dimitris Ioannidis

Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation

Laopu Gold's multiples are not too steep given strong earnings growth outlook. Investors however need to weigh its upside potential against...

Devi Subhakesan

EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

Rheinmetall AG (RHM) is now ranked 26th in Euro STOXX50, after surpassing the Industrial sector coverage threshold and is ~4% away from fast-entry...

Dimitris Ioannidis

Quiddity Leaderboard ES50 Sep 24: DSM Addition Unlikely; Engie Could Replace Kering (US$1bn+ Flows)

The ES50 Sep 24 index review results will be announced later today. We see Kering (KER FP) as an expected DEL and Engie (ENGI FP) as an expected...

Janaghan Jeyakumar, CFA

EURO STOXX 50: Kering Out of Fashion with $750M Deletion. DSM-Firmenich In with $1.3B Addition.

DSM-Firmenich (DSFIR NA) is forecasted to be added to SX5E with a demand of $1.3B as a replacement of Kering (KER FP) with a forecasted supply of...

Dimitris Ioannidis

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