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>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> and <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics (BHE IN)</a> are shoo-ins to replace <a href="https://www.smartkarma.com/entities/ltimindtree-ltd" target="_blank" data-smartkarma-citation="entities:22778:1" rel="noopener">LTIMindtree (LTIM IN)</a> and <a href="https://www.smartkarma.com/entities/divi-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:4871:1" rel="noopener">Divi's Laboratories (DIVI IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> in September.</li>
<li>Passive <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> trackers will need to trade at least 3.3x ADV and 7.7x delivery volume on the stocks. There is some opposite flow from <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> trackers.</li>
<li>Cumulative excess volume has increased in all stocks but there are some stocks where there will still be more positioning over the next few weeks.</li>
</ul>



Trent Ltd (TRENT IN) and Bharat Electronics (BHE IN) are shoo-ins to replace LTIMindtree (LTIM IN) and Divi's Laboratories (DIVI IN) in the NIFTY Index (NIFTY INDEX) in September.
Passive NIFTY Index trackers will need to trade at least 3.3x ADV and 7.7x delivery volume on the stocks. There is some opposite flow from Nifty Next 50 Index trackers.
Cumulative excess volume has increased in all stocks but there are some stocks where there will still be more positioning over the next few weeks.


NIFTY50 Index Rebalance Preview: Big Flow, Big Impact, Big Positioning

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Bajaj Auto: Driven by a better mix, Bajaj Auto’s Q1 PAT at INR19.9bn was ahead of our estimate</li><li>There has been an uptick in prices of aluminum, copper, rubber, and metals like rhodium and platinum, which has been offset by steady prices of steel, nickel, lead, and palladium and the company’s cost reduction initiatives</li><li>Price increases taken in the ICE portfolio offset the price reduction taken in the electric portfolio</li></ul>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.

Bajaj Auto: Driven by a better mix, Bajaj Auto’s Q1 PAT at INR19.9bn was ahead of our estimateThere has been an uptick in prices of aluminum, copper, rubber, and metals like rhodium and platinum, which has been offset by steady prices of steel, nickel, lead, and palladium and the company’s cost reduction initiativesPrice increases taken in the ICE portfolio offset the price reduction taken in the electric portfolioContent 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.

HSIE Results Daily: Bajaj Auto, LTIMindtree, L&T Technology Services, Karur Vysya Bank, Mastek

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>LTIM reported robust revenue growth of 2.6% QoQ CC (USD 2.5% QoQ), ahead of our estimates of 1.9% CC &amp; consensus (1.6% QoQ).</li><li>The growth was broad-based across key verticals and geographies with TMC and NA grew 7.9% and 4.4% QoQ, respectively.</li><li>EBIT margin reported at 15.0% in Q1, up 30 bps (in-line with our est.</li></ul>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.

LTIM reported robust revenue growth of 2.6% QoQ CC (USD 2.5% QoQ), ahead of our estimates of 1.9% CC &amp; consensus (1.6% QoQ).The growth was broad-based across key verticals and geographies with TMC and NA grew 7.9% and 4.4% QoQ, respectively.EBIT margin reported at 15.0% in Q1, up 30 bps (in-line with our est.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.

LTIMindtree (LTIM IN) - On a Growth Trajectory

<ul><li>LTIMindtree’s (LTIM) revenue growth recovered in Q1, supported by a recovery in its BFSI vertical, onsite-led growth and continued strength in the T1 account</li><li>While deal signings were modest considering Q1 being high on renewals, growth visibility has improved with better deal conversion and the signing of several Master Service Agreements (MSAs), which doesn’t fully reflect in TCV signings</li><li>Importantly, there seems to be some semblance of stability following several senior management exits and an extended period of integration</li></ul>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.

LTIMindtree’s (LTIM) revenue growth recovered in Q1, supported by a recovery in its BFSI vertical, onsite-led growth and continued strength in the T1 accountWhile deal signings were modest considering Q1 being high on renewals, growth visibility has improved with better deal conversion and the signing of several Master Service Agreements (MSAs), which doesn’t fully reflect in TCV signingsImportantly, there seems to be some semblance of stability following several senior management exits and an extended period of integrationContent 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.

LTIMindtree (Results Review Q1FY25): In the Right Direction. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q1FY25, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 9,143 Cr, down 2.8% QoQ (2.5% QoQ in CC terms).</li><li>This was above our expectations. The company’s operating profit stood at Rs 1,371 Cr, reporting robust growth of 4.8% on a QoQ basis.</li><li>This was largely on account of better recovery in demand and strong volume growth. Its net profit for Q1FY25 stood at Rs 1,135 Cr, up 3.1% on a QoQ basis.</li></ul>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.

In Q1FY25, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 9,143 Cr, down 2.8% QoQ (2.5% QoQ in CC terms).This was above our expectations. The company’s operating profit stood at Rs 1,371 Cr, reporting robust growth of 4.8% on a QoQ basis.This was largely on account of better recovery in demand and strong volume growth. Its net profit for Q1FY25 stood at Rs 1,135 Cr, up 3.1% on a QoQ basis.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.

LTIMINDTREE Ltd. - Robust Results; Improved Outlook

India

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

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LTIMindtree (LTIM IN)

NIFTY50 Index Rebalance Preview: Big Flow, Big Impact, Big Positioning

There are 2 high probability changes for the NIFTY in Sep. New stocks added to the FnO list could increase the number of changes. There is big flow...

Brian Freitas

HSIE Results Daily: Bajaj Auto, LTIMindtree, L&T Technology Services, Karur Vysya Bank, Mastek

Bajaj Auto: Driven by a better mix, Bajaj Auto’s Q1 PAT at INR19.9bn was ahead of our estimate. There has been an uptick in prices of aluminum,...

HDFC Securities