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 ICICI Bank, Axis Bank, Reliance Industries, Oil &amp; Natural Gas, HDFC Bank, InterGlobe Aviation, State Bank of India, Eternal.</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 ICICI Bank, Axis Bank, Reliance Industries, Oil &amp; Natural Gas, HDFC Bank, InterGlobe Aviation, State Bank of India, Eternal.


NIFTY Index Earning Revision (Mar): ICICI Bank, Axis Bank, Reliance Industries, Oil & Natural Gas

<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 Coal India, Max Healthcare Institute, HDFC Bank, Mahindra &amp; Mahindra, Grasim Industries, State Bank of India, Adani Enterprises, 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 Coal India, Max Healthcare Institute, HDFC Bank, Mahindra &amp; Mahindra, Grasim Industries, State Bank of India, Adani Enterprises, ICICI Bank.


NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

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>There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.</li>
<li>Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.</li>
</ul>


There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.
Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.


NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/max-india-ltd-dcb6dbad-5e1f-4ae1-852b-411ca142a08e" target="_blank" data-smartkarma-citation="entities:24118:1" rel="noopener">Max India (MAXI IN)</a> , part of the historically successful Max Group, is transitioning into India’s only fully integrated senior care platform, Antara.</li>
<li>The senior care market is projected to reach USD 33 Bn by 2030 from USD  13 Bn in 2024 driven by nuclear families and increasing affluence among the elderly.</li>
<li>Key growth levers are the annual 1.5M sq. ft. development target in residences and the goal for AGEasy to reach breakeven by late FY '27.</li>
</ul>



Max India (MAXI IN) , part of the historically successful Max Group, is transitioning into India’s only fully integrated senior care platform, Antara.
The senior care market is projected to reach USD 33 Bn by 2030 from USD  13 Bn in 2024 driven by nuclear families and increasing affluence among the elderly.
Key growth levers are the annual 1.5M sq. ft. development target in residences and the goal for AGEasy to reach breakeven by late FY '27.


Max India: The Next Megatrend Play – Scaling India's Only Integrated Senior Care Ecosystem

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.</li>
<li>Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.</li>
<li>Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.</li>
</ul>


Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.


Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

India

Max Healthcare Institute Limited is a leading Indian for-profit private hospital chain that operates 21 healthcare facilities with over 6,000 beds across North India, including Delhi NCR, Haryana, Punjab, Uttarakhand, Maharashtra, Uttar Pradesh, and Odisha. The company provides a wide range of medical and healthcare services across more than 30 specialties, including oncology, cardiac sciences, neurosciences, and orthopedics. Additionally, it offers diagnostic services through Max Lab and home healthcare services via Max@Home. Headquartered in New Delhi, India, the company was founded in 2001.

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Max Healthcare Institute (MAXHEALT IN)

NIFTY Index Earning Revision (Mar): ICICI Bank, Axis Bank, Reliance Industries, Oil & Natural Gas

We analyzed NIFTY's consensus for Mar 2026 and highlighted changes of EPS in ICICI Bank (ICICIBC IN), Axis Bank (AXSB IN), Reliance Industries...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

We analyzed NIFTY's consensus for Feb 2026 and highlighted changes of EPS in Coal India (COAL IN), Max Healthcare Institute (MAXHEALT IN), HDFC...

Ke Yan, CFA, FRM

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

Max India: The Next Megatrend Play – Scaling India's Only Integrated Senior Care Ecosystem

Max India is transforming into India's only fully integrated senior care platform, Antara, tapping into the growing market projected to reach USD...

Nimish Maheshwari

Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

Park Medi World launched IPO to raise INR 9.2B. Valuation reasonable but lags behind peers. Geographic, payor and specialties concentration are...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY Index Earning Revision (Mar): ICICI Bank, Axis Bank, Reliance Industries, Oil & Natural Gas

We analyzed NIFTY's consensus for Mar 2026 and highlighted changes of EPS in ICICI Bank (ICICIBC IN), Axis Bank (AXSB IN), Reliance Industries...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

We analyzed NIFTY's consensus for Feb 2026 and highlighted changes of EPS in Coal India (COAL IN), Max Healthcare Institute (MAXHEALT IN), HDFC...

Ke Yan, CFA, FRM

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

Max India: The Next Megatrend Play – Scaling India's Only Integrated Senior Care Ecosystem

​Max India is transforming into India's only fully integrated senior care platform, Antara, tapping into the growing market projected to reach USD...

Nimish Maheshwari

Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

​Park Medi World launched IPO to raise INR 9.2B. Valuation reasonable but lags behind peers. Geographic, payor and specialties concentration are...

Tina Banerjee

Max India is transforming into India's only fully integrated senior care platform, Antara, tapping into the growing market projected to reach USD...

Park Medi World launched IPO to raise INR 9.2B. Valuation reasonable but lags behind peers. Geographic, payor and specialties concentration are...