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

Max Healthcare Institute / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> and <a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> should replace <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> and <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL 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</a> in September.</li>
<li>The review period for the September rebalance ends 31 July, the announcement of the changes will take place end August and implemented at the close of trading on 29 September.</li>
<li>While there has been a steady increase in cumulative excess volume for <a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a>, there could be more room to run in the stock. </li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) should replace Indusind Bank (IIB IN) and Hero Motocorp (HMCL IN) in the NIFTY Index in September.
The review period for the September rebalance ends 31 July, the announcement of the changes will take place end August and implemented at the close of trading on 29 September.
While there has been a steady increase in cumulative excess volume for Max Healthcare Institute (MAXHEALT IN), there could be more room to run in the stock. 


NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

Equity Bottom-Up

Max Healthcare Institute / Equity Bottom-Up

<ul>
<li>We are bullish on the long-term growth of the hospital sector in India.</li>
<li>Like in the case of Apollo Hospitals, Max Healthcare will have tough competition from both listed and unlisted players.</li>
<li>A 65 FPE does not factor in the high cost of expansion and potential challenges.</li>
</ul>


We are bullish on the long-term growth of the hospital sector in India.
Like in the case of Apollo Hospitals, Max Healthcare will have tough competition from both listed and unlisted players.
A 65 FPE does not factor in the high cost of expansion and potential challenges.


Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100 in the September 2025 rebal.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 in the September 2025 rebal.


Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>Strong Revenue Growth Driven by New Hospitals: Max Healthcare reported revenue of Rs 2,326 Cr, in line with expectations, supported by steady ARPOB and contributions from new hospitals, despite a marginal drop in occupancy. </li><li>Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 77,100, remaining flat YoY (Existing units +7% Growth YoY), while occupancy improved to 75% (up 300 bps YoY on a like-to-like basis), driven by a 30% YoY growth in occupied bed days. </li><li>EBITDA Margins and Profitability: EBITDA margins remained stable at 26.4% over the year, despite the addition of new assets. </li></ul><p><em>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.</em></p>

Strong Revenue Growth Driven by New Hospitals: Max Healthcare reported revenue of Rs 2,326 Cr, in line with expectations, supported by steady ARPOB and contributions from new hospitals, despite a marginal drop in occupancy. Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 77,100, remaining flat YoY (Existing units +7% Growth YoY), while occupancy improved to 75% (up 300 bps YoY on a like-to-like basis), driven by a 30% YoY growth in occupied bed days. EBITDA Margins and Profitability: EBITDA margins remained stable at 26.4% over the year, despite the addition of new assets. 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.

Max Healthcare Institute Ltd - Expansion Accelerates; Profitability Strengthened

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> completed the acquisition of Jaypee Healthcare in last November, thereby adding 700 beds. Jaypee added INR1,120M revenue with an operating EBITDA of INR230M in Q3FY25.</li>
<li>Max is setting up ~500 bedded hospital at Thane, Maharashtra on an asset-light built-to-suit basis. The proposed construction of hospital premises is expected to be completed by 2028.</li>
<li>Current expansion plan indicates significant capacity ramp-up (20%+) in FY26, and majority of which will come by Q1, thereby generating scope for revenue realization for most part of the year.</li>
</ul>



Max Healthcare Institute (MAXHEALT IN) completed the acquisition of Jaypee Healthcare in last November, thereby adding 700 beds. Jaypee added INR1,120M revenue with an operating EBITDA of INR230M in Q3FY25.
Max is setting up ~500 bedded hospital at Thane, Maharashtra on an asset-light built-to-suit basis. The proposed construction of hospital premises is expected to be completed by 2028.
Current expansion plan indicates significant capacity ramp-up (20%+) in FY26, and majority of which will come by Q1, thereby generating scope for revenue realization for most part of the year.


Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

India

Max Healthcare Institute Limited operates a chain of hospitals. The Hospital offers urology, oncology, orthopaedics, eye care, dermatology, lung transplant, nutrition and dietetics, dental care, ganstroenterology, and rehabilitation services. Max Healthcare Institute serves patients in India.

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Max Healthcare Institute (MAXHEALT IN)

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

There could be 2 changes for the NIFTY50 in September and passives will need to trade 5.3-14.9x ADV (11.2-23x delivery volume). Max Healthcare has...

Brian Freitas

Max Healthcare (MAXHEALT IN): Sell

At a 65 forward PE, Max Healthcare’s valuation does not adequately discount regulatory issues, competition and expansion into lower growth 2nd and...

daaimon

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

There are multiple changes to our expected ADDs and expected DELs lists for NIFTY 50 and NIFTY Next 50 since the last time we published an insight...

Janaghan Jeyakumar, CFA

Max Healthcare Institute Ltd - Expansion Accelerates; Profitability Strengthened

Max Healthcare reported revenue of Rs 2,326 Cr, in line with expectations, supported by steady ARPOB and contributions from new hospitals, despite...

Axis Direct

Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

Max Healthcare acquired Jaypee Healthcare, adding 700 beds in Q3FY25. The company is also setting up a 500-bed hospital in Thane, Maharashtra....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

There could be 2 changes for the NIFTY50 in September and passives will need to trade 5.3-14.9x ADV (11.2-23x delivery volume). Max Healthcare has...

Brian Freitas

Max Healthcare (MAXHEALT IN): Sell

At a 65 forward PE, Max Healthcare’s valuation does not adequately discount regulatory issues, competition and expansion into lower growth 2nd and...

daaimon

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

There are multiple changes to our expected ADDs and expected DELs lists for NIFTY 50 and NIFTY Next 50 since the last time we published an insight...

Janaghan Jeyakumar, CFA

Max Healthcare Institute Ltd - Expansion Accelerates; Profitability Strengthened

Max Healthcare reported revenue of Rs 2,326 Cr, in line with expectations, supported by steady ARPOB and contributions from new hospitals, despite...

Axis Direct

Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

​Max Healthcare acquired Jaypee Healthcare, adding 700 beds in Q3FY25. The company is also setting up a 500-bed hospital in Thane, Maharashtra....

Tina Banerjee

Max Healthcare acquired Jaypee Healthcare, adding 700 beds in Q3FY25. The company is also setting up a 500-bed hospital in Thane, Maharashtra....