Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Last week Friday, JSE indices were rebalanced in the closing auction. Turnover for the day was R53.7bn, R37bn traded in the closing auction (68%).</li>
<li>Turnover at the June rebalance was R58bn, 66% traded in the closing auction.</li>
<li>Foreign activity in MRP on Friday suggests that there was a large buyer, despite muted index weight changes.</li>
</ul>


Last week Friday, JSE indices were rebalanced in the closing auction. Turnover for the day was R53.7bn, R37bn traded in the closing auction (68%).
Turnover at the June rebalance was R58bn, 66% traded in the closing auction.
Foreign activity in MRP on Friday suggests that there was a large buyer, despite muted index weight changes.


JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

Index Rebalance

<ul>
<li>Last night, MSC published index changes due at the August rebalance. There will be no changes to SA constituents.</li>
<li>The rebalance is set to take place at the end of the month on Friday the 30th.</li>
<li>Tomorrow after the HK close, Tencent is expected to report results for 2Q FY24.</li>
</ul>


Last night, MSC published index changes due at the August rebalance. There will be no changes to SA constituents.
The rebalance is set to take place at the end of the month on Friday the 30th.
Tomorrow after the HK close, Tencent is expected to report results for 2Q FY24.


Tencent to Report 2Q FY24 Results (What Is Priced?), MSC Index Changes for Aug Rebalance Published

<ul>
<li>Global indices are due for rebalancing during the closing auction on Friday. Constituent changes will be announced after the close next week Monday.</li>
<li>In this note we flag <a href="https://www.smartkarma.com/entities/mr-price-group-ltd" target="_blank" data-smartkarma-citation="entities:27680:1" rel="noopener">Mr Price Group Ltd (MRP SJ)</a> &amp; <a href="https://www.smartkarma.com/entities/african-rainbow-minerals-ltd" target="_blank" data-smartkarma-citation="entities:25078:1" rel="noopener">African Rainbow Minerals (ARI SJ)</a> as possible additions to the South Africa index.</li>
<li>Since our last discount update on the 22nd of July, Prosus has underperformed Naspers. The discount has widened by 1.7 percentage points to 39.6%.</li>
</ul>


Global indices are due for rebalancing during the closing auction on Friday. Constituent changes will be announced after the close next week Monday.
In this note we flag Mr Price Group Ltd (MRP SJ) &amp; African Rainbow Minerals (ARI SJ) as possible additions to the South Africa index.
Since our last discount update on the 22nd of July, Prosus has underperformed Naspers. The discount has widened by 1.7 percentage points to 39.6%.


Aug 24 Indices Rebalance: South Africa Post-Election Tailwind? MRP, ARI Potential Adds

<ul>
<li>In this note we assess the JSE Top 40 index effect of an Anglo American restructuring or takeover by BHP, assuming the Amplats and Kumba stakes are spun out.</li>
<li>We also explore the details of BHP's initial offer and what the market could be pricing with respect to a potential revision of BHP's stock offer (minimum).</li>
<li>If Kumba is unbundled from Anglo American, we expect the stock to enter the JSE Top 40. Potential deletes are included in the note.</li>
</ul>


In this note we assess the JSE Top 40 index effect of an Anglo American restructuring or takeover by BHP, assuming the Amplats and Kumba stakes are spun out.
We also explore the details of BHP's initial offer and what the market could be pricing with respect to a potential revision of BHP's stock offer (minimum).
If Kumba is unbundled from Anglo American, we expect the stock to enter the JSE Top 40. Potential deletes are included in the note.


Anglo American (AGL, AAL): JSE Index Effects of Potential Takeover or Restructuring

<ul><li>Last night the price snapshot was taken for the March 2024 rebalance.</li><li>We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>EXX is expected to enter the RESI with NPH falling out. </li></ul>

Last night the price snapshot was taken for the March 2024 rebalance.We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.EXX is expected to enter the RESI with NPH falling out. 

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

South Africa

Mr. Price Group Limited operates chains of retailers throughout South Africa. The Group retails clothing, accessories, homewares and jewelery.

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Mr Price Group Ltd (MRP SJ)

JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

A summary of trade analytics for the September rebalance. Foreign activity suggests a large buyer in MRP. PPH entered the Top 40, AMS fell out.

DMA

Tencent to Report 2Q FY24 Results (What Is Priced?), MSC Index Changes for Aug Rebalance Published

Tencent is due to report 2Q FY24 results tomorrow. In this insight we explore what is priced and how Tencent has performed relative to peers since...

DMA

Aug 24 Indices Rebalance: South Africa Post-Election Tailwind? MRP, ARI Potential Adds

In this note we flag MRP and ARI as possible additions to the SA index, given the relative outperformance of the local market and at an individual...

DMA

Anglo American (AGL, AAL): JSE Index Effects of Potential Takeover or Restructuring

We explore the recent takeover bid by BHP and potential JSE index effects of a takeover or restructuring that would see Amplats and Kumba unbundled.

DMA

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

Last night the price snapshot was taken for the March 2024 rebalance. We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI,...

DMA

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