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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> has trended lower over the last couple of years and the stock is trading very close to its lows.</li>
<li>There has been a contraction in multiples and <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> trades cheaper than a lot of its Asia listed peers.</li>
<li>A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.</li>
</ul>



Thai Beverage (THBEV SP) has trended lower over the last couple of years and the stock is trading very close to its lows.
There has been a contraction in multiples and Thai Beverage (THBEV SP) trades cheaper than a lot of its Asia listed peers.
A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.


Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a></strong> is currently trading at a ~12% discount to NAV, just outside its narrowest post-Covid.</li>
<li>A key catalyst for the recent narrowing was JCNC's inclusion in the SIMSCI Index at the end of last month.</li>
<li>JCNC is expensive here - relative to historical values -  and from an implied stub perspective.</li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP) is currently trading at a ~12% discount to NAV, just outside its narrowest post-Covid.
A key catalyst for the recent narrowing was JCNC's inclusion in the SIMSCI Index at the end of last month.
JCNC is expensive here - relative to historical values -  and from an implied stub perspective.


Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>PM Lawrence Wong led the PAP to a bigger victory than in 2020, winning 87 of the 97 seats, and 65.6% of votes in contested seats (vs 61.2% in 2020). </li>
<li>Since one 5-member seat (Marine Parade-Braddell Heights GRC) was won uncontested (while all seats were contested in 2020) the vote share figures aren't strictly comparable between 2020 and 2025. </li>
<li>Nonetheless, the larger proportion of votes and seats won by PAP give the PM a freer hand in making and implementing policy with a seemingly stronger mandate. Positive for Singapore. </li>
</ul>


PM Lawrence Wong led the PAP to a bigger victory than in 2020, winning 87 of the 97 seats, and 65.6% of votes in contested seats (vs 61.2% in 2020). 
Since one 5-member seat (Marine Parade-Braddell Heights GRC) was won uncontested (while all seats were contested in 2020) the vote share figures aren't strictly comparable between 2020 and 2025. 
Nonetheless, the larger proportion of votes and seats won by PAP give the PM a freer hand in making and implementing policy with a seemingly stronger mandate. Positive for Singapore. 


Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Singapore's REITs, representing 12% of the equity market, face pressures from rising interest rates and economic downturns, which impact profitability and market performance.</li>
<li>The data center REIT sector is propelled by increasing AI applications, data sovereignty laws, and the growth of cloud services, positioning it for significant expansion.</li>
<li>Digital Core REIT benefits from its presence in key tech hubs and high-performance computing offerings, positioning them to outperform in a tight data center market.</li>
</ul>


Singapore's REITs, representing 12% of the equity market, face pressures from rising interest rates and economic downturns, which impact profitability and market performance.
The data center REIT sector is propelled by increasing AI applications, data sovereignty laws, and the growth of cloud services, positioning it for significant expansion.
Digital Core REIT benefits from its presence in key tech hubs and high-performance computing offerings, positioning them to outperform in a tight data center market.


Gen AI Unleashes Hyper Demand for Data Centers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> has announced that it is buying Worldwide Flight Services (WFS) from an affiliate of Cerberus Capital Management at an Enterprise Value of €2.25bn (S$3.107bn).</li>
<li>The cash consideration is €1.187bn (S$1.639bn) and will likely be financed by an equity fund raising. This could be a rights issue and could be combined with a private placement.</li>
<li>Expect the stock to drop once it resumes trading. A significant drop from current levels could provide a buying opportunity as the rights issue could be backstopped.</li>
</ul>



SATS (SATS SP) has announced that it is buying Worldwide Flight Services (WFS) from an affiliate of Cerberus Capital Management at an Enterprise Value of €2.25bn (S$3.107bn).
The cash consideration is €1.187bn (S$1.639bn) and will likely be financed by an equity fund raising. This could be a rights issue and could be combined with a private placement.
Expect the stock to drop once it resumes trading. A significant drop from current levels could provide a buying opportunity as the rights issue could be backstopped.


SATS to Buy Worldwide Flight Services (WFS) As Private Equity Exits

Singapore

The MSCI Singapore Free Index is a free-float market capitalization weighted equity index. Since 12/01/1999, MSCI removed the "Free" designation from this index - this index now shares the same members and weights as the MSCI Singapore Index (MXSG Index), but continues to be calculated to be consistent with the index levels before this date.

MSCI Singapore Free Index (SIMSCI INDEX)

Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

Thai Bev has outperformed Bud APAC and CR Beer over the last 5 months. There could be an index inclusion in the next month and that could help the...

Brian Freitas

JCNC Is Still Overstretched Vs. Astra

JCNC is expensive here - relative to historical values - and from an implied stub perspective. And the MSCI inclusion event has now passed. I'd...

David Blennerhassett

Gen AI Unleashes Hyper Demand for Data Centers

Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...

Mint Finance

SATS to Buy Worldwide Flight Services (WFS) As Private Equity Exits

SATS is looking to acquire WFS at an EV of €2.25bn with the cash consideration at €1.187bn. This implies an EV/Sales of 1.31x and an EV/EBITDA of...

Brian Freitas

Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

Thai Bev has outperformed Bud APAC and CR Beer over the last 5 months. There could be an index inclusion in the next month and that could help the...

Brian Freitas

JCNC Is Still Overstretched Vs. Astra

JCNC is expensive here - relative to historical values - and from an implied stub perspective. And the MSCI inclusion event has now passed. I'd...

David Blennerhassett

Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share

​PM Lawrence Wong led PAP to a bigger victory, winning 87 of 97 seats and 65.6% of votes, giving him a stronger mandate for policy-making. WP (a...

Prasenjit K. Basu

Gen AI Unleashes Hyper Demand for Data Centers

​Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...

Mint Finance

SATS to Buy Worldwide Flight Services (WFS) As Private Equity Exits

SATS is looking to acquire WFS at an EV of €2.25bn with the cash consideration at €1.187bn. This implies an EV/Sales of 1.31x and an EV/EBITDA of...

Brian Freitas

PM Lawrence Wong led PAP to a bigger victory, winning 87 of 97 seats and 65.6% of votes, giving him a stronger mandate for policy-making. WP (a...

Singapore REITs face challenges from rising interest rates and economic downturns, while data center REITs are poised for growth driven by AI,...