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>We see 8 stocks moving from MidCap to LargeCap, 9 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 10 stocks from MidCap to SmallCap.</li>
<li>Following a strong listing, <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a> should be added to the Large Cap segment of the market in July.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other migrations by a huge margin over the last couple of months and there could be profit taking ahead.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 9 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 10 stocks from MidCap to SmallCap.
Following a strong listing, Mankind Pharma (6596876Z IN) should be added to the Large Cap segment of the market in July.
The expected migrations from SmallCap to MidCap have outperformed the other migrations by a huge margin over the last couple of months and there could be profit taking ahead.


AMFI Stock Reclassification Preview (June 2023): Significant Outperformance

<ul>
<li>Nearly halfway through the review period, we see 10 stocks moving from MidCap to LargeCap and vice versa, and 9 stocks moving from SmallCap to MidCap and vice versa.</li>
<li>Financials are poised to be the biggest gainers in the reshuffle with 6 stocks moving from MidCap to LargeCap and 5 stocks moving from SmallCap to MidCap.</li>
<li>Over the last 6 months, stocks expected to migrate upward have outperformed stocks that are expected to migrate downward., though there has been a downward drift this year.</li>
</ul>


Nearly halfway through the review period, we see 10 stocks moving from MidCap to LargeCap and vice versa, and 9 stocks moving from SmallCap to MidCap and vice versa.
Financials are poised to be the biggest gainers in the reshuffle with 6 stocks moving from MidCap to LargeCap and 5 stocks moving from SmallCap to MidCap.
Over the last 6 months, stocks expected to migrate upward have outperformed stocks that are expected to migrate downward., though there has been a downward drift this year.


India: AMFI Stock Reclassification Preview (June 2023)

<ul>
<li>Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.</li>
<li>One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.</li>
<li>Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.</li>
</ul>


Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.
One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.
Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.


AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Kajaria Ceramics: Kajaria Ceramics (KJC) reported good performance in Q4FY21 as its consolidated net sales/EBITDA/APAT rose 14/5/7% QoQ (46/105/156% YoY) to INR 9.53/1.91/1.27bn respectively. It reported QoQ volume/revenue growth across all three business segments tiles, bathware, and plywood. Strong cost controls and price hikes moderated the impact of surge in gas, copper and packing costs, leading to a strong 20% EBITDAM. KJC remains upbeat on demand prospects and has announced 18% tiles capacity increase (to come into effect by end FY22E) to ride the domestic growth.</p><div class="content-highlight"><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></div>

Kajaria Ceramics: Kajaria Ceramics (KJC) reported good performance in Q4FY21 as its consolidated net sales/EBITDA/APAT rose 14/5/7% QoQ (46/105/156% YoY) to INR 9.53/1.91/1.27bn respectively. It reported QoQ volume/revenue growth across all three business segments tiles, bathware, and plywood. Strong cost controls and price hikes moderated the impact of surge in gas, copper and packing costs, leading to a strong 20% EBITDAM. KJC remains upbeat on demand prospects and has announced 18% tiles capacity increase (to come into effect by end FY22E) to ride the domestic growth.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.

HSIE Results Daily: New India Assurance, JK Cement, Kajaria Ceramics, Capacite Infraprojects

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

New India Assurance / Equity Capital Markets

<p>Government of India plans to raise up to US$1.5bn by selling part of its stake in <a href="https://www.smartkarma.com/entities/25990" target="_blank" data-smartkarma-citation="entities:25990:1">New India Assurance Co Ltd (1038Z IN)</a>, thus continuing the onslaught of insurance offerings.</p><p>New India Assurance is the market leader in general insurance and has been operating in the segment for over a century. Despite the entrance of private market players, it has been able to maintain its market share over the past few years. However, the same can't be said about profitability. Moreover, the recent performance of GIC Re is likely to leave investors wary. </p>

Government of India plans to raise up to US$1.5bn by selling part of its stake in New India Assurance Co Ltd (1038Z IN), thus continuing the onslaught of insurance offerings.New India Assurance is the market leader in general insurance and has been operating in the segment for over a century. Despite the entrance of private market players, it has been able to maintain its market share over the past few years. However, the same can't be said about profitability. Moreover, the recent performance of GIC Re is likely to leave investors wary. 

New India Assurance IPO - Insurance Onslaught Continues

India

New India Assurance is a leading Indian public sector multinational general insurance company, offering a comprehensive range of products including motor, health, property, marine, and crop insurance. It provides coverage for individuals, families, and commercial entities, including specialized solutions for aviation and large infrastructure projects. The company is headquartered in Mumbai, India, and was founded in 1919.

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New India Assurance (NIACL IN)

AMFI Stock Reclassification Preview (June 2023): Significant Outperformance

With the review period nearing completion, there are a lot of migrations between size segments. SmallCap to MidCap migrations have outperformed....

Brian Freitas

India: AMFI Stock Reclassification Preview (June 2023)

Nearly halfway through the review period, we see 10 stocks moving from MidCap to LargeCap and vice versa, 9 from SmallCap to MidCap and vice versa....

Brian Freitas

AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice...

Brian Freitas

HSIE Results Daily: New India Assurance, JK Cement, Kajaria Ceramics, Capacite Infraprojects

Kajaria Ceramics: Kajaria Ceramics (KJC) reported good performance in Q4FY21 as its consolidated net sales/EBITDA/APAT rose 14/5/7% QoQ (46/105...

HDFC Securities

New India Assurance IPO - Insurance Onslaught Continues

Government of India plans to raise up to US$1.5bn by selling part of its stake in New India Assurance Co Ltd (1038Z IN), thus continuing the...

Sumeet Singh

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