Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.</li>
<li>We expect one change for ASX 50, one change for ASX 100, and four changes for ASX 200. </li>
<li>The official index changes will be announced after the close on Friday 5th December 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
We expect one change for ASX 50, one change for ASX 100, and four changes for ASX 200. 
The official index changes will be announced after the close on Friday 5th December 2025.


Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

Zijin Gold International / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> ’s US$3.2 billion IPO closes tomorrow, Wednesday, September 29.</li>
<li>The pure-play gold miner, backed by Zijin Mining, is priced at an EV/Reserves multiple in the top quartile of global peers.</li>
<li>With high sensitivity to gold price movements, Zijin Gold offers amplified upside potential — and downside risk — versus bullion itself.</li>
</ul>



Zijin Gold (2259 HK) ’s US$3.2 billion IPO closes tomorrow, Wednesday, September 29.
The pure-play gold miner, backed by Zijin Mining, is priced at an EV/Reserves multiple in the top quartile of global peers.
With high sensitivity to gold price movements, Zijin Gold offers amplified upside potential — and downside risk — versus bullion itself.


Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is a global leading gold mining company and the overseas gold segment of <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a>. It has launched an HKEx IPO to raise US$3.2bn.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-phip-updates-support-the-investment-thesis" target="_blank" data-smartkarma-citation="insights:201970" rel="noopener">Zijin Gold IPO: PHIP Updates Support the Investment Thesis</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It has launched an HKEx IPO to raise US$3.2bn.
I previously discussed the IPO in Zijin Gold IPO: The Investment Case and Zijin Gold IPO: PHIP Updates Support the Investment Thesis.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.


Zijin Gold IPO (2259 HK): Valuation Insights

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Bumi Resources Minerals / Equity Bottom-Up

<ul>
<li>Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.</li>
<li>Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.</li>
<li>Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.</li>
</ul>


Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.
Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.
Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.


BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

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

Northern Star Resources / Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.</li>
<li>The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.</li>
<li>The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.
The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.


Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn

Australia

Northern Star Resources Ltd manufactures precious metals. The Company provides mining and production of gold. Northern Star Resources serves customers in Australia and North America.

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Northern Star Resources (NST AU)

Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

There are clear signs of positioning among some of the high-impact expected ADDs/DELs and staying away from such overcrowded bets might be a good...

Janaghan Jeyakumar, CFA

Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

Zijin Gold's IPO is priced at premium valuations. It's high gold price sensitivity offer investors amplified upside if the gold rally continues —...

Devi Subhakesan

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.

Rahul Jain

Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn

The GDX benchmark change is expected to result in 27.4% turnover and a US$12.5bn trade. Multiple days of ADV need to be traded in a lot of stocks....

Brian Freitas

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52-week Range

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Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

There are clear signs of positioning among some of the high-impact expected ADDs/DELs and staying away from such overcrowded bets might be a good...

Janaghan Jeyakumar, CFA

Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

Zijin Gold's IPO is priced at premium valuations. It's high gold price sensitivity offer investors amplified upside if the gold rally continues —...

Devi Subhakesan

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

​BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.

Rahul Jain

Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn

The GDX benchmark change is expected to result in 27.4% turnover and a US$12.5bn trade. Multiple days of ADV need to be traded in a lot of stocks....

Brian Freitas

BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.