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/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is looking to raise INR 30bn (US$349m) in its IPO, valuing the company at INR 120bn (US$1.4bn). The company appears to be expensive compared to peers.</li>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> could be added to one global smallcap index in August/November and to another in December/March. Small Cap classification for AMFI and no major local index inclusion.</li>
<li>The continued selloff in <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> will give investors pause, especially given <a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a>'s stagnant market share and continued losses. There is supply in <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> with PE/VC investors selling. </li>
</ul>



Ather Energy is looking to raise INR 30bn (US$349m) in its IPO, valuing the company at INR 120bn (US$1.4bn). The company appears to be expensive compared to peers.

Ather Energy could be added to one global smallcap index in August/November and to another in December/March. Small Cap classification for AMFI and no major local index inclusion.
The continued selloff in Ola Electric will give investors pause, especially given Ather Energy's stagnant market share and continued losses. There is supply in Ola Electric with PE/VC investors selling. 


Ather Energy IPO: Expensive and No Immediate Index Inclusion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a>, <a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> and <a href="https://www.smartkarma.com/entities/lotte-global-logistics-co" target="_blank" data-smartkarma-citation="entities:45000:1" rel="noopener">Lotte Global Logistics</a> were live this week, with few other gearing up for launches in Hong Kong.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> was the only sizable placement over the past week. We did look at a few more IPO linked lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Ather Energy, DN Solutions (298440 KS) and Lotte Global Logistics were live this week, with few other gearing up for launches in Hong Kong.
On the placements front, Kakao Corp (035720 KS) was the only sizable placement over the past week. We did look at a few more IPO linked lockup expiries.


ECM Weekly (28 Apr 2025) - Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is now looking to raise about US$350m in its upcoming India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.</li>
</ul>



Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.


Ather Energy IPO - Still Not Cheap Enough

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Cross Asset Strategy

<ul>
<li>March 2025 was a great month for electric two wheeler sales. However mid month April registration numbers show steep decline in volumes.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> and <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> witness steep decline in volume versus March 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> leads the table with the highest registration.</li>
</ul>


March 2025 was a great month for electric two wheeler sales. However mid month April registration numbers show steep decline in volumes.

Bajaj Auto Ltd (BJAUT IN) and TVS Motor (TVSL IN) witness steep decline in volume versus March 2025.

Ola Electric (OLAELEC IN) leads the table with the highest registration.


Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

Index Rebalance

<ul>
<li>We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

India

OLA Electric Mobility Limited manufactures electric vehicles. The Company focuses on designing, engineering, and manufacturing of electric scooters and bikes, as well as components like battery packs, motors, and vehicle frames. OLA Electric Mobility serves customers worldwide.

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Ola Electric (OLAELEC IN)

Ather Energy IPO: Expensive and No Immediate Index Inclusion

Ather Energy is looking to raise US$349m valuing the company at US$1.4bn. No near-term index inclusion expected. The continued selloff in Ola...

Brian Freitas

ECM Weekly (28 Apr 2025) - Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...

Sreemant Dudhoria,CFA

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

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Market Cap (USDm)

P/E

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Ather Energy IPO: Expensive and No Immediate Index Inclusion

Ather Energy is looking to raise US$349m valuing the company at US$1.4bn. No near-term index inclusion expected. The continued selloff in Ola...

Brian Freitas

ECM Weekly (28 Apr 2025) - Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

Mid-Month Electric Two-Wheeler Update: Bajaj Auto and TVS Motor Witness Steep Decline

​March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...

Sreemant Dudhoria,CFA

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

March'25 saw surge in EV 2W sales, but mid-April registrations show a significant decline in volumes, with Bajaj Auto and TVS Motor experiencing...