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>Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-September and/or end-December.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 14 stocks with passive inflows from global trackers while 7 could see passive outflows in May.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-September and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 14 stocks with passive inflows from global trackers while 7 could see passive outflows in May.


India: Potential Free Float Changes & Passive Flows in May

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Persistent Systems (PSYS) ticked the box on growth and deal wins, while margins for the quarter faltered due to deal-specific dynamics</li><li>We expect PSYS’ growth leadership to hold, supported by its pedigree in software product engineering, market-share gains from larger peers, and strong deal velocity – any recovery in discretionary is an upside risk to growth based on service portfolio and vertical mix</li><li>The margin improvement track for the company will continue—despite the Q4 miss on margin, the medium-term outlook on margin stays.</li></ul>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.

Persistent Systems (PSYS) ticked the box on growth and deal wins, while margins for the quarter faltered due to deal-specific dynamicsWe expect PSYS’ growth leadership to hold, supported by its pedigree in software product engineering, market-share gains from larger peers, and strong deal velocity – any recovery in discretionary is an upside risk to growth based on service portfolio and vertical mixThe margin improvement track for the company will continue—despite the Q4 miss on margin, the medium-term outlook on margin stays.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.

Persistent Systems (Q4FY24): Buy the Dip. Maintain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q4FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,590 Cr, up 3.4% QoQ and 3.0% QoQ (in CC terms).</li><li>Reported revenue stood in line with our expectations. The company reported operating profits of Rs 454 Cr, posting a growth of 2.8% on a QoQ basis.</li><li>Much in line with our expectations, the company’s operating margins decline marginally by 20bps to 17.5%. </li></ul>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.

In Q4FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,590 Cr, up 3.4% QoQ and 3.0% QoQ (in CC terms).Reported revenue stood in line with our expectations. The company reported operating profits of Rs 454 Cr, posting a growth of 2.8% on a QoQ basis.Much in line with our expectations, the company’s operating margins decline marginally by 20bps to 17.5%. 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.

Persistent Systems Ltd. - Inline Results; Resilient Outlook to Aid Growth

Thematic (Sector/Industry)

<ul><li>IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E</li><li>The slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisation</li><li>Growth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.</li></ul>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.

IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25EThe slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisationGrowth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.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.

IT Sector (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

<ul><li>Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts.</li><li>Revenue for the quarter stood at $15.8 Bn, flat in local currency YoY and a decline of 0.1% in US$ terms.</li><li>It registered GAAP EPS of $2.63 for the quarter while adjusted EPS stood at $2.77, reporting 10% YoY growth.</li><li>The company’s new bookings stood at $21.6 Bn, which was its second-highest ever. </li></ul>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.

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts.Revenue for the quarter stood at $15.8 Bn, flat in local currency YoY and a decline of 0.1% in US$ terms.It registered GAAP EPS of $2.63 for the quarter while adjusted EPS stood at $2.77, reporting 10% YoY growth.The company’s new bookings stood at $21.6 Bn, which was its second-highest ever. 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.

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

India: Potential Free Float Changes & Passive Flows in May

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

Persistent Systems (Q4FY24): Buy the Dip. Maintain BUY

Persistent Systems (PSYS) ticked the box on growth and deal wins, while margins for the quarter faltered due to deal-specific dynamics

HDFC Securities

Persistent Systems Ltd. - Inline Results; Resilient Outlook to Aid Growth

Reported revenue stood in line with our expectations. The company reported operating profits of Rs 454 Cr, posting a growth of 2.8% on a QoQ basis.

Axis Direct

IT Sector (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E. The slowdown in macro is still a...

HDFC Securities

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts. Revenue for the quarter stood at $15.8 Bn, flat...

Axis Direct

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