Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.


MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

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>India’s total gas consumption during the first four months of FY26 (Apr 25- Jul 25) has declined by 6.8% YoY and gas imports have declined by 9.7% YoY</li><li>Higher reduction in gas imports compared to the decline in total gas consumption was owing to higher LNG prices compared to alternative fuels</li><li>LNG price fell in August 25 (-7.4% MoM) and September 25 (-2.4% MoM till 19th Sep 25) but is still at 18.7% premium to Fuel Oil (FO) prices</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.

India’s total gas consumption during the first four months of FY26 (Apr 25- Jul 25) has declined by 6.8% YoY and gas imports have declined by 9.7% YoYHigher reduction in gas imports compared to the decline in total gas consumption was owing to higher LNG prices compared to alternative fuelsLNG price fell in August 25 (-7.4% MoM) and September 25 (-2.4% MoM till 19th Sep 25) but is still at 18.7% premium to Fuel Oil (FO) pricesContent 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.

Petronet LNG: Volume Growth Challenges Persist. Maintain REDUCE

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>PLNG posted Q3FY25 adj SA EBITDA of Rs12.8bn and APAT of Rs8.9bn, which were in-line.</li><li>Provision on Use or Pay (UoP) was Rs1.5bn, while UoP income booked for CY24 was Rs1.17bn.</li><li>Dahej utilization in Q3 was 95% (in-line) with long-term volume flat QoQ and tolling volume down 7% QoQ.</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.

PLNG posted Q3FY25 adj SA EBITDA of Rs12.8bn and APAT of Rs8.9bn, which were in-line.Provision on Use or Pay (UoP) was Rs1.5bn, while UoP income booked for CY24 was Rs1.17bn.Dahej utilization in Q3 was 95% (in-line) with long-term volume flat QoQ and tolling volume down 7% QoQ.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.

Petronet LNG - In-Line Performance, Attractive Valuation

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Petronet LNG (PLNG) 2QFY25 EBITDA came in 9% below our estimates at INR12b.</li><li>Dahej utilization was down 9pp QoQ at 102%, while Kochi utilization stood at 22% (flat QoQ).</li><li>Reported PAT at INR8.5b was in line with our estimate.</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.

Petronet LNG (PLNG) 2QFY25 EBITDA came in 9% below our estimates at INR12b.Dahej utilization was down 9pp QoQ at 102%, while Kochi utilization stood at 22% (flat QoQ).Reported PAT at INR8.5b was in line with our estimate.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.

Petronet LNG - Dahej Expansion, Kochi Connectivity Medium-Term Catalysts

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

Index Rebalance

<ul>
<li>There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).</li>
<li>Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).
Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

India

Petronet LNG is an Indian oil and gas company primarily engaged in the import, storage, and regasification of liquefied natural gas (LNG). It operates LNG receiving and regasification terminals, with major facilities in Dahej, Gujarat, and Kochi, Kerala, supplying regasified LNG to various sectors including fertilizers, city gas distribution, refineries, and power generation. The company was founded on April 2, 1998, and is headquartered in New Delhi, India.

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Petronet LNG (PLNG IN)

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

Petronet LNG: Volume Growth Challenges Persist. Maintain REDUCE

India’s total gas consumption during the first four months of FY26 (Apr 25- Jul 25) has declined by 6.8% YoY and gas imports have declined by 9.7% YoY

HDFC Securities

Petronet LNG - In-Line Performance, Attractive Valuation

PLNG posted Q3FY25 adj SA EBITDA of Rs12.8bn and APAT of Rs8.9bn, which were in-line. Provision on Use or Pay (UoP) was Rs1.5bn, while UoP income...

Emkay

Petronet LNG - Dahej Expansion, Kochi Connectivity Medium-Term Catalysts

Petronet LNG (PLNG) 2QFY25 EBITDA came in 9% below our estimates at INR12b. Dahej utilization was down 9pp QoQ at 102%, while Kochi utilization...

Motilal Oswal

NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

There could be 16 constituent changes in December. one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn...

Brian Freitas

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