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

Dian Swastatika Sentosa / Index Rebalance

<ul>
<li>The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.</li>
<li>We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.</li>
<li>Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.</li>
</ul>


The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.
We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.
Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.


LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.</li><li>BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.</li><li>US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.</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.

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.BI is likely to maintain its dovish stance and have time to assess before proceeding with further rate cuts, given current liquidity conditions.US tariff shift could shield Indonesia’s exports, but cheap imports threaten domestic market requiring policies intervention.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.

Macro Strategy: The Tailwinds and Trade-Off

Thematic (Sector/Industry)

<ul><li>Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.</li><li>The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.</li><li>Foreign investors remain net sellers in the market with -US$115mn of outflow. </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.

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.The index’s performance was driven by the large-cap sectors: Banks (+3.1% w-w), Telco (+2.7% w-w) as well as laggard sectors namely Poultry (+7.7% w-w), Cement (+4.5%), and Tower (+4.1%), indicating likelihood of technical rebound amid still limited catalysts.Foreign investors remain net sellers in the market with -US$115mn of outflow. 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.

BRIDS Market Pulse : Chart of the week – JCI, LQ45, and IDX80 YTD Performance

<ul>
<li>The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.</li>
<li>We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.</li>
</ul>


The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.
We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.


LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

<ul><li>Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.</li><li>Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.</li><li>Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.</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.

Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.Foreign investors remained net sellers, although outflows moderated to US$71mn, bringing YTD outflow to US$718mn.Barring any surprises on the trade tariff front, we see that risk sentiment may remain supportive for flows into EM in the week ahead.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.

BRIDS Market Pulse: Chart of the week – NPI price

Indonesia

PT Petrosea Tbk provides engineering construction and contract mining services for the oil and gas, mining, and infrastructure industries. The Company also provides heavy equipment rentals throughout Indonesia for its clients.

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Petrosea Tbk Pt (PTRO IJ)

LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

We highlight 2 sets of changes for the LQ45 in July. The forecast adds and deletes have traded in a range over the last few months. Historically,...

Brian Freitas

Macro Strategy: The Tailwinds and Trade-Off

Liquidity shows early signs of improvement as SRBI yields fall and IndONIA drops; fiscal disbursement expected to lead recovery further.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – JCI, LQ45, and IDX80 YTD Performance

Market review: Following 3 weeks of negative performances, JCI staged a rebound of +2.7% w-w, outperforming majority of the EM peers.

BRI Danareksa Research

LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in April. The potential adds have traded in line with the deletes. Historically, adds and...

Brian Freitas

BRIDS Market Pulse: Chart of the week – NPI price

Market: JCI rallied +2.5% w-w, in-line with majority of the EMs and the weaker DXY amid benign developments from the global trade tariffs.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)