Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>We expect six ADDs/DELs for BSE 100 and six ADDs/DELs for BSE 200.</li>
<li>Zomato is one of the six BSE 100 expected DELs but its fate will depend on when its expected F&amp;O list inclusion takes place and the index provider's discretionary choices.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
We expect six ADDs/DELs for BSE 100 and six ADDs/DELs for BSE 200.
Zomato is one of the six BSE 100 expected DELs but its fate will depend on when its expected F&amp;O list inclusion takes place and the index provider's discretionary choices.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarter</li><li>LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2</li><li>These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.</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.

Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarterLODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.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.

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>We see four expected ADDs/DELs for BSE 100 and six expected ADDs/DELs for BSE 200.</li>
<li>The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could fall into such a trap.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
We see four expected ADDs/DELs for BSE 100 and six expected ADDs/DELs for BSE 200.
The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could fall into such a trap.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Uptick in Real Estate positioning driven by a shift towards Indian Real Estate stocks, which has outweighed reductions in exposure to China &amp; HK Real Estate</li>
<li>Three names stand out: Phoenix Mills, Macrotech Developers, and DLF Limited, all of which have seen ownership rise to record levels.</li>
<li>New positions in Indian Real Estate by Allianz and JKC have been offset by closures in Chinese Real Estate by LO Funds and SEB, among others.</li>
</ul>


Uptick in Real Estate positioning driven by a shift towards Indian Real Estate stocks, which has outweighed reductions in exposure to China &amp; HK Real Estate
Three names stand out: Phoenix Mills, Macrotech Developers, and DLF Limited, all of which have seen ownership rise to record levels.
New positions in Indian Real Estate by Allianz and JKC have been offset by closures in Chinese Real Estate by LO Funds and SEB, among others.


Real Estate:  India/China Rotation Sparks Sector Growth

<ul><li>Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was offset by higher GM (+195 bps) and steady costs (staff/R&amp;D/SG&amp;A was up +2/16/11% YoY)</li><li>SUNP expects growth to improve in subsequent quarters and retains high-single-digit sales growth guidance for FY25</li><li>SUNP sees further headroom for growth in Ilumya and incremental sales from the additional indication (psoriatic arthritis) on approval</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.

Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was offset by higher GM (+195 bps) and steady costs (staff/R&amp;D/SG&amp;A was up +2/16/11% YoY)SUNP expects growth to improve in subsequent quarters and retains high-single-digit sales growth guidance for FY25SUNP sees further headroom for growth in Ilumya and incremental sales from the additional indication (psoriatic arthritis) on approvalContent 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.

HSIE Results Daily: Sun Pharmaceutical Industries, Prestige Estates, Phoenix Mills

India

Phoenix Mills Ltd. is engaged, directly and through its subsidiaries and investments in the business of ownership, management, and development of large-format retail-led mixed use properties. The Company's properties include shopping, entertainment, commercial, residential, and hospitality properties. Phoenix Mills owns and operates High Street Phoenix Center in Mumbai.

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Phoenix Mills (PHNX IN)

Quiddity Leaderboard BSE/SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The reference period ends today (31st October). Our BSE 100 expected ADDs/DELs remain unchanged. For BSE 200, all expected ADDs/DELs mentioned in...

Janaghan Jeyakumar, CFA

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2

HDFC Securities

Quiddity Leaderboard BSE/SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

Zomato does not have F&O membership and it could violate a BSE Sensex Next 50 selection rule which would trigger a BSE 100 deletion. To escape...

Janaghan Jeyakumar, CFA

Real Estate: India/China Rotation Sparks Sector Growth

Real Estate exposure grows among active Asia Ex-Japan funds, sparked by a rotation in to Indian Real Estate, as China & HK positioning falls.

Steven Holden

HSIE Results Daily: Sun Pharmaceutical Industries, Prestige Estates, Phoenix Mills

Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The reference period ends today (31st October). Our BSE 100 expected ADDs/DELs remain unchanged. For BSE 200, all expected ADDs/DELs mentioned in...

Janaghan Jeyakumar, CFA

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2

HDFC Securities

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

Zomato does not have F&O membership and it could violate a BSE Sensex Next 50 selection rule which would trigger a BSE 100 deletion. To escape...

Janaghan Jeyakumar, CFA

Real Estate: India/China Rotation Sparks Sector Growth

Real Estate exposure grows among active Asia Ex-Japan funds, sparked by a rotation in to Indian Real Estate, as China & HK positioning falls.

Steven Holden

HSIE Results Daily: Sun Pharmaceutical Industries, Prestige Estates, Phoenix Mills

Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was...

HDFC Securities

Quiddity Leaderboard BSE/SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

Quiddity Leaderboard BSE/SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion