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>There are five 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> that will be implemented at the close on 27 March. Changes are on expected lines.</li>
<li>Estimated one-way turnover 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> is 10.1% resulting in a one-way trade of INR 22.2bn (US$268m).</li>
<li>Apart from the impact on the adds and deletes, there will be a big impact on some of the non-F&amp;O stocks due to capping and funding flows.</li>
</ul>


There are five changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that will be implemented at the close on 27 March. Changes are on expected lines.
Estimated one-way turnover for the NSE Nifty Next 50 Index (NIFTYJR INDEX) is 10.1% resulting in a one-way trade of INR 22.2bn (US$268m).
Apart from the impact on the adds and deletes, there will be a big impact on some of the non-F&amp;O stocks due to capping and funding flows.


NIFTY NEXT50 Index Rebalance: Five Changes on Expected Lines; Big Turnover

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>PI Industries' Q3FY24 numbers were in line with our estimates. One-off gain from the reversal of theft in last Q2FY24 led to beat on EBITDA and PAT.</li><li>Consolidated Revenue came in line with our estimates, up 18%/-10% YoY/QoQ. EBITDA beat our estimates by 15% as gross margins improved by 640bps YoY on account of better mix.</li><li>This resulted in an EBITDA margin of 29% vs. 26% both in Q3FY23/Q2FY24. The company’s PAT stood at Rs 449 Cr, up 28%/-7% YoY/QoQ, beating our estimate by 27%.</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.

PI Industries' Q3FY24 numbers were in line with our estimates. One-off gain from the reversal of theft in last Q2FY24 led to beat on EBITDA and PAT.Consolidated Revenue came in line with our estimates, up 18%/-10% YoY/QoQ. EBITDA beat our estimates by 15% as gross margins improved by 640bps YoY on account of better mix.This resulted in an EBITDA margin of 29% vs. 26% both in Q3FY23/Q2FY24. The company’s PAT stood at Rs 449 Cr, up 28%/-7% YoY/QoQ, beating our estimate by 27%.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.

PI Industries Ltd - New Product & CSM Drive Export Growth & Margins; Positive Outlook!

<ul><li>PI Industries Ltd is a prominent player in the agro-chemicals sector, with a presence in over 30 countries and four global offices located in India, Japan, China, and Germany.</li><li>The company's export markets include the USA, Brazil, Saudi Arabia, among others.</li><li>PI Industries owns and operates five formulation facilities and thirteen multi-product plants, producing a range of agricultural chemicals such as insecticides, fungicides, herbicides, and specialty chemicals for use in farms. </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.

PI Industries Ltd is a prominent player in the agro-chemicals sector, with a presence in over 30 countries and four global offices located in India, Japan, China, and Germany.The company's export markets include the USA, Brazil, Saudi Arabia, among others.PI Industries owns and operates five formulation facilities and thirteen multi-product plants, producing a range of agricultural chemicals such as insecticides, fungicides, herbicides, and specialty chemicals for use in farms. 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.

Pick of the Week - PI Industries Ltd - 05 FEB 2023

<ul><li>PI Industries' Q2FY24 numbers were largely inline with our estimates.</li><li>Consolidated Revenue cameinline with our estimates,up 20%/11% YoY/QoQ.</li><li>EBITDA beat our estimates by 3.5% as gross margins improved by 135bps YoY on account of better mix. </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.

PI Industries' Q2FY24 numbers were largely inline with our estimates.Consolidated Revenue cameinline with our estimates,up 20%/11% YoY/QoQ.EBITDA beat our estimates by 3.5% as gross margins improved by 135bps YoY on account of better mix. 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.

PI Industries Ltd - CSM Continues to Outshine

<ul><li>PI Industries' Q1FY24 numbers beat our estimates across the board, as the company said it saw strong CSM exports that more than offset high inventory issues in its domestic segment.</li><li>Consolidated Revenue exceeded our estimate by 6% (+24%/22% YoY/QoQ).</li><li>EBITDA was up 14% ahead of our estimates as gross margins increased 270bps YoY. </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.

PI Industries' Q1FY24 numbers beat our estimates across the board, as the company said it saw strong CSM exports that more than offset high inventory issues in its domestic segment.Consolidated Revenue exceeded our estimate by 6% (+24%/22% YoY/QoQ).EBITDA was up 14% ahead of our estimates as gross margins increased 270bps YoY. 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

PI Industries Limited manufactures agricultural and fine chemicals, and polymers. The Company produces fine chemicals; crop protection, plant nutrients, and seeds; and engineering plastics for use in the automobile, electrical, and home appliances industries.

Pi Industries (PI IN)

NIFTY NEXT50 Index Rebalance: Five Changes on Expected Lines; Big Turnover

There are 5 changes for the NIFTY NEXT50 in March. The changes were forecast and there will be positioning. There are capping changes for non-FnO...

Brian Freitas

PI Industries Ltd - New Product & CSM Drive Export Growth & Margins; Positive Outlook!

PI Industries' Q3FY24 numbers were in line with our estimates. One-off gain from the reversal of theft in last Q2FY24 led to beat on EBITDA and PAT.

Axis Direct

Pick of the Week - PI Industries Ltd - 05 FEB 2023

PI Industries Ltd is a prominent player in the agro-chemicals sector, with a presence in over 30 countries and four global offices located in...

Axis Direct

PI Industries Ltd - CSM Continues to Outshine

PI Industries' Q2FY24 numbers were largely inline with our estimates. Consolidated Revenue cameinline with our estimates,up 20%/11% YoY/QoQ.

Axis Direct

PI Industries Ltd - CSM Outshines

PI Industries' Q1FY24 numbers beat our estimates across the board, as the company said it saw strong CSM exports that more than offset high...

Axis Direct