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

Life Insurance Corporation of India / Index Rebalance

Life Insurance Corporation of India (LICI IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (LIC) (LICI IN)</a> and <a href="https://www.smartkarma.com/entities/tata-power-co-ltd" target="_blank" data-smartkarma-citation="entities:15618:1" rel="noopener">Tata Power (TPWR IN)</a> will be added to the <a href="https://www.smartkarma.com/entities/nifty-100-index" target="_blank" data-smartkarma-citation="entities:36051:1" rel="noopener">Nifty 100 Index (NSE100 INDEX)</a> and <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/nmdc-ltd" target="_blank" data-smartkarma-citation="entities:2016:1" rel="noopener">Nmdc Ltd (NMDC IN)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF (CPSEBE IN)</a> and there will be no replacement in the index.</li>
<li>The NMDC deletion along with capping changes means that there is decent volume (and ADV) to buy on quite a few names in the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF (CPSEBE IN)</a>.</li>
</ul>



Life Insurance Corp of India (LIC) (LICI IN) and Tata Power (TPWR IN) will be added to the Nifty 100 Index (NSE100 INDEX) and Nifty Next 50 Index (NIFTYJR INDEX). 

Nmdc Ltd (NMDC IN) will be deleted from the CPSE ETF (CPSEBE IN) and there will be no replacement in the index.
The NMDC deletion along with capping changes means that there is decent volume (and ADV) to buy on quite a few names in the CPSE ETF (CPSEBE IN).


NIFTY100 & CPSE Index Rebalance: Some Big Changes in 3 Weeks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Synergy Grid & Development Philippines / Equity Capital Markets

Synergy Grid & Development Philippines (SGP PM)

<div><p>Synergy Grid &amp; Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. </p></div><div><p>The company has been listed on the Phil Stock Exchange (PSE) for over a decade but has been more of an empty shell for most of its listed history. SGP’s two main shareholders, Henry Sy, Jr and Robert G. Coyiuto, recently entered into a share swap agreement leading to SGP indirectly controlling over 60% of National Grid Corporation of the Philippines (NGCP). SGP now aims to list at least 20% of its outstanding stock to meet PSE’s free-float requirement, as well as those set out at the time of grant of NGCP concession.</p></div><div>
<p>NGCP owns the concession rights for 50 years to operate the national power transmission network in the Phils and in that sense it enjoys a monopoly status.</p>
<p>We covered the positive aspects of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/synergy-grid-development-re-ipo-deal-background-and-positives" target="_blank" rel="noopener">Synergy Grid &amp; Development Re-IPO - Deal Background and Positives</a>.</p>
</div><div><p>In this note, we will talk about the not so positive aspects and valuation.</p></div>

Synergy Grid &amp; Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. The company has been listed on the Phil Stock Exchange (PSE) for over a decade but has been more of an empty shell for most of its listed history. SGP’s two main shareholders, Henry Sy, Jr and Robert G. Coyiuto, recently entered into a share swap agreement leading to SGP indirectly controlling over 60% of National Grid Corporation of the Philippines (NGCP). SGP now aims to list at least 20% of its outstanding stock to meet PSE’s free-float requirement, as well as those set out at the time of grant of NGCP concession.
NGCP owns the concession rights for 50 years to operate the national power transmission network in the Phils and in that sense it enjoys a monopoly status.
We covered the positive aspects of the deal in our earlier note, Synergy Grid &amp; Development Re-IPO - Deal Background and Positives.
In this note, we will talk about the not so positive aspects and valuation.

Synergy Grid & Development Re-IPO - Negatives and a Look at Valuation

<p>Synergy Grid &amp; Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. </p><p>The company has been listed on the Phil Stock Exchange (PSE) for over a decade but has been more of an empty shell for most of its listed history. SGP’s two main shareholders, Henry Sy, Jr and Robert G. Coyiuto, recently entered into a share swap agreement leading to SGP indirectly controlling over 60% of National Grid Corporation of the Philippines (NGCP). SGP now aims to list at least 20% of its outstanding stock to meet PSE’s free-float requirement, as well as those set out at the time of grant of NGCP concession.</p><p>NGCP owns the concession rights for 50 years to operate the national power transmission network in the Phils and in that sense it enjoys a monopoly status.</p><p>In this note, we will talk about the deal background and the overall positive aspects of the deal.</p>

Synergy Grid &amp; Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. The company has been listed on the Phil Stock Exchange (PSE) for over a decade but has been more of an empty shell for most of its listed history. SGP’s two main shareholders, Henry Sy, Jr and Robert G. Coyiuto, recently entered into a share swap agreement leading to SGP indirectly controlling over 60% of National Grid Corporation of the Philippines (NGCP). SGP now aims to list at least 20% of its outstanding stock to meet PSE’s free-float requirement, as well as those set out at the time of grant of NGCP concession.NGCP owns the concession rights for 50 years to operate the national power transmission network in the Phils and in that sense it enjoys a monopoly status.In this note, we will talk about the deal background and the overall positive aspects of the deal.

Synergy Grid & Development Re-IPO - Deal Background and Positives

External broker reports(aggregated public sources), SMC Global

SMC Online

External broker reports(aggregated public sources)

Equity Bottom-Up

Power Grid Corporation of India / Equity Bottom-Up

Power Grid Corporation of India (PWGR IN)

<p>higher revenues. The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020. Its total income during January-March increased to Rs 10,510.33 crore, from Rs 10,148.26...</p><div class="content-highlight"><em>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.</em></div>

higher revenues. The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020. Its total income during January-March increased to Rs 10,510.33 crore, from Rs 10,148.26...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.

<p>higher revenues. The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020. Its total income during January-March increased to Rs 10,510.33 crore, from Rs 10,148.26...</p>
<div class="content-highlight"><em>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.</em></div>

higher revenues. The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020. Its total income during January-March increased to Rs 10,510.33 crore, from Rs 10,148.26...
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.

Power Grid Corporation Limited: Quarterly Results Update

India

Power Grid Corporation of India Limited is a central public sector undertaking primarily engaged in the transmission of bulk electric power across different states of India through its extensive network of transmission lines and substations. It also offers consultancy services and operates in the telecom sector through its brand POWERTEL. The company is headquartered in Gurugram, Haryana, India, and was founded on October 23, 1989.

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Power Grid Corporation of India (PWGR IN)

NIFTY100 & CPSE Index Rebalance: Some Big Changes in 3 Weeks

LIC and Tata Power will be added to the NIFTY100 Index at the close on 5 August. NMDC is being deleted from the NIFTY100 & CPSE indices. There is a...

Brian Freitas

Synergy Grid & Development Re-IPO - Negatives and a Look at Valuation

Synergy Grid & Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. SGP indirectly controls over 60% of National...

Sumeet Singh

Synergy Grid & Development Re-IPO - Deal Background and Positives

Synergy Grid & Development Phils (SGP) aims to raise up to US$350m in its Philippines (Phil) IPO. SGP indirectly controls over 60% of National...

Sumeet Singh

Power Grid Corporation Limited

higher revenues. The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020. Its total income...

SMC Online

Power Grid Corporation Limited: Quarterly Results Update

The company's consolidated net profit had stood at Rs 3,313.47 crore in the quarter ended on March 31, 2020. Its total income during January-March...

SMC Online

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