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

Amman Mineral Internasional / Index Rebalance

<ul>
<li>There are 2 constituent changes for the LQ45 Index and 6 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 30 April.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN IJ)</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat Tbk PT (ISAT IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a> and <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold Tbk PT (MDKA IJ)</a>. </li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes for the LQ45 Index and 6 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 30 April.
The largest passive inflows are expected in Amman Mineral Internasional (AMMN IJ), Indosat Tbk PT (ISAT IJ), Bank Rakyat Indonesia (BBRI IJ) and Merdeka Copper Gold Tbk PT (MDKA IJ). 
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a> saw a pronounced pick up in sales in 4Q2023 and the ongoing benefit of lower raw material prices boosted margins to 5-year highs. </li>
<li>The company expanded its distribution in 2023 and will continue in 2024, which coupled with new product launches, especially of economic products, should help to drive higher growth in 2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian</a> continues to drive its express service, which also helps to push new product growth. Its market leadership and track record justify valuations with further support from dividends.</li>
</ul>



PT Avia Avian (AVIA IJ) saw a pronounced pick up in sales in 4Q2023 and the ongoing benefit of lower raw material prices boosted margins to 5-year highs. 
The company expanded its distribution in 2023 and will continue in 2024, which coupled with new product launches, especially of economic products, should help to drive higher growth in 2024. 

PT Avia Avian continues to drive its express service, which also helps to push new product growth. Its market leadership and track record justify valuations with further support from dividends.


PT Avia Avian (AVIA IJ) - An Attractive Tint to 2024 Prospects

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta (CLEO IJ)</a> is a differentiated bottled water player in Indonesia producing pure water using nano-technology, with around 5% market share but with significant upside given low penetration. </li>
<li>The company has established a long-term growth record over the past six years and booked +14.9% sales growth and +23.2% net profit growth, driven by increased demand and new products.</li>
<li>CLEO continues to expand its manufacturing and distribution to cover more areas of the country. It also has an increasingly sustainable edge and valuations are reasonable relative to growth. </li>
</ul>



Sariguna Primatirta (CLEO IJ) is a differentiated bottled water player in Indonesia producing pure water using nano-technology, with around 5% market share but with significant upside given low penetration. 
The company has established a long-term growth record over the past six years and booked +14.9% sales growth and +23.2% net profit growth, driven by increased demand and new products.
CLEO continues to expand its manufacturing and distribution to cover more areas of the country. It also has an increasingly sustainable edge and valuations are reasonable relative to growth. 


Sariguna Primatirta (CLEO IJ) - Pure Water with a Sustainable Edge

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian</a> is Indonesia's leading integrated paint manufacturing company with around 20% market share. It is undergoing a strong recovery in margins as raw material inputs have stabilised. </li>
<li>The company continues to expand both its distribution centres and the range of products it offers, with a strong emphasis on below-the-line marketing, reaching 54,000 retail outlets.</li>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a> is an interesting proxy for the strong recovery in Indonesia's economy and property market, with the added tailwind of lower input costs. Valuations are attractive. </li>
</ul>



PT Avia Avian is Indonesia's leading integrated paint manufacturing company with around 20% market share. It is undergoing a strong recovery in margins as raw material inputs have stabilised. 
The company continues to expand both its distribution centres and the range of products it offers, with a strong emphasis on below-the-line marketing, reaching 54,000 retail outlets.

PT Avia Avian (AVIA IJ) is an interesting proxy for the strong recovery in Indonesia's economy and property market, with the added tailwind of lower input costs. Valuations are attractive. 


PT Avia Avian (AVIA IJ) - Painting by Numbers

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

Nusantara Sejahtera Raya / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya-pt" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI</a> raised around US$150m in its Indonesia IPO, after pricing at the bottom-end.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>We have looked at the company's past performance and undertaken a peer comparison and valuation in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Cinema XXI raised around US$150m in its Indonesia IPO, after pricing at the bottom-end.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
We have looked at the company's past performance and undertaken a peer comparison and valuation in our earlier notes. In this note, we talk about the trading dynamics.


Nusantara Sejahtera Raya (Cinema XXI) IPO Trading - Should Be a Steady Listing

Indonesia

PT Avia Avian Tbk manufactures and distributes paints and building materials in Indonesia, operating in Architectural Solutions and Trading Goods segments. The company offers a wide range of products including wall, wood, and metal paints, waterproofing solutions, instant cement, and adhesives. It was founded in 1978 and is headquartered in Sidoarjo, Indonesia.

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Avia Avian (AVIA IJ)

IDX30/LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks

The Indonesian indices rebalance at the close today and there will be multiple days of volume going through on some stocks.

Brian Freitas

PT Avia Avian (AVIA IJ) - An Attractive Tint to 2024 Prospects

PT Avia Avian (AVIA IJ) saw a pronounced pick up in sales in 4Q2023 and the ongoing benefit of lower raw material prices boosted margins to 5-yeat...

Angus Mackintosh

Sariguna Primatirta (CLEO IJ) - Pure Water with a Sustainable Edge

CLEO continues to expand its manufacturing and distribution to cover more areas of the country. It also has an increasingly sustainable edge and...

Angus Mackintosh

PT Avia Avian (AVIA IJ) - Painting by Numbers

PT Avia Avian is Indonesia's leading integrated paint manufacturing company with around 20% market share. It is undergoing a strong recovery in...

Angus Mackintosh

Nusantara Sejahtera Raya (Cinema XXI) IPO Trading - Should Be a Steady Listing

Nusantara Sejahtera (Cinema XXI) raised around US$150m in its Indonesia IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IDX30/​​LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks

The Indonesian indices rebalance at the close today and there will be multiple days of volume going through on some stocks.

Brian Freitas

PT Avia Avian (AVIA IJ) - An Attractive Tint to 2024 Prospects

PT Avia Avian (AVIA IJ) saw a pronounced pick up in sales in 4Q2023 and the ongoing benefit of lower raw material prices boosted margins to 5-yeat...

Angus Mackintosh

Sariguna Primatirta (CLEO IJ) - Pure Water with a Sustainable Edge

CLEO continues to expand its manufacturing and distribution to cover more areas of the country. It also has an increasingly sustainable edge and...

Angus Mackintosh

PT Avia Avian (AVIA IJ) - Painting by Numbers

PT Avia Avian is Indonesia's leading integrated paint manufacturing company with around 20% market share. It is undergoing a strong recovery in...

Angus Mackintosh

Nusantara Sejahtera Raya (Cinema XXI) IPO Trading - Should Be a Steady Listing

Nusantara Sejahtera (Cinema XXI) raised around US$150m in its Indonesia IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

IDX30/LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks