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>There is 1 constituent change for the IDX30 Index, and 5 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 30 April.</li>
<li>Following their inclusion on the High Shareholding Concentration list, <a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a> and <a href="https://www.smartkarma.com/entities/dian-swastatika-sentosa-tbk" target="_blank" data-smartkarma-citation="entities:15281:1" rel="noopener">Dian Swastatika Sentosa (DSSA IJ)</a> will be deleted from the LQ45 and IDX80 indices.</li>
<li>While the size of the passive AUM is small, a lot of active funds use the LQ45 Index as a benchmark and could sell BREN/DSSA before the global index trackers.</li>
</ul>


There is 1 constituent change for the IDX30 Index, and 5 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 30 April.
Following their inclusion on the High Shareholding Concentration list, Barito Renewables Energy (BREN IJ) and Dian Swastatika Sentosa (DSSA IJ) will be deleted from the LQ45 and IDX80 indices.
While the size of the passive AUM is small, a lot of active funds use the LQ45 Index as a benchmark and could sell BREN/DSSA before the global index trackers.


IDX30/​​LQ45/IDX80 Index Rebalance: BREN and DSSA Deleted from Local Indices

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.

Equity Bottom-Up

<ul><li>BTPS booked a net profit of Rp644bn in 1H25 (+17% yoy), outperforming our/cons ests. at 54/53%, driven by a lower CoC at 8.1%.</li><li>Mgmt remains cautious on loan growth, monitoring macro conditions, and expects NIM to stay stable in the coming quarters. </li><li>We downgrade our rating to Hold with a TP of Rp1,500. Key risk to our call is potential shift in asset quality.</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.

BTPS booked a net profit of Rp644bn in 1H25 (+17% yoy), outperforming our/cons ests. at 54/53%, driven by a lower CoC at 8.1%.Mgmt remains cautious on loan growth, monitoring macro conditions, and expects NIM to stay stable in the coming quarters. We downgrade our rating to Hold with a TP of Rp1,500. Key risk to our call is potential shift in asset quality.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.

Bank BTPN Syariah (BTPS.IJ) - Solid Profit Growth on Robust Asset Quality

<ul><li>BTPS booked a net profit of Rp422bn in 4M25 (+17% yoy), driven by a lower CoC of 8.5% (-483bps yoy).</li><li>Loan contraction (flat mom) showed signs of bottoming out, indicating that new disbursements are catching up with maturing loans.</li><li>Maintain Buy rating with a higher TP of Rp1,500. Key risk to our call is potential shift in asset quality.</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.

BTPS booked a net profit of Rp422bn in 4M25 (+17% yoy), driven by a lower CoC of 8.5% (-483bps yoy).Loan contraction (flat mom) showed signs of bottoming out, indicating that new disbursements are catching up with maturing loans.Maintain Buy rating with a higher TP of Rp1,500. Key risk to our call is potential shift in asset quality.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.

Bank BTPN Syariah (BTPS.IJ) - Emerging from the Final Leg of Credit Cycle Pain

<ul><li>BTPS booked a net profit of Rp1.1tr in FY24 (-2% yoy), with CoC of 12.6% (FY23: 16.0%), in line with our and consensus FY24 estimates.</li><li>4Q24 NP improved to Rp291bn (+33% qoq, +278% yoy) as CoC decreased to 9.7%; mgmt. expects CoC to be single digit in FY25F.</li><li>Maintain Buy rating with an unchanged TP of Rp1,200. Key risk to our call includes changes in asset quality trend.</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.

BTPS booked a net profit of Rp1.1tr in FY24 (-2% yoy), with CoC of 12.6% (FY23: 16.0%), in line with our and consensus FY24 estimates.4Q24 NP improved to Rp291bn (+33% qoq, +278% yoy) as CoC decreased to 9.7%; mgmt. expects CoC to be single digit in FY25F.Maintain Buy rating with an unchanged TP of Rp1,200. Key risk to our call includes changes in asset quality trend.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.

Bank BTPN Syariah (BTPS.IJ) Robust Start in FY25

<ul><li>BTPS booked a net profit of Rp1.1tr in FY24 (-2% yoy), with CoC of 12.6% (FY23: 16.0%), in line with our and consensus FY24 estimates.</li><li>4Q24 NP improved to Rp291bn (+33% qoq, +278% yoy) as CoC decreased to 9.7%; mgmt. expects CoC to be single digit in FY25F. </li><li>Maintain Buy rating with an unchanged TP of Rp1,200. Key risk to our call includes changes in asset quality trend.</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.

BTPS booked a net profit of Rp1.1tr in FY24 (-2% yoy), with CoC of 12.6% (FY23: 16.0%), in line with our and consensus FY24 estimates.4Q24 NP improved to Rp291bn (+33% qoq, +278% yoy) as CoC decreased to 9.7%; mgmt. expects CoC to be single digit in FY25F. Maintain Buy rating with an unchanged TP of Rp1,200. Key risk to our call includes changes in asset quality trend.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.

Bank BTPN Syariah (BTPS.IJ) - In Line Net Profit with Improving Asset Quality Trend

Indonesia

PT Bank BTPN Syariah Tbk is a sharia commercial bank in Indonesia, providing banking products and services based on Islamic principles. The bank focuses on financial inclusion, catering to productive underprivileged communities, particularly women, by offering savings, deposits, and various sharia financing products. It also provides financial education through its Daya program. The company was founded in 1991 as PT Bank Sahabat Purba Danarta, converted to a sharia bank in 2014, and is headquartered in Jakarta Selatan, Indonesia.

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Bank BTPN Syariah (BTPS IJ)

IDX30/LQ45/IDX80 Index Rebalance: BREN and DSSA Deleted from Local Indices

Barito Renewables and Dian Swastatika Sentosa are deletions from local indices this week. Passive tracking AUM is small but active managers use the...

Brian Freitas