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

Mitra Keluarga Karyasehat / Index Rebalance

<ul>
<li>The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.</li>
<li>We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.
We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

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

Bumi Resources Minerals / Equity Bottom-Up

<ul><li>We visited BRMS’ second gold plant (CPM) in Palu, whose annual production is now estimated to be 4,500 tpd.</li><li>CPM’s third facility is scheduled to begin operation in 4Q24 with average capacity of 4,000 tpd, following raised production rate in FY24.</li><li>BRMS currently trades at EV/resources of US$99/oz, with potential earnings growth driver from higher production.</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.

We visited BRMS’ second gold plant (CPM) in Palu, whose annual production is now estimated to be 4,500 tpd.CPM’s third facility is scheduled to begin operation in 4Q24 with average capacity of 4,000 tpd, following raised production rate in FY24.BRMS currently trades at EV/resources of US$99/oz, with potential earnings growth driver from higher production.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.

PT Bumi Resources Minerals (BRMS) - CPM Site Visit Affirms Plan to Raise FY24 Production Volume

<ul><li>BRMS aims to further boost gold production rate in FY24; significant gold reserves (+730k oz) discovered in its Palu asset.</li><li>Its second Gold Plant in Palu was successfully ramped up in 2H23 and the 3Q production rate was on par with 1H23.</li><li>With its target gold production potentially rising 40% in 2024F to 35koz, we see BRMS as a pure play on gold. </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.

BRMS aims to further boost gold production rate in FY24; significant gold reserves (+730k oz) discovered in its Palu asset.Its second Gold Plant in Palu was successfully ramped up in 2H23 and the 3Q production rate was on par with 1H23.With its target gold production potentially rising 40% in 2024F to 35koz, we see BRMS as a pure play on gold. 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.

PT Bumi Resources Minerals (BRMS): A Pure Gold Proxy with Strong Production Growth Potentials

<ul>
<li>The review period for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a> family of indices, <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, the KRX New Deal Index and a global index ends on 31 January.</li>
<li>The January rebalance of the IDX30 and LQ45 indices will be implemented at the close of trading on 31 January.</li>
<li>There have been huge inflows into the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> ETFs for another week. This will increase the impact on the index changes at the next rebalance.</li>
</ul>


The review period for the NIFTY family of indices, Nikkei 225, STAR50, the KRX New Deal Index and a global index ends on 31 January.
The January rebalance of the IDX30 and LQ45 indices will be implemented at the close of trading on 31 January.
There have been huge inflows into the CSI 300 Index ETFs for another week. This will increase the impact on the index changes at the next rebalance.


Index Rebalance & ETF Flow Recap: CSI300, CSI500, SSE50, ChiNext, KOSPI200, Renesas, IDX30/LQ45

<ul>
<li>There are 4 changes each for the IDX30 Index and the LQ45 Index at the upcoming rebalance to be implemented at the close on 31 January.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/indofood-cbp-sukses-makmur-tbk" target="_blank" data-smartkarma-citation="entities:17651:1" rel="noopener">Indofood CBP Sukses (ICBP IJ)</a>, <a href="https://www.smartkarma.com/entities/merdeka-battery-materials-tbk" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (MBMA IJ)</a>, <a href="https://www.smartkarma.com/entities/indah-kiat-pulp-paper-tbk" target="_blank" data-smartkarma-citation="entities:20064:1" rel="noopener">Indah Kiat Pulp &amp; Paper (INKP IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO 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 4 changes each for the IDX30 Index and the LQ45 Index at the upcoming rebalance to be implemented at the close on 31 January.
The largest passive inflows are expected in Indofood CBP Sukses (ICBP IJ), Merdeka Battery Materials (MBMA IJ), Indah Kiat Pulp &amp; Paper (INKP IJ) and Pertamina Geothermal Energy (PGEO 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 Index Rebalance: Four Changes for Each Index

Indonesia

PT Bumi Resources Minerals Tbk, through its subsidiaries, engages in the exploration and development of mineral properties across Asia. The company primarily explores for lead, zinc, gold, copper, and iron ore, and also engages in investment activities, funding, financing, and offers mining advisory and marketing services. It was founded in 2003 and is headquartered in Jakarta, Indonesia.

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Bumi Resources Minerals (BRMS IJ)

LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in October. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

PT Bumi Resources Minerals (BRMS) - CPM Site Visit Affirms Plan to Raise FY24 Production Volume

We visited BRMS’ second gold plant (CPM) in Palu, whose annual production is now estimated to be 4,500 tpd. CPM’s third facility is scheduled to...

BRI Danareksa Research

PT Bumi Resources Minerals (BRMS): A Pure Gold Proxy with Strong Production Growth Potentials

P T Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for...

BRI Danareksa Research

Index Rebalance & ETF Flow Recap: CSI300, CSI500, SSE50, ChiNext, KOSPI200, Renesas, IDX30/LQ45

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

IDX30/LQ45 Index Rebalance: Four Changes for Each Index

There are 4 changes each for the IDX30 and LQ45. Implementation is in 4 trading days. There is over 1 day of ADV to trade on a lot of stocks. Most...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in October. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

PT Bumi Resources Minerals (BRMS) - CPM Site Visit Affirms Plan to Raise FY24 Production Volume

We visited BRMS’ second gold plant (CPM) in Palu, whose annual production is now estimated to be 4,500 tpd. CPM’s third facility is scheduled to...

BRI Danareksa Research

PT Bumi Resources Minerals (BRMS): A Pure Gold Proxy with Strong Production Growth Potentials

P T Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for...

BRI Danareksa Research

Index Rebalance & ETF Flow Recap: CSI300, CSI500, SSE50, ChiNext, KOSPI200, Renesas, IDX30/LQ45

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

IDX30/​​LQ45 Index Rebalance: Four Changes for Each Index

There are 4 changes each for the IDX30 and LQ45. Implementation is in 4 trading days. There is over 1 day of ADV to trade on a lot of stocks. Most...

Brian Freitas

IDX30/LQ45 Index Rebalance: Four Changes for Each Index