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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumi-resources-tbk-pt" target="_blank" data-smartkarma-citation="entities:15734:1" rel="noopener">Bumi Resources (BUMI IJ)</a>' recent rally could result in the stock being added to a global index in February. </li>
<li>
<a href="https://www.smartkarma.com/entities/bumi-resources-tbk-pt" target="_blank" data-smartkarma-citation="entities:15734:1" rel="noopener">Bumi Resources (BUMI IJ)</a> trades marginally cheaper than its largest peers but all these stocks trade at more than 40x trailing PE.</li>
<li>Positioning appears stretched following the recent rally and there could be downside over the near-term. Trimming positions into strength appears prudent.</li>
</ul>



Bumi Resources (BUMI IJ)' recent rally could result in the stock being added to a global index in February. 

Bumi Resources (BUMI IJ) trades marginally cheaper than its largest peers but all these stocks trade at more than 40x trailing PE.
Positioning appears stretched following the recent rally and there could be downside over the near-term. Trimming positions into strength appears prudent.


Bumi Resources (BUMI IJ): Potential Global Index Inclusion in Feb

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.

Macroeconomics

<ul><li>BRIDS Market Pulse In the spotlight JCI major correction and foreign outflow post MSCI comment JCI posted a -6.9% w-w correction alongside US$831mn of foreign outflows following MSCI’s latest statement on Indonesia.</li><li>Selling pressure was most visible in index-aspirant names (IMPC, BUMI, MORA), followed by several MSCI-heavy / large-liquid names (BREN, BRMS, BBCA, DSSA).</li><li>On the other hand, GOTO outperformed on domestic and foreign buying amid renewed merger speculation...</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.

BRIDS Market Pulse In the spotlight JCI major correction and foreign outflow post MSCI comment JCI posted a -6.9% w-w correction alongside US$831mn of foreign outflows following MSCI’s latest statement on Indonesia.Selling pressure was most visible in index-aspirant names (IMPC, BUMI, MORA), followed by several MSCI-heavy / large-liquid names (BREN, BRMS, BBCA, DSSA).On the other hand, GOTO outperformed on domestic and foreign buying amid renewed merger speculation...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.

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

<ul><li>JCI ended 2025 with a 22.1% gain, ranking among the top-performing ASEAN emerging markets, second only to Singapore (+22.7%).</li><li>Performance was heavily driven by conglo and momentum names, led by DSSA (+173%), DCII (+375%), and BRPT (+255%).</li><li>In contrast, only a handful of fundamental stocks namely TLKM (+28%) and ASII (+37%) posted meaningful gains. </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.

JCI ended 2025 with a 22.1% gain, ranking among the top-performing ASEAN emerging markets, second only to Singapore (+22.7%).Performance was heavily driven by conglo and momentum names, led by DSSA (+173%), DCII (+375%), and BRPT (+255%).In contrast, only a handful of fundamental stocks namely TLKM (+28%) and ASII (+37%) posted meaningful gains. 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.

BRIDS Market Pulse: Chart of the week – Historical Weekly Sector Performance

<ul><li>JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.</li><li>Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.</li><li>On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. </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.

JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. 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.

BRIDS Market Pulse: Chart of the Week – JCI Metals Sector Vs. Gold Price

<ul><li>JCI’s correction was driven primarily by declines in conglo names (e.g., BREN, CUAN, BRPT, BUMI, DEWA), alongside noticeably weaker retail liquidity ahead of the holiday season.</li><li>Meanwhile, large-cap banks (BMRI, BBRI, BBCA) led the gainers following neutral management-change news from the EGM, supported also by newly-listed SUPA.</li><li>Foreign fund flow was maintained at at US$196mn (all market), despite outflows in previous weeks’ momentum names (BUMI, DEWA) and continued outflows in large-cap banks (BBRI).</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.

JCI’s correction was driven primarily by declines in conglo names (e.g., BREN, CUAN, BRPT, BUMI, DEWA), alongside noticeably weaker retail liquidity ahead of the holiday season.Meanwhile, large-cap banks (BMRI, BBRI, BBCA) led the gainers following neutral management-change news from the EGM, supported also by newly-listed SUPA.Foreign fund flow was maintained at at US$196mn (all market), despite outflows in previous weeks’ momentum names (BUMI, DEWA) and continued outflows in large-cap banks (BBRI).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.

BRIDS Market Pulse: Chart of the Week – JCI Market Cap Conglo Vs. Ex-Conglo

Indonesia

PT Bumi Resources Tbk is an Indonesia-based holding company primarily engaged in coal mining, including exploration, exploitation, and sales of coal deposits. The company also has interests in minerals such as gold and silver, which are under exploration. It is one of Indonesia's largest coal producers and a major thermal coal exporter globally. The company is headquartered in Jakarta, Indonesia, and was founded in 1973.

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Bumi Resources (BUMI IJ)