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>The review period for the LQ45 Index rebalance ended on 31 December. The changes should be announced the last week of January, becoming effective after the close on 30 January.</li>
<li>We highlight 3 potential inclusions and 3 potential exclusions for the index at the rebalance. Depending on the index committee discretion, the actual number of changes could be lower/higher.</li>
<li>The impact on the forecast inclusions is not very high but the impact on the forecast deletion is much higher.</li>
</ul>


The review period for the LQ45 Index rebalance ended on 31 December. The changes should be announced the last week of January, becoming effective after the close on 30 January.
We highlight 3 potential inclusions and 3 potential exclusions for the index at the rebalance. Depending on the index committee discretion, the actual number of changes could be lower/higher.
The impact on the forecast inclusions is not very high but the impact on the forecast deletion is much higher.


LQ45 Index Rebalance Preview (Jan 2026): 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

<ul><li>DEWA has executed plans to revamp its fleet of heavy equipment through a Rp2.6tr loan and a vendor-financing deal with XCMG.</li><li>We project its earnings to grow by 54% CAGR over 25-27F driven by lower subcontractor exp. as it substitutes outsourced services with own fleet.</li><li>We initiate coverage with a Buy rating and DCF-based TP of Rp300 from COGS efficiencies resulting in margin improvement.</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.

DEWA has executed plans to revamp its fleet of heavy equipment through a Rp2.6tr loan and a vendor-financing deal with XCMG.We project its earnings to grow by 54% CAGR over 25-27F driven by lower subcontractor exp. as it substitutes outsourced services with own fleet.We initiate coverage with a Buy rating and DCF-based TP of Rp300 from COGS efficiencies resulting in margin improvement.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.

Darma Henwa (DEWA.IJ) - Insourcing and Efficiency to Drive Robust FY25-27F Earnings Growth

<ul><li>18.8bn shares were issued from an NPR in Feb25, where new equity investors MTN, ATP, and AMM currently hold 46% of outstanding shares.</li><li>DEWA is expanding its fleet to increase in-house works and reduce dependency on subcontractors, which should help lift margins.</li><li>GMR is a copper and gold mine that is under exploration phase. Though promising, it is still in the early stages and was originally owned by BUMI.</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.

18.8bn shares were issued from an NPR in Feb25, where new equity investors MTN, ATP, and AMM currently hold 46% of outstanding shares.DEWA is expanding its fleet to increase in-house works and reduce dependency on subcontractors, which should help lift margins.GMR is a copper and gold mine that is under exploration phase. Though promising, it is still in the early stages and was originally owned by BUMI.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.

Darma Henwa (DEWA.IJ) - A Turnaround in Progress

Indonesia

Darma Henwa Tbk is an Indonesia-based integrated mining and energy services company. It provides general mining contractor services, including heavy equipment for mining extraction, civil works, and maintenance services for mining equipment. The company was established in 1991 and is headquartered in Jakarta Selatan, Indonesia.

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Darma Henwa (DEWA IJ)

LQ45 Index Rebalance Preview (Jan 2026): Identifying Potential Index Changes

We highlight 3 sets of changes for the LQ45 in January. The forecast adds have surged while the forecast deletes have dropped. Historically, adds...

Brian Freitas