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 July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): 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

Indosat Ooredoo Hutchison / Equity Bottom-Up

<ul><li>4Q25 ARPU reached Rp44k (+10% qoq), with traffic remaining the key driver (+7.5% qoq), supported by AI-driven hyper-personalization.</li><li>FY26F capex is guided at Rp13tr, excluding spectrum license costs, while management aims to secure both 700MHz and 2.6GHz bands.</li><li>We maintain Buy rating and TP Rp3,000, supported by solid mobile while net FiberCo proceeds (US$560mn) could provide dividend upside.</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.

4Q25 ARPU reached Rp44k (+10% qoq), with traffic remaining the key driver (+7.5% qoq), supported by AI-driven hyper-personalization.FY26F capex is guided at Rp13tr, excluding spectrum license costs, while management aims to secure both 700MHz and 2.6GHz bands.We maintain Buy rating and TP Rp3,000, supported by solid mobile while net FiberCo proceeds (US$560mn) could provide dividend upside.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.

Indosat Ooredoo Hutchison (ISAT.IJ) Solid Mobile; Potential Div Upside from Fiber Sale

Macroeconomics

<ul><li>BRIDS Market PulseIn the SpotlightMarket and Sector Performance.</li><li>JCI rose 1.93% wow to 6,525.69, its best weekly gain in five weeks, with the advance broadening beyond the commodity and small cap names that had carried the index through Jul26 and early Aug26.</li><li>The rupiah strengthened in step, ending at Rp17,693/US$ from Rp17,825, a 0.74% wow gain.</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 PulseIn the SpotlightMarket and Sector Performance.JCI rose 1.93% wow to 6,525.69, its best weekly gain in five weeks, with the advance broadening beyond the commodity and small cap names that had carried the index through Jul26 and early Aug26.The rupiah strengthened in step, ending at Rp17,693/US$ from Rp17,825, a 0.74% wow gain.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 – ISAT 3-Year Forward PE Multiple Band

<ul><li>Dec25 price tracker shows clear intentional price hikes across IM3 and Hutch mainstream packages, supporting yield improvement prospect.</li><li>We raise our FY26F revenue forecast to +5.2% yoy, supported by stronger mobile execution, and meaningful upside to data yields.</li><li>We raise our TP to Rp3,000 (5.3x EV/EBITDA) following initial pricerepair; Mgmt. guides fiber divestment completion by year-end.</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.

Dec25 price tracker shows clear intentional price hikes across IM3 and Hutch mainstream packages, supporting yield improvement prospect.We raise our FY26F revenue forecast to +5.2% yoy, supported by stronger mobile execution, and meaningful upside to data yields.We raise our TP to Rp3,000 (5.3x EV/EBITDA) following initial pricerepair; Mgmt. guides fiber divestment completion by year-end.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.

Indosat Ooredoo Hutchison (ISAT.IJ) Stepping Into Monetization Phase

<ul><li>We cut FY25–27F EBITDA by 2.6–7.1%, although the +4.5% qoq data revenue uplift in 3Q25 indicates early mobile momentum returning.</li><li>3Q25 ARPU hit Rp40k (+3.9% qoq / +7.5% yoy), supported by SIM consolidation and AI-driven personalization that lifted usage.</li><li>We maintain our TP of Rp2,600 as we rolled forward DCF to FY26F; we expect mobile momentum to continue in a more rational market.</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 cut FY25–27F EBITDA by 2.6–7.1%, although the +4.5% qoq data revenue uplift in 3Q25 indicates early mobile momentum returning.3Q25 ARPU hit Rp40k (+3.9% qoq / +7.5% yoy), supported by SIM consolidation and AI-driven personalization that lifted usage.We maintain our TP of Rp2,600 as we rolled forward DCF to FY26F; we expect mobile momentum to continue in a more rational market.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.

Indosat Ooredoo Hutchison (ISAT.IJ) Early Signs of Inflection Emerging...

Indonesia

Indosat Ooredoo Hutchison provides digital telecommunication services, including cellular, fixed telecommunications, and multimedia, data communication, and internet (MIDI) services across Indonesia. The company offers prepaid and post-paid mobile services, international and roaming services, data communication, IT services, and electronic payment and remittance services. It was founded in 1967 and is headquartered in Jakarta, Indonesia.

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Indosat Ooredoo Hutchison (ISAT IJ)

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas