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>The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.</li>
<li>We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.</li>
</ul>


The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.
We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.


LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>In FY24, HEAL booked a revenue of IDR6.7tn, growing by 16.1% YoY (vs IDR5.8tn in FY23), implying 100.2% of MNCS/consensus.</li><li>Outpatient visits increased by +11.5% YoY to 8.8 million, while inpatient days grew by +17.9% YoY to 2.0 million, driven by a surge in dengue fever cases in FY24.</li><li>The bed occupancy rate also rose to 74% in FY24 (compared to 68% in FY23).</li></ul><p><em>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.</em></p>

In FY24, HEAL booked a revenue of IDR6.7tn, growing by 16.1% YoY (vs IDR5.8tn in FY23), implying 100.2% of MNCS/consensus.Outpatient visits increased by +11.5% YoY to 8.8 million, while inpatient days grew by +17.9% YoY to 2.0 million, driven by a surge in dengue fever cases in FY24.The bed occupancy rate also rose to 74% in FY24 (compared to 68% in FY23).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.

HEAL IJ - HEAL Sees Steady FY24 Performance, Sets Foundation for FY25 Initiatives

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> recently released finely balanced set of FY2024 results, with weaker auto sales offset by stronger 2W and financial segment performance, with other segments also performing above expectations.</li>
<li>Financial services growth was driven by stronger multifinance growth, whilst the heavy equipment division saw stronger growth from mining contracting and gold offsetting slower growth from coal mining.</li>
<li>Astra continues investing in sustainable energy, nickel, and healthcare and looks for new opportunities. Valuations remain attractive on less than 6x forward PER and yield &gt; 8%. </li>
</ul>



Astra International recently released finely balanced set of FY2024 results, with weaker auto sales offset by stronger 2W and financial segment performance, with other segments also performing above expectations.
Financial services growth was driven by stronger multifinance growth, whilst the heavy equipment division saw stronger growth from mining contracting and gold offsetting slower growth from coal mining.
Astra continues investing in sustainable energy, nickel, and healthcare and looks for new opportunities. Valuations remain attractive on less than 6x forward PER and yield &gt; 8%. 


Astra International (ASII IJ) - Resilience in Motion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-otoparts-tbk-pt" target="_blank" data-smartkarma-citation="entities:16766:1" rel="noopener">Astra Otoparts (AUTO IJ)</a> looks set to see increasing contributions from its modern retail push, which will boost its trading business and should see margins improving over time.</li>
<li>AUTO is pushing into both the EV component space and manufacturing public and residential EV charging equipment. It is also venturing into medical devices as local content becomes a requirement.</li>
<li>AUTO has outperformed the auto market since the pandemic and looks set to continue to do so through new growth segments. Valuations attractive on 5.5x forward PER and 8% yield.</li>
</ul>



Astra Otoparts (AUTO IJ) looks set to see increasing contributions from its modern retail push, which will boost its trading business and should see margins improving over time.
AUTO is pushing into both the EV component space and manufacturing public and residential EV charging equipment. It is also venturing into medical devices as local content becomes a requirement.
AUTO has outperformed the auto market since the pandemic and looks set to continue to do so through new growth segments. Valuations attractive on 5.5x forward PER and 8% yield.


Astra Otoparts (AUTO IJ) - EVs, Modern Retail, and Medical Equipment

Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> continues to establish a track record of improving returns through greater cost efficiencies and higher treatment intensity, focusing on the CONGO range of treatments.</li>
<li>The company has seen strong growth in inpatient and outpatient admissions, with a growing portion coming through digital channels, and an increase in average revenue per operating bed.</li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam</a> has maintained a beneficial payee mix and continues to expand its new hospitals in a measured way, helping to underpin future growth. Valuations remain attractive on 7.9x FY2025E EV/EBITDA.</li>
</ul>



Siloam International Hospitals continues to establish a track record of improving returns through greater cost efficiencies and higher treatment intensity, focusing on the CONGO range of treatments.
The company has seen strong growth in inpatient and outpatient admissions, with a growing portion coming through digital channels, and an increase in average revenue per operating bed.

Siloam has maintained a beneficial payee mix and continues to expand its new hospitals in a measured way, helping to underpin future growth. Valuations remain attractive on 7.9x FY2025E EV/EBITDA.


Siloam International Hospitals (SILO IJ) - Focusing on Hearts, Minds, Guts, and Mobility

Indonesia

PT Medikaloka Hermina Tbk is an Indonesian healthcare company operating a network of general hospitals under the Hermina name. The company provides a wide range of medical services, including maternal and child health, specialized treatments, emergency care, and diagnostics. It is headquartered in Jakarta, Indonesia, and was founded in 1985.

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Medikaloka Hermina (HEAL IJ)

LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in April. The potential adds have traded in line with the deletes. Historically, adds and...

Brian Freitas

HEAL IJ - HEAL Sees Steady FY24 Performance, Sets Foundation for FY25 Initiatives

In FY24, HEAL booked a revenue of IDR6.7tn, growing by 16.1% YoY (vs IDR5.8tn in FY23), implying 100.2% of MNCS/consensus.

MNC Sekuritas

Astra International (ASII IJ) - Resilience in Motion

Astra International remains one of the best proxies for the Indonesian economy, with broad exposure through autos, finance, and heavy equipment and...

Angus Mackintosh

Astra Otoparts (AUTO IJ) - EVs, Modern Retail, and Medical Equipment

Astra Otoparts (AUTO IJ) poised for growth with modern retail push, expansion into EV components and medical devices. Valuations attractive on...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Focusing on Hearts, Minds, Guts, and Mobility

Siloam International Hospitals continues to establish a track record of improving returns through greater cost efficiencies and higher treatment...

Angus Mackintosh

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LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in April. The potential adds have traded in line with the deletes. Historically, adds and...

Brian Freitas

HEAL IJ - HEAL Sees Steady FY24 Performance, Sets Foundation for FY25 Initiatives

In FY24, HEAL booked a revenue of IDR6.7tn, growing by 16.1% YoY (vs IDR5.8tn in FY23), implying 100.2% of MNCS/consensus.

MNC Sekuritas

Astra International (ASII IJ) - Resilience in Motion

Astra International remains one of the best proxies for the Indonesian economy, with broad exposure through autos, finance, and heavy equipment and...

Angus Mackintosh

Astra Otoparts (AUTO IJ) - EVs, Modern Retail, and Medical Equipment

​Astra Otoparts (AUTO IJ) poised for growth with modern retail push, expansion into EV components and medical devices. Valuations attractive on...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Focusing on Hearts, Minds, Guts, and Mobility

Siloam International Hospitals continues to establish a track record of improving returns through greater cost efficiencies and higher treatment...

Angus Mackintosh

Astra Otoparts (AUTO IJ) poised for growth with modern retail push, expansion into EV components and medical devices. Valuations attractive on...