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 ends on 30 June. The changes should be announced in 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>The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.</li>
</ul>


The review period for the LQ45 Index ends on 30 June. The changes should be announced in 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).
The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.


LQ45 Index Rebalance Preview (July): Review Period Nearly Complete

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> 1Q2023 numbers reflected a strong start to the New Year, with vibrant sales growth, improved profitability, and growth across all segments.</li>
<li>The company maintained the momentum behind its omnichannel strategy with online sales making up 8.1% of total sales despite more offline activity as COVID restrictions were dropped.</li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> continues to expand its footprint both in Indonesia and with selective brands in South-East Asia, most recently in the Philippines. Valuations are attractive versus historical levels.</li>
</ul>



Mitra Adiperkasa (MAPI IJ) 1Q2023 numbers reflected a strong start to the New Year, with vibrant sales growth, improved profitability, and growth across all segments.
The company maintained the momentum behind its omnichannel strategy with online sales making up 8.1% of total sales despite more offline activity as COVID restrictions were dropped.

Mitra Adiperkasa continues to expand its footprint both in Indonesia and with selective brands in South-East Asia, most recently in the Philippines. Valuations are attractive versus historical levels.


Mitra Adiperkasa (MAPI IJ) - Vibrant Start to Very Different Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> 1Q2023 results reflected a normalization of sales growth at a sold +14.2% YoY, with normalisation of rentals plus minimum wage increase impacting margins temporarily.</li>
<li>The company has resumed its store openings with seven new stores in 1Q2023 and 12-15 new stores planned for FY2023. New merchandising campaigns have made a strong impression in 1Q2023. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari</a> will launch its new Suko brand in May in 20 stores plus 2H2023 will see its new modern format being rolled out. Valuations are attractive with a double-digit yield.</li>
</ul>



Matahari Department Store (LPPF IJ) 1Q2023 results reflected a normalization of sales growth at a sold +14.2% YoY, with normalisation of rentals plus minimum wage increase impacting margins temporarily.
The company has resumed its store openings with seven new stores in 1Q2023 and 12-15 new stores planned for FY2023. New merchandising campaigns have made a strong impression in 1Q2023. 

Matahari will launch its new Suko brand in May in 20 stores plus 2H2023 will see its new modern format being rolled out. Valuations are attractive with a double-digit yield.


Matahari Department Store (LPPF IJ) - Normalizing with Stylish Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> continus to execute on its unified retail model that utilises multiple channels to serve customers but offline activity has picked up most, driving a very strong 4Q2022. </li>
<li>The company continues to see improving margins across the board as sales growth has picked up across all segments. Online sales also remained relevant at 9% of sales in 2022.</li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> continues to recover, utilising its MAPCLUB members to drive sales through more effective targeted promotions and efficiencies. Valuations are attractive versus historical levels.</li>
</ul>



Mitra Adiperkasa continus to execute on its unified retail model that utilises multiple channels to serve customers but offline activity has picked up most, driving a very strong 4Q2022. 
The company continues to see improving margins across the board as sales growth has picked up across all segments. Online sales also remained relevant at 9% of sales in 2022.

Mitra Adiperkasa continues to recover, utilising its MAPCLUB members to drive sales through more effective targeted promotions and efficiencies. Valuations are attractive versus historical levels.


Mitra Adiperkasa (MAPI IJ) - Multi-Channel in Motion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> continued to benefit from positive consumer sentiment at year-end after faltering in October, driving a solid finish to the year and decent annual growth.</li>
<li>The company has resumed its store rollout for FY2023 with 12-15 new stores planned plus a new premium format, and the company's omnichannel strategy achieving strong results.</li>
<li>
<a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari</a> has rebranded itself and improved its merchandise mix with a push towards millennials and more affluent consumers. Valuations are attractive, with the added support of a 10% dividend yield.</li>
</ul>



Matahari Department Store (LPPF IJ) continued to benefit from positive consumer sentiment at year-end after faltering in October, driving a solid finish to the year and decent annual growth.
The company has resumed its store rollout for FY2023 with 12-15 new stores planned plus a new premium format, and the company's omnichannel strategy achieving strong results.

Matahari has rebranded itself and improved its merchandise mix with a push towards millennials and more affluent consumers. Valuations are attractive, with the added support of a 10% dividend yield.


Matahari Department Store (LPPF IJ) - Multiple Fashionable Levers for Growth in 2023

Indonesia

PT Mitra Adiperkasa Tbk is a leading lifestyle retailer in Indonesia, operating a diversified portfolio of over 3,800 retail stores across various categories including sports, fashion, department stores, kids, food & beverage, and lifestyle products. The company also acts as a distributor for several international brands. It was incorporated in 1995 and is headquartered in Jakarta Pusat, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mitra Adiperkasa (MAPI IJ)

LQ45 Index Rebalance Preview (July): Review Period Nearly Complete

There could be up to 5 changes for the LQ45 in July. The impact of passive trading will be higher on the deletes compared to the adds....

Brian Freitas