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

PT Petrindo Jaya Kreasi Tbk / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-petrindo-jaya-kreasi-tbk" target="_blank" data-smartkarma-citation="entities:44320:1" rel="noopener">PT Petrindo Jaya Kreasi Tbk (CUAN IJ)</a> could be added to a global index in August but there are multiple risks for the stock.</li>
<li>
<a href="https://www.smartkarma.com/entities/pt-petrindo-jaya-kreasi-tbk" target="_blank" data-smartkarma-citation="entities:44320:1" rel="noopener">PT Petrindo Jaya Kreasi Tbk (CUAN IJ)</a> trades at significantly higher multiples compared to its peers and the recent price spike raises the risk of addition to the UMA list.</li>
<li>
<a href="https://www.smartkarma.com/entities/pt-petrindo-jaya-kreasi-tbk" target="_blank" data-smartkarma-citation="entities:44320:1" rel="noopener">PT Petrindo Jaya Kreasi Tbk (CUAN IJ)</a> has outperformed its peers and positioning is big, raising the risk of the stock moving lower over the next few weeks.</li>
</ul>



PT Petrindo Jaya Kreasi Tbk (CUAN IJ) could be added to a global index in August but there are multiple risks for the stock.

PT Petrindo Jaya Kreasi Tbk (CUAN IJ) trades at significantly higher multiples compared to its peers and the recent price spike raises the risk of addition to the UMA list.

PT Petrindo Jaya Kreasi Tbk (CUAN IJ) has outperformed its peers and positioning is big, raising the risk of the stock moving lower over the next few weeks.


Petrindo Jaya Kreasi (CUAN IJ): Potential Global Index Inclusion & The Risks

Event-Driven

PT Petrindo Jaya Kreasi Tbk / Event-Driven

<ul>
<li>Low free float market cap has kept <a href="https://www.smartkarma.com/entities/pt-petrindo-jaya-kreasi-tbk" target="_blank" data-smartkarma-citation="entities:44320:1" rel="noopener">PT Petrindo Jaya Kreasi Tbk (CUAN IJ)</a> out of a major global index so far.</li>
<li>An increase in float recently to just above 15% could result in the inclusion of the stock in the index in February and that will trigger large passive buying.</li>
<li>There is positioning in the stock, and the future stock path will depend on whether it is added to the index or not.</li>
</ul>


Low free float market cap has kept PT Petrindo Jaya Kreasi Tbk (CUAN IJ) out of a major global index so far.
An increase in float recently to just above 15% could result in the inclusion of the stock in the index in February and that will trigger large passive buying.
There is positioning in the stock, and the future stock path will depend on whether it is added to the index or not.


PT Petrindo Jaya Kreasi (CUAN IJ): Free Float to Determine Global Index Inclusion

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.

Thematic (Sector/Industry)

<ul><li>Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.</li><li>Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.</li><li>Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.</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.

Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.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.

Macro Strategy: Growth Over Differentials

<ul><li>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</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.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.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 Capitalization

Macroeconomics

<ul><li>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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 – Metal sector vs. gold price

Indonesia

PT Petrindo Jaya Kreasi Tbk operates as a holding company. The Company, through its subsidiaries, focuses coal and gold mining business with the support of various subsidiaries spread across Kalimantan and West Nusa Tenggara. Petrindo Jaya Kreasi serves customers in Indonesia.

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PT Petrindo Jaya Kreasi Tbk (CUAN IJ)

Petrindo Jaya Kreasi (CUAN IJ): Potential Global Index Inclusion & The Risks

Petrindo Jaya Kreasi (CUAN) could be added to a global index in Aug. There are multiple risks for the stock with free float, valuations,...

Brian Freitas

PT Petrindo Jaya Kreasi (CUAN IJ): Free Float to Determine Global Index Inclusion

Petrindo Jaya Kreasi's float appears to be higher than 15% and that could result in index inclusion in Feb. There could be some selling ahead of...

Brian Freitas

Macro Strategy: Growth Over Differentials

Indonesia’s economy maintained solid momentum in 3Q25, recording 5.04% y-y (1.43% q-q) growth, although slightly easing from 2Q25’s 5.12%.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the week – Metal sector vs. gold price

Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).

BRI Danareksa Research

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52-week Range

Market Cap (USDm)

P/E

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