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

ESSA Industries Indonesia / Index Rebalance

<ul>
<li>There are 3 changes for the IDX30 Index, 6 changes for the LQ45 Index, and 7 changes for the IDX80 Index at the rebalance to be implemented on 31 January.</li>
<li>Largest passive inflows are expected to be on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)</a> and <a href="https://www.smartkarma.com/entities/surya-esa-perkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:14326:1" rel="noopener">Surya Esa Perkasa (ESSA IJ)</a>. </li>
<li>With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 3 changes for the IDX30 Index, 6 changes for the LQ45 Index, and 7 changes for the IDX80 Index at the rebalance to be implemented on 31 January.
Largest passive inflows are expected to be on Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) and Surya Esa Perkasa (ESSA IJ). 
With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: 4 Days to Implementation

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/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas</a> is an interesting concept in that its product literally comes out of thin air given its position as Indonesia's leading Industrial gas player with a 45% market share.</li>
<li>The company provides investors with wide-ranging exposure to the Indonesian economy from industry to infrastructure, consumer goods, healthcare, and SME amongst others, which also reduces risk through diversity.</li>
<li>
<a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas</a> 9M2022 numbers reflected a change in revenue mix and demand for medical gas reduces post-COVID and other areas such as industry, retail, and infrastructure started to recover.</li>
</ul>



Aneka Gas is an interesting concept in that its product literally comes out of thin air given its position as Indonesia's leading Industrial gas player with a 45% market share.
The company provides investors with wide-ranging exposure to the Indonesian economy from industry to infrastructure, consumer goods, healthcare, and SME amongst others, which also reduces risk through diversity.

Aneka Gas 9M2022 numbers reflected a change in revenue mix and demand for medical gas reduces post-COVID and other areas such as industry, retail, and infrastructure started to recover.


Saratoga Investama Sedaya / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saratoga-investama-sedaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:13714:1" rel="noopener">Saratoga Investama Sedaya (SRTG IJ)</a> is the leading listed investment company with stakes in a number of leading companies across sectors in Indonesia with some of the highest growth potential.</li>
<li>Investments include stakes in <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy</a>, <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold, </a><a href="https://www.smartkarma.com/entities/tower-bersama-infrastructure" target="_blank" data-smartkarma-citation="entities:3537:1" rel="noopener">Tower Bersama Infrastructure</a>, <a href="https://www.smartkarma.com/entities/mitra-pinasthika-mustika-tbk-pt" target="_blank" data-smartkarma-citation="entities:13619:1" rel="noopener">Mitra Pinasthika Mustika</a>, and <a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas (AGII IJ)</a>, and a number of tech companies providing unique thematic exposure.</li>
<li>
<a href="https://www.smartkarma.com/entities/saratoga-investama-sedaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:13714:1" rel="noopener">Saratoga Investama Sedaya (SRTG IJ)</a> provides a one-stop shop to get well-rounded exposure to high-growth areas of the Indonesian economy and to early-stage growth companies in the digital space.</li>
</ul>



Saratoga Investama Sedaya (SRTG IJ) is the leading listed investment company with stakes in a number of leading companies across sectors in Indonesia with some of the highest growth potential.
Investments include stakes in Adaro Energy, Merdeka Copper Gold, Tower Bersama Infrastructure, Mitra Pinasthika Mustika, and Aneka Gas (AGII IJ), and a number of tech companies providing unique thematic exposure.

Saratoga Investama Sedaya (SRTG IJ) provides a one-stop shop to get well-rounded exposure to high-growth areas of the Indonesian economy and to early-stage growth companies in the digital space.


Saratoga Investama Sedaya (SRTG IJ) - A World of Indonesian Themes

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saratoga-investama-sedaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:13714:1" rel="noopener">Saratoga Investama Sedaya (SRTG IJ)</a> is an active Indonesian investment firm with an exceptional track record of profitable investments across sectors. </li>
<li>The current NAV discount of 34% should continue to narrow as SRTG continues to burnish its ESG credentials and deliver significant realization of divestment gains. </li>
<li>Our SOTP valuation assumes a 25% NAV discount implying a 14% upside to the last close price. We are buyers.</li>
</ul>



Saratoga Investama Sedaya (SRTG IJ) is an active Indonesian investment firm with an exceptional track record of profitable investments across sectors. 
The current NAV discount of 34% should continue to narrow as SRTG continues to burnish its ESG credentials and deliver significant realization of divestment gains. 
Our SOTP valuation assumes a 25% NAV discount implying a 14% upside to the last close price. We are buyers.


Saratoga Investama Sedaya (SRTG IJ): A Track Record to Narrow the NAV Discount

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Fund manager <a href="https://www.smartkarma.com/entities/saratoga-investama-sedaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:13714:1" rel="noopener">Saratoga Investama Sedaya (SRTG IJ)</a> is up 107% yoy, buoyed by its investment holdings in <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold (MDKA IJ)</a> and <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy (ADRO IJ)</a>.</li>
<li>The discount to NAV is ~31% against a one-year average of 37%.</li>
<li>Potential large divestments, such as its holding in <a href="https://www.smartkarma.com/entities/tower-bersama-infrastructure" target="_blank" data-smartkarma-citation="entities:3537:1" rel="noopener">Tower Bersama Infrastructure (TBIG IJ)</a>, could causer investors to substantially narrow the NAV discount. </li>
</ul>


Fund manager Saratoga Investama Sedaya (SRTG IJ) is up 107% yoy, buoyed by its investment holdings in Merdeka Copper Gold (MDKA IJ) and Adaro Energy (ADRO IJ).
The discount to NAV is ~31% against a one-year average of 37%.
Potential large divestments, such as its holding in Tower Bersama Infrastructure (TBIG IJ), could causer investors to substantially narrow the NAV discount. 


Unlocking Saratoga Investama (SRTG IJ)'s Holdco

Indonesia

PT Samator Indo Gas Tbk is a leading Indonesian industrial gas company that produces, markets, and distributes a wide range of industrial gases in both liquid and solid forms, including air gases, medical gases, and specialty gases. The company also provides related equipment, installation services, and onsite generation systems. It serves various sectors such as manufacturing, healthcare, consumer goods, and infrastructure. Headquartered in Jakarta Selatan, Indonesia, the company was founded in 1916.

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Samator Indo Gas (AGII IJ)

IDX30/LQ45/IDX80 Index Rebalance: 4 Days to Implementation

There are 3, 6 and 7 changes for the IDX30, LQ45 and IDX80 indices. There are only 4 days to implementation and multiple days ADV to trade on a lot...

Brian Freitas

Aneka Gas (AGII IJ) - Out of Thin Air

Aneka Gas is an interesting concept as its product literally comes out of thin air given its position as Indonesia's leading Industrial gas player...

Angus Mackintosh

Saratoga Investama Sedaya (SRTG IJ) - A World of Indonesian Themes

Saratoga Investama Sedaya (SRTG IJ) provides a one-stop shop to get well-rounded exposure to high-growth areas of the Indonesian economy and...

Angus Mackintosh

Saratoga Investama Sedaya (SRTG IJ): A Track Record to Narrow the NAV Discount

The NAV discount has narrowed from around 70% in July and August 2020 to the current 34%. Our SOTP valuation assumes a 25% NAV discount implying a...

Arun George

Unlocking Saratoga Investama (SRTG IJ)'s Holdco

I'd be inclined to buy Saratoga outright. Or hedge against index futures. I think Tower Bersama is a possible privatisation play.

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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IDX30/​​LQ45/IDX80 Index Rebalance: 4 Days to Implementation

There are 3, 6 and 7 changes for the IDX30, LQ45 and IDX80 indices. There are only 4 days to implementation and multiple days ADV to trade on a lot...

Brian Freitas

Aneka Gas (AGII IJ) - Out of Thin Air

Aneka Gas is an interesting concept as its product literally comes out of thin air given its position as Indonesia's leading Industrial gas player...

Angus Mackintosh

Saratoga Investama Sedaya (SRTG IJ) - A World of Indonesian Themes

Saratoga Investama Sedaya (SRTG IJ) provides a one-stop shop to get well-rounded exposure to high-growth areas of the Indonesian economy and...

Angus Mackintosh

Saratoga Investama Sedaya (SRTG IJ): A Track Record to Narrow the NAV Discount

The NAV discount has narrowed from around 70% in July and August 2020 to the current 34%. Our SOTP valuation assumes a 25% NAV discount implying a...

Arun George

Unlocking Saratoga Investama (SRTG IJ)'s Holdco

I'd be inclined to buy Saratoga outright. Or hedge against index futures. I think Tower Bersama is a possible privatisation play.

David Blennerhassett

IDX30/LQ45/IDX80 Index Rebalance: 4 Days to Implementation