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 rebalance ended on 31 December. The changes should be announced the last week of January, becoming effective after the close on 30 January.</li>
<li>We highlight 3 potential inclusions and 3 potential exclusions for the index at the rebalance. Depending on the index committee discretion, the actual number of changes could be lower/higher.</li>
<li>The impact on the forecast inclusions is not very high but the impact on the forecast deletion is much higher.</li>
</ul>


The review period for the LQ45 Index rebalance ended on 31 December. The changes should be announced the last week of January, becoming effective after the close on 30 January.
We highlight 3 potential inclusions and 3 potential exclusions for the index at the rebalance. Depending on the index committee discretion, the actual number of changes could be lower/higher.
The impact on the forecast inclusions is not very high but the impact on the forecast deletion is much higher.


LQ45 Index Rebalance Preview (Jan 2026): 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

Solusi Sinergi Digital / Equity Bottom-Up

<ul><li>WIFI booked 3Q25 net profit of Rp32bn (-77.6% qoq), impacted by initial rollout spending, despite strong homeconnect reaching 831k.</li><li>The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.</li><li>WIFI currently trades at ~17.2x FY25F EV/EBITDA, implying a premium to global FiberCo peers at ~12x</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.

WIFI booked 3Q25 net profit of Rp32bn (-77.6% qoq), impacted by initial rollout spending, despite strong homeconnect reaching 831k.The company guides for 3mn FTTH homeconnect and 5mn 5G FWA subs by 26F, supported by partnership with local contractors and RT/RW Net.WIFI currently trades at ~17.2x FY25F EV/EBITDA, implying a premium to global FiberCo peers at ~12xContent 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.

Solusi Sinergi Digital (WIFI IJ) 3Q25 Earnings Weighed by Early-Stage Investment...

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>We analyse markets of South Korea, Vietnam, India, Indonesia, China, Europe, and the US to study extreme dispersion, extracting repeatable, factor-driven signals beyond macro growth narrative.
</li>
<li>Across these markets, returns were driven by earnings inflection, ROE improvement, and cash-flow recovery; stability, defensiveness, and high quality without momentum underperformed.</li>
<li>
Cyclicality and operating leverage outperformed, while revenue growth mattered only when converting into earnings and cash, reinforcing bottom-up capital allocation over GDP-led narratives.</li>
</ul>


We analyse markets of South Korea, Vietnam, India, Indonesia, China, Europe, and the US to study extreme dispersion, extracting repeatable, factor-driven signals beyond macro growth narrative.

Across these markets, returns were driven by earnings inflection, ROE improvement, and cash-flow recovery; stability, defensiveness, and high quality without momentum underperformed.

Cyclicality and operating leverage outperformed, while revenue growth mattered only when converting into earnings and cash, reinforcing bottom-up capital allocation over GDP-led narratives.


<ul>
<li>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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.


JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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 vs. LQ45 Forward P/E Band

<ul><li>The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.</li><li>Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.</li><li>We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.</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.

The Fed is likely to lean toward an easing bias as labor conditions weaken, though divisions among members remain.Stable inflation, ample liquidity, and BI’s intervention framework support Bank Indonesia’s gradual 2026 rate cuts.We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.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: 2026: Navigating the Rate and Yield Transition

Indonesia

PT Solusi Sinergi Digital Tbk (SURGE) is an Indonesian digital infrastructure and technology company that operates an integrated digital ecosystem. The company focuses on connectivity infrastructure, digital products and services, and digital media and advertising, including the development and operation of fiber optic infrastructure and mobile applications. It was founded in 2012 and is headquartered in Jakarta, Indonesia.

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Solusi Sinergi Digital (WIFI IJ)

LQ45 Index Rebalance Preview (Jan 2026): Identifying Potential Index Changes

We highlight 3 sets of changes for the LQ45 in January. The forecast adds have surged while the forecast deletes have dropped. Historically, adds...

Brian Freitas