Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.</li>
<li>We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.</li>
<li>We also expect one intra-review change for the F250 prior to the December 2026 rebal.</li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.
We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.
We also expect one intra-review change for the F250 prior to the December 2026 rebal.


Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal. The Airtel Money IPO is a question.</li>
<li>Beazley is set to be deleted from the F100 at the close of 30th September 2026. We have discussed the intra-review implications for the F100 and F250.</li>
<li>Airtel Money isn't certain (more below). Currently we see no likely regular changes taking place for F100 or F250 but some names are close to the border. </li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal. The Airtel Money IPO is a question.
Beazley is set to be deleted from the F100 at the close of 30th September 2026. We have discussed the intra-review implications for the F100 and F250.
Airtel Money isn't certain (more below). Currently we see no likely regular changes taking place for F100 or F250 but some names are close to the border. 


Quiddity Leaderboard F100/F250 Dec26: Beazley F100 DEL 30th Sep; Airtel Money IPO Question

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>We expect Skellerup (SKL) to report a strong FY26 result on 20 August 2026, having recently upgraded NPAT guidance to NZ$64m—NZ$65m.</li><li>Our FY26 NPAT estimate of NZ$64.6m sits near the midpoint of guidance and implies +19% year-on-year growth.</li><li>We forecast FY27 +11% NPAT growth, broadly in line with 2H26 run rates once accounting for one-off tailwinds.</li></ul>

We expect Skellerup (SKL) to report a strong FY26 result on 20 August 2026, having recently upgraded NPAT guidance to NZ$64m—NZ$65m.Our FY26 NPAT estimate of NZ$64.6m sits near the midpoint of guidance and implies +19% year-on-year growth.We forecast FY27 +11% NPAT growth, broadly in line with 2H26 run rates once accounting for one-off tailwinds.

Skellerup Holdings FY26 Preview—Milking the Momentum

<ul><li>Skellerup (SKL) has upgraded FY26 NPAT guidance by +8% at the midpoint, reflecting continued strong demand in its key US markets and a robust NZ dairy maintenance season, as well as lower tariff costs and a weaker NZD.</li><li>SKL continues to track well against its target of doubling earnings over the next five- to seven-year period, through: (1) increasing share of wallet with existing customers; (2) new products; (3) increasing global market share; and (4) ongoing productivity improvements.</li><li>As such, we see the risk—reward as more balanced and downgrade our rating from OUTPERFORM to NEUTRAL on valuation grounds.</li></ul>

Skellerup (SKL) has upgraded FY26 NPAT guidance by +8% at the midpoint, reflecting continued strong demand in its key US markets and a robust NZ dairy maintenance season, as well as lower tariff costs and a weaker NZD.SKL continues to track well against its target of doubling earnings over the next five- to seven-year period, through: (1) increasing share of wallet with existing customers; (2) new products; (3) increasing global market share; and (4) ongoing productivity improvements.As such, we see the risk—reward as more balanced and downgrade our rating from OUTPERFORM to NEUTRAL on valuation grounds.

Skellerup Holdings Thriving Earnings, Fair Valuation—Neutral

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors.<strong> </strong>Today’s recommendations focus on autos, auto parts, and machinery which span the Consumer Discretionary and Manufacturing Sectors. </p>

Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors. Today’s recommendations focus on autos, auto parts, and machinery which span the Consumer Discretionary and Manufacturing Sectors. 

Global Equity Strategy: Overweight Cyclicals

United Kingdom

Rotork plc is a British multinational engineering company that designs, manufactures, and services industrial flow control equipment. Its key offerings include electric, fluid power, and process control actuators, along with gearboxes and valve accessories, serving industries such as oil and gas, water and wastewater, power generation, chemical processing, and industrial applications. The company is headquartered in Bath, UK, and was founded in 1957.

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Rotork (ROR LN)

Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

Airtel Money could become a strong name for the F100 inclusion in December 2026. We also see Serica Energy as an F250 ADD if it transfers to the...

Afridi Reyal

Quiddity Leaderboard F100/F250 Dec26: Beazley F100 DEL 30th Sep; Airtel Money IPO Question

F100 members Beazley and Schroders will be deleted from the index following their acquisitions by Zurich and Nuveen respectively. As a result, WPP...

Afridi Reyal

Skellerup Holdings FY26 Preview—Milking the Momentum

We expect Skellerup (SKL) to report a strong FY26 result on 20 August 2026, having recently upgraded NPAT guidance to NZ$64m—NZ$65m. Our FY26 NPAT...

Forsyth Barr

Skellerup Holdings Thriving Earnings, Fair Valuation—Neutral

Skellerup (SKL) has upgraded FY26 NPAT guidance by +8% at the midpoint, reflecting continued strong demand in its key US markets and a robust NZ...

Forsyth Barr

Global Equity Strategy: Overweight Cyclicals

Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We...

Vermilion Research

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