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>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> will replace <a href="https://www.smartkarma.com/entities/walgreens-boots-alliance-inc" target="_blank" data-smartkarma-citation="entities:1118:1" rel="noopener">Walgreens Boots Alliance (WBA US)</a> in the <a href="https://www.smartkarma.com/entities/dow-jones-industrial-average" target="_blank" data-smartkarma-citation="entities:22887:1" rel="noopener">Dow Jones Industrial Average (INDU INDEX)</a> at the close on 23 February.</li>
<li>Passives will need to sell a lot of <a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> following the 3:1 stock split and buy a lot of <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>. </li>
<li>Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.</li>
</ul>



Amazon.com Inc (AMZN US) will replace Walgreens Boots Alliance (WBA US) in the Dow Jones Industrial Average (INDU INDEX) at the close on 23 February.
Passives will need to sell a lot of Walmart (WMT US) following the 3:1 stock split and buy a lot of Amazon.com Inc (AMZN US). 
Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.


Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Salesforce has moved deeper into the agentic AI race by signing a definitive agreement to acquire Fin, formerly Intercom, for approximately $3.6 billion, subject to customary adjustments.</li><li>The transaction, announced on June 15, 2026, comes shortly after Salesforce reported a strong Q1 FY2027, with revenue of $11.13 billion, cRPO of $33.6 billion, Agentforce ARR above $1 billion, and combined AI and data ARR of $3.4 billion.</li><li>Management also highlighted 28.6 trillion tokens processed, 3.8 billion agentic work units, and accelerating adoption of Agentforce across service, sales, Slack, and Headless 360.</li></ul>

Salesforce has moved deeper into the agentic AI race by signing a definitive agreement to acquire Fin, formerly Intercom, for approximately $3.6 billion, subject to customary adjustments.The transaction, announced on June 15, 2026, comes shortly after Salesforce reported a strong Q1 FY2027, with revenue of $11.13 billion, cRPO of $33.6 billion, Agentforce ARR above $1 billion, and combined AI and data ARR of $3.4 billion.Management also highlighted 28.6 trillion tokens processed, 3.8 billion agentic work units, and accelerating adoption of Agentforce across service, sales, Slack, and Headless 360.

Salesforce.Com Inc - Salesforce’s $3.6 Billion Acquisition: Fin Could Supercharge Agentforce!

<ul><li>Salesforce Inc. reported its first quarter fiscal 2027 results marked by revenue of $11.13 billion, representing a 13% year-over-year increase nominally and 12% in constant currency.</li><li>The company highlighted durable growth drivers centered around its Sales, Service, and Slack offerings, which collectively accounted for over 60% of new Annualized Order Value (AOV).</li><li>Revenue performance was supported by continued expansion of its Agentforce artificial intelligence platform, which has surpassed $1 billion in Annual Recurring Revenue (ARR).</li></ul>

Salesforce Inc. reported its first quarter fiscal 2027 results marked by revenue of $11.13 billion, representing a 13% year-over-year increase nominally and 12% in constant currency.The company highlighted durable growth drivers centered around its Sales, Service, and Slack offerings, which collectively accounted for over 60% of new Annualized Order Value (AOV).Revenue performance was supported by continued expansion of its Agentforce artificial intelligence platform, which has surpassed $1 billion in Annual Recurring Revenue (ARR).

Salesforce.Com Inc - Salesforce’s 28.6 Trillion Token Signal: Is Agentforce Adoption Real?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Upgrading existing seats to our higher-end SKUs, which we call Agentforce — Agentforce for Sales, Agentforce for Service. Every time we do that upgrade, we see on average 60–80% uplift.</li>
<li>Contrary to the fear that AI shrinks seat counts, seven of the top 10 deals last quarter involved customers adding new human users, i.e. licenses are increasing, not contracting</li>
<li>Agentforce wins against ~10,000 competing agentic platforms because it has native access to customers’ codified workflows, CRM context, governance/permissioning built over 27 years, human handoff, and a model-agnostic backend</li>
</ul>


Upgrading existing seats to our higher-end SKUs, which we call Agentforce — Agentforce for Sales, Agentforce for Service. Every time we do that upgrade, we see on average 60–80% uplift.
Contrary to the fear that AI shrinks seat counts, seven of the top 10 deals last quarter involved customers adding new human users, i.e. licenses are increasing, not contracting
Agentforce wins against ~10,000 competing agentic platforms because it has native access to customers’ codified workflows, CRM context, governance/permissioning built over 27 years, human handoff, and a model-agnostic backend


Salesforce @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

<ul>
<li>First quarter revenue of $11.1 billion, up 13% Y/Y and 12% in CC, including $444 million Informatica contribution</li>
<li>Second quarter FY27 revenue guidance of $11.27 billion to $11.35 billion, up 10% - 11% Y/Y and 10% in CC, including slightly above 4pts Informatica contribution</li>
<li>Announced $25 billion accelerated share repurchase ("ASR"), with upfront share delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased, final settlement in Q3 FY27</li>
</ul>


First quarter revenue of $11.1 billion, up 13% Y/Y and 12% in CC, including $444 million Informatica contribution
Second quarter FY27 revenue guidance of $11.27 billion to $11.35 billion, up 10% - 11% Y/Y and 10% in CC, including slightly above 4pts Informatica contribution
Announced $25 billion accelerated share repurchase ("ASR"), with upfront share delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased, final settlement in Q3 FY27


Salesforce Q1 FY2027. Raising Debt For Massive Buybacks: Confidence Or Delusion?

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

Amazon replaces Walgreen Boots in the Dow Jones Industrial Average at the close on 23 February following Walmart's stock split. There will be over...

Brian Freitas

Salesforce.Com Inc - Salesforce’s $3.6 Billion Acquisition: Fin Could Supercharge Agentforce!

Salesforce has moved deeper into the agentic AI race by signing a definitive agreement to acquire Fin, formerly Intercom, for approximately $3.6...

Baptista Research

Salesforce.Com Inc - Salesforce’s 28.6 Trillion Token Signal: Is Agentforce Adoption Real?

Salesforce Inc. reported its first quarter fiscal 2027 results marked by revenue of $11.13 billion, representing a 13% year-over-year increase...

Baptista Research

Salesforce @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

Contrary to the fear that AI shrinks seat counts, seven of the top 10 deals last quarter involved customers adding new human users, i.e. licenses...

William Keating

Salesforce Q1 FY2027. Raising Debt For Massive Buybacks: Confidence Or Delusion?

Announced $25 billion ASR, with upfront delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased,...

William Keating

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