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

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

Amman Mineral Internasional / Event-Driven

<ul>
<li>There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a>, <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI)</a> and <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR)</a>. </li>
<li>The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.</li>
</ul>


There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.
The largest passive inflows are expected in Amman Mineral Internasional (AMMN), Bank Rakyat Indonesia (BBRI), Bank Central Asia (BBCA), Bank Mandiri Persero (BMRI) and Jasa Marga (Persero) (JSMR). 
The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.


IDX30/​​LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

<ul>
<li>The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

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

Cross Asset Strategy

<ul>
<li>In this edition, we look at OVO and Superbank in Indonesia and how they will coexist, and SCG Packaging as it increases its Indonesia exposure through Fajar Surya.</li>
<li>We also look at the implications of the recent gig worker protests in Indonesia and <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia</a>'s increasing focus on data centres and a strategic investor there.</li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


In this edition, we look at OVO and Superbank in Indonesia and how they will coexist, and SCG Packaging as it increases its Indonesia exposure through Fajar Surya.
We also look at the implications of the recent gig worker protests in Indonesia and Telekomunikasi Indonesia's increasing focus on data centres and a strategic investor there.
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - OVO & Superbank, SCG Packaging in Indonesia, Gig Revolt, and Data Centres

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dci-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33592:1" rel="noopener">DCI Indonesia (DCII IJ)</a> is Indonesia's leading operator of Tier 4 data centres, which require the highest operational standards, with its main business in co-location services.</li>
<li>The company has a long track record of growth in both sales and profits, making it more than a concept, with a well-thought-out expansion at its three existing data centres.</li>
<li>
<a href="https://www.smartkarma.com/entities/dci-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33592:1" rel="noopener">DCI Indonesia</a> is hard to justify on current valuations but has a strong track record on execution with a high pedigree management team and customer base, with backing from Salim.</li>
</ul>



DCI Indonesia (DCII IJ) is Indonesia's leading operator of Tier 4 data centres, which require the highest operational standards, with its main business in co-location services.
The company has a long track record of growth in both sales and profits, making it more than a concept, with a well-thought-out expansion at its three existing data centres.

DCI Indonesia is hard to justify on current valuations but has a strong track record on execution with a high pedigree management team and customer base, with backing from Salim.


DCI Indonesia (DCII IJ) - More Than a Concept

Indonesia

PT Saratoga Investama Sedaya Tbk is an active investment company in Indonesia that was founded in 1998. The Company focuses on investment opportunities in the early-stage, growth stage, as well as in special conditions with emphasis on sectors that support Indonesian economic development, such as consumer, infrastructure, and natural resources.

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Saratoga Investama Sedaya (SRTG IJ)

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: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

CrossASEAN Ground Zero - OVO & Superbank, SCG Packaging in Indonesia, Gig Revolt, and Data Centres

In this edition, we look at OVO and Superbank in Indonesia and how they will coexist, and SCG Packaging as it increases its Indonesia exposure...

Angus Mackintosh

DCI Indonesia (DCII IJ) - More Than a Concept

DCI Indonesia is hard to justify on current valuations but has a strong track record on execution with a high pedigree management team and customer...

Angus Mackintosh

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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: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

CrossASEAN Ground Zero - OVO & Superbank, SCG Packaging in Indonesia, Gig Revolt, and Data Centres

In this edition, we look at OVO and Superbank in Indonesia and how they will coexist, and SCG Packaging as it increases its Indonesia exposure...

Angus Mackintosh

DCI Indonesia (DCII IJ) - More Than a Concept

DCI Indonesia is hard to justify on current valuations but has a strong track record on execution with a high pedigree management team and customer...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes