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

Event-Driven

<ul>
<li>We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.</li>
<li>Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> too.</li>
<li>The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the NIFTY Index and Nifty Next 50 Index too.
The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.


AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

India Shelter Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> raised around US$144m from its India IPO.</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



India Shelter Finance (0570670D IN) raised around US$144m from its India IPO.
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> is looking to raise US$144m from its India IPO.</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>In this note, we will look at past performance, and share our thoughts on valuation.</li>
</ul>



India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO.
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
In this note, we will look at past performance, and share our thoughts on valuation.


India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

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.

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:117597" rel="noopener">Tata Technologies IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:117850" rel="noopener">Tata Technologies IPO: Valuation Insights</a>. </li>
<li>The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  </li>
</ul>



Tata Technologies (TATATECH IN) priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.
We previously discussed the IPO in Tata Technologies IPO: The Investment Case and Tata Technologies IPO: Valuation Insights. 
The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  


Fedbank Financial Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fedbank-financial-services" target="_blank" data-smartkarma-citation="entities:40010:1" rel="noopener">Fedbank Financial Services (0702066D IN)</a> raised around US$130m in its India IPO.</li>
<li>Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.</li>
<li>In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.</li>
</ul>



Fedbank Financial Services (0702066D IN) raised around US$130m in its India IPO.
Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.


Fedbank Financial IPO Trading - Subscription Rates Hint at a Snoozy Debut

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SBFC Finance Limited (SBFC IN)

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

India Shelter Finance (0570670D IN) raised around US$144m from its India IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO. In this note, we will look at past performance, and share our...

Clarence Chu

Tata Technologies IPO: Trading Debut

The market sentiment on the sector has improved. In 2023, Indian IPOs with a >US$100 million raise had an average first-day gain of 28.3%. The IPO...

Arun George

Fedbank Financial IPO Trading - Subscription Rates Hint at a Snoozy Debut

Fedbank Financial Services (0702066D IN) raised around US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)