Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat Petroleum, Infosys, Vedanta, Hindalco Industries.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat Petroleum, Infosys, Vedanta, Hindalco Industries.


MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

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>Foreign investors sold shares in <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> in the last quarter of 2025. The increase in foreign room should result in buying from global index trackers in February.</li>
<li>Estimated passive buying is 214m shares (US$700m; 7.8x ADV; 13.5x delivery volume) and there appears to be minimal positioning in the stock.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in the last week and that could continue over the near-term.</li>
</ul>


Foreign investors sold shares in Eternal (ETERNAL IN) in the last quarter of 2025. The increase in foreign room should result in buying from global index trackers in February.
Estimated passive buying is 214m shares (US$700m; 7.8x ADV; 13.5x delivery volume) and there appears to be minimal positioning in the stock.

Eternal (ETERNAL IN) has outperformed Swiggy (SWIGGY IN) in the last week and that could continue over the near-term.


Eternal (ETERNAL IN): Foreign Selling Will Lead to Large Passive Buying

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank, GMR Airports, SWIGGY, HDFC Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank, GMR Airports, SWIGGY, HDFC Bank.


MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week will probably see the last of the big listings in Asia this year</li>
<li>On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.


ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

India

Swiggy is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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Swiggy (SWIGGY IN)

MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

We analyzed MS-India's consensus for Jan 2026 and highlighted changes of EPS in HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat...

Ke Yan, CFA, FRM

Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

Aditya Infotech (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Eternal (ETERNAL IN): Foreign Selling Will Lead to Large Passive Buying

An increase in foreign room should see global index passive trackers buying Eternal in February. Open interest and positioning have been stable....

Brian Freitas

MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

We analyzed MS-India's consensus for Dec 2025 and highlighted changes of EPS in InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank,...

Ke Yan, CFA, FRM

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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