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

Tata Motors Passenger Vehicles / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> / <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" data-smartkarma-citation="entities:349:1" rel="noopener">Tata Motors DVR (TTMT/A IN)</a> scheme of arrangement has received shareholder approval and regulatory approvals and should be implemented in the short-term.</li>
<li>There will be small buying from global passive trackers while there will be much bigger buying from <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> and <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> trackers.</li>
<li>In total, we estimate passive trackers will need to buy 25.2m shares (US$308m; 1.9x ADV) of <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> with buying coming in at different times. </li>
</ul>


The Tata Motors Ltd (TTMT IN) / Tata Motors DVR (TTMT/A IN) scheme of arrangement has received shareholder approval and regulatory approvals and should be implemented in the short-term.
There will be small buying from global passive trackers while there will be much bigger buying from NIFTY Index (NIFTY INDEX) and S&amp;P BSE SENSEX Index (SENSEX INDEX) trackers.
In total, we estimate passive trackers will need to buy 25.2m shares (US$308m; 1.9x ADV) of Tata Motors Ltd (TTMT IN) with buying coming in at different times. 


Tata Motors (TTMT IN): Index Impact of DVR Cancellation

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-26076'>China Vanke </a></li><li><a href='#lucror-entity-16955'>SK Hynix</a></li><li><a href='#lucror-entity-315'>Softbank Group</a></li><li><a href='#lucror-entity-12763'>Tata Motors ADR</a></li><li><a href='#lucror-entity-20776'>UPL Ltd</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Vanke SK HynixSoftbank GroupTata Motors ADRUPL LtdWynn Macau Ltd

Morning Views Asia: China Vanke  , SK Hynix, Softbank Group, Tata Motors ADR, UPL Ltd, Wynn Macau Ltd

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Tata Motors introduces the Tata.ev app to help EV owners find and navigate to reliable charging stations.</li>
<li>Bharti Airtel postpones the call for INR15,000 crore of its rights issue.</li>
<li>SBI will deploy 2,000 executives to enhance its wealth management services, aiming to attract high-net-worth individuals.</li>
</ul>


Tata Motors introduces the Tata.ev app to help EV owners find and navigate to reliable charging stations.
Bharti Airtel postpones the call for INR15,000 crore of its rights issue.
SBI will deploy 2,000 executives to enhance its wealth management services, aiming to attract high-net-worth individuals.


# 42 India Insight: Tata Motors New EV, Airtel Postpones Right Issue, SBI Wealth Management

Trung Nguyen

Tata Motors' Q1/24-25 results were decent, with revenues and profit reaching record levels. However, net debt increased slightly following investment expenditure, preparations for the Range Rover EV launch and dividend payments. We share the company's view that growth this year will likely be stable compared to the high base of FY 2023-24, due to: [1] consumer expectations surrounding the Range Rover EV launch and its initial revenue effects; and [2] the company's profit margins decreasing slightly to cover the substantial initial costs for marketing, as well as the continuous quality improvements for new EV models. However, the company is confident about its FY 2025-26 target of a 10% EBIT margin. This may occur if the new electric models achieve stable quality rapidly, thus gradually reducing costs or even increasing the selling price.

  Tata Motors' Q1/24-25 results were decent, with revenues and profit reaching record levels. However, net debt increased slightly following investment expenditure, preparations for the Range Rover EV launch and dividend payments. We share the company's view that growth this year will likely be stable compared to the high base of FY 2023-24, due to: [1] consumer expectations surrounding the Range Rover EV launch and its initial revenue effects; and [2] the company's profit margins decreasing slightly to cover the substantial initial costs for marketing, as well as the continuous quality improvements for new EV models. However, the company is confident about its FY 2025-26 target of a 10% EBIT margin. This may occur if the new electric models achieve stable quality rapidly, thus gradually reducing costs or even increasing the selling price. 

Tata Motors - Earnings Flash - Q1 FY 2024-25 Results - Lucror Analytics

<ul>
<li>Tata Motors plans to split into TML Commercial Vehicles and a merged PV, EV, and JLR entity, creating focused companies.</li>
<li>TVS Motor's July sales rose 9%, with EV sales soaring 61%, reflecting strong growth.</li>
<li>Hero FinCorp seeks INR 3,668 crore through an IPO, aiming to boost capital for lending activities.</li>
</ul>


Tata Motors plans to split into TML Commercial Vehicles and a merged PV, EV, and JLR entity, creating focused companies.
TVS Motor's July sales rose 9%, with EV sales soaring 61%, reflecting strong growth.
Hero FinCorp seeks INR 3,668 crore through an IPO, aiming to boost capital for lending activities.


# 40 India Insight: Tata Motors Demerger, TVS Motor Rise, Hero FinCorp Files DRHP

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

Tata Motors (TTMT IN): Index Impact of DVR Cancellation

With all approvals received, Tata Motors DVRs will be cancelled and new Tata Motors shares will be issued. That will result in increased weight for...

Brian Freitas

Morning Views Asia: China Vanke , SK Hynix, Softbank Group, Tata Motors ADR, UPL Ltd, Wynn Macau Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

# 42 India Insight: Tata Motors New EV, Airtel Postpones Right Issue, SBI Wealth Management

Tata Motors launches Tata.ev app for EV charging, Bharti Airtel delays rights issue, SBI to boost wealth management services with 2,000 executives.

Sudarshan Bhandari

Tata Motors - Earnings Flash - Q1 FY 2024-25 Results - Lucror Analytics

Tata Motors' Q1/24-25 results were decent, with revenues and profit reaching record levels. However, net debt increased slightly following...

Lucror Analytics

# 40 India Insight: Tata Motors Demerger, TVS Motor Rise, Hero FinCorp Files DRHP

Tata Motors to split for focused operations, TVS Motor's EV sales surge, Hero FinCorp aims to raise capital through IPO.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Motors (TTMT IN): Index Impact of DVR Cancellation

With all approvals received, Tata Motors DVRs will be cancelled and new Tata Motors shares will be issued. That will result in increased weight for...

Brian Freitas

Morning Views Asia: China Vanke , SK Hynix, Softbank Group, Tata Motors ADR, UPL Ltd, Wynn Macau Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

# 42 India Insight: Tata Motors New EV, Airtel Postpones Right Issue, SBI Wealth Management

​Tata Motors launches Tata.ev app for EV charging, Bharti Airtel delays rights issue, SBI to boost wealth management services with 2,000 executives.

Sudarshan Bhandari

Tata Motors - Earnings Flash - Q1 FY 2024-25 Results - Lucror Analytics

Tata Motors' Q1/24-25 results were decent, with revenues and profit reaching record levels. However, net debt increased slightly following...

Lucror Analytics

# 40 India Insight: Tata Motors Demerger, TVS Motor Rise, Hero FinCorp Files DRHP

​Tata Motors to split for focused operations, TVS Motor's EV sales surge, Hero FinCorp aims to raise capital through IPO.

Sudarshan Bhandari

Tata Motors launches Tata.ev app for EV charging, Bharti Airtel delays rights issue, SBI to boost wealth management services with 2,000 executives.

Tata Motors to split for focused operations, TVS Motor's EV sales surge, Hero FinCorp aims to raise capital through IPO.