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>With only 5 trading days to go in the review period, we see no constituent changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/pidilite-industries-ltd" target="_blank" data-smartkarma-citation="entities:20573:1" rel="noopener">Pidilite Industries (PIDI IN)</a> is the highest ranked non-index constituent, but its free float market cap does not exceed 1.5x the free-float market cap of <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum Corp (BPCL IN)</a>. </li>
<li>We do not expect LTIMindtree (LTIM IN) to be added to the index in March post the merger between <a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a> and <a href="https://www.smartkarma.com/entities/mindtree-ltd" target="_blank" data-smartkarma-citation="entities:7297:1" rel="noopener">Mindtree Ltd (MTCL IN)</a>. </li>
</ul>


With only 5 trading days to go in the review period, we see no constituent changes to the NIFTY Index (NIFTY INDEX) at the March rebalance.

Pidilite Industries (PIDI IN) is the highest ranked non-index constituent, but its free float market cap does not exceed 1.5x the free-float market cap of Bharat Petroleum Corp (BPCL IN). 
We do not expect LTIMindtree (LTIM IN) to be added to the index in March post the merger between Larsen &amp; Toubro (LT IN) and Mindtree Ltd (MTCL IN). 


NIFTY50 Index Rebalance Preview: No Changes Likely in March

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Indian Energy Exchange Ltd / Equity Bottom-Up

<p>In the next webinar, we welcome Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/gauri-anand" target="_blank" data-smartkarma-citation="accounts:39288" rel="noopener">Gauri Anand</a> , who will be sharing with us her Top indian Equity Picks and the investment philosophy behind each of her picks. Have any burning questions about companies like Indian Energy Exchange (IEX IN), VA Tech Wabag (VATW IN), or UPL Ltd (UPLL IN)? Get them answered in the live Q&amp;A that will conclude the session.</p>
<h3>The webinar will be hosted on Wednesday, 21 December 2022, 17:00 SGT/HKT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87055985031" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Gauri Anand is a mid-small cap specialist based in India. With a focus on equities, Gauri combs top down and bottom up approaches to identify themes and value stocks at its inflexion point. Sector agnostic with a value oriented - Inflexion approach, Gauri dives into bottom Up ideas with a biased towards Sustainability and ESG. </p>

In the next webinar, we welcome Smartkarma Insight Provider Gauri Anand , who will be sharing with us her Top indian Equity Picks and the investment philosophy behind each of her picks. Have any burning questions about companies like Indian Energy Exchange (IEX IN), VA Tech Wabag (VATW IN), or UPL Ltd (UPLL IN)? Get them answered in the live Q&amp;A that will conclude the session.
The webinar will be hosted on Wednesday, 21 December 2022, 17:00 SGT/HKT.








Register for the Webinar here








Gauri Anand is a mid-small cap specialist based in India. With a focus on equities, Gauri combs top down and bottom up approaches to identify themes and value stocks at its inflexion point. Sector agnostic with a value oriented - Inflexion approach, Gauri dives into bottom Up ideas with a biased towards Sustainability and ESG. 

Smartkarma Webinar | Top Indian Equity Picks

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

<ul>
<li>Crop and Ag Chem markets to consolidate after ~50% jump in CY19-22E</li>
<li>Crop Chem key beneficiary of energy transition &gt; more crops for fuel &gt; more crop chem use</li>
<li>UPL likely near peak debt, to consolidate position, reasonable valuations</li>
</ul>


Crop and Ag Chem markets to consolidate after ~50% jump in CY19-22E
Crop Chem key beneficiary of energy transition &gt; more crops for fuel &gt; more crop chem use
UPL likely near peak debt, to consolidate position, reasonable valuations


UPL Ltd, Peaking Debt, Reasonable Valuations

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<p><br>UPL Limited’s Q2/22-23 results were mixed. The company continued to beat estimates and guidance in terms of revenues and earnings. That said, negative developments included the large increase in working capital and operating cash outflows, a major share buyback and a substantial net debt increase. Overall, the pace of deleveraging fell far short of expectations and guidance. We highlight that the rating agencies are expecting debt reduction in FY 2022-23. Failure to achieve this could result in UPL becoming a fallen angel.</p>

 UPL Limited’s Q2/22-23 results were mixed. The company continued to beat estimates and guidance in terms of revenues and earnings. That said, negative developments included the large increase in working capital and operating cash outflows, a major share buyback and a substantial net debt increase. Overall, the pace of deleveraging fell far short of expectations and guidance. We highlight that the rating agencies are expecting debt reduction in FY 2022-23. Failure to achieve this could result in UPL becoming a fallen angel.

UPL Limited - Earnings Flash - Q2 FY 2022-23 Results - Lucror Analytics

<p>Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).<br/> We view UPL Limited's ESG as "Adequate", in line with the Environmental and Governance scores. However, the company's Social pillar is "Weak". Controversies are "Material" and Disclosure is "Adequate". <br/></p>

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view UPL Limited's ESG as "Adequate", in line with the Environmental and Governance scores. However, the company's Social pillar is "Weak". Controversies are "Material" and Disclosure is "Adequate".  

UPL Limited - ESG Report - Lucror Analytics

India

UPL Ltd. manufactures, distributes and exports off-patent agrochemicals. The Company also manufactures phosphorus & phosphorus-based compounds and its products include herbicides, fungicides, insecticides, fumigants and rodenticides. United Phosphorus also manufactures industrial chemicals, specialty chemicals and chloralkaline products

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UPL Ltd (UPLL IN)

NIFTY50 Index Rebalance Preview: No Changes Likely in March

We do not expect any changes in March since Pidilite's average FFMC does not exceed 1.5x the FFMC for BPCL. There will be an adhoc change prior to...

Brian Freitas

Smartkarma Webinar | Top Indian Equity Picks

In this webinar, we have Smartkarma Insight Provider Gauri Anand, who will be sharing with us her Top indian Equity Picks and the investment...

Smartkarma Research

UPL Ltd, Peaking Debt, Reasonable Valuations

UPL Ltd - Peaking debt, reasonable valuations. In a stagnating crop chem market condition, we expect UPL to sustain margins, pare down debt and...

Nurture Capital Advisory

UPL Limited - Earnings Flash - Q2 FY 2022-23 Results - Lucror Analytics

UPL Limited’s Q2/22-23 results were mixed. The company continued to beat estimates and guidance in terms of revenues and earnings. That said,...

Lucror Analytics

UPL Limited - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view UPL Limited's ESG as...

Lucror Analytics

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