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>Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 19 stocks with passive inflows from global trackers while 8 could have passive outflows in February.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 19 stocks with passive inflows from global trackers while 8 could have passive outflows in February.


India: Potential Free Float Changes & Passive Flows in February 2026

<ul>
<li>There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.</li>
<li>Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.</li>
</ul>


There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.
Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.


NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Oil and Gas Development Company (OGDC) held its Corporate Briefing Session today to discuss financial results and future outlook.</li><li>The company’s oil production during FY25 was around 30,919 bpd, while gas production stood at 652 mmcfd.</li><li>Approximately 1,790 bpd of oil and 91 mmcfd of gas volumes were lost due to forced curtailment by SNGPL and UPL. Management expects these volumes to recover as progress is made on the RLNG cargo deferment and anticipates a reduction in curtailment by April-May 2026.</li></ul>

Oil and Gas Development Company (OGDC) held its Corporate Briefing Session today to discuss financial results and future outlook.The company’s oil production during FY25 was around 30,919 bpd, while gas production stood at 652 mmcfd.Approximately 1,790 bpd of oil and 91 mmcfd of gas volumes were lost due to forced curtailment by SNGPL and UPL. Management expects these volumes to recover as progress is made on the RLNG cargo deferment and anticipates a reduction in curtailment by April-May 2026.

Topline Flash Note: Oil & Gas Development (OGDC): Corporate Briefing Key Takeaways

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.</li>
<li>H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.</li>
<li>The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.</li>
</ul>


We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.
H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.


India

UPL Limited is an Indian multinational agrochemical and specialty chemicals company that manufactures and markets a comprehensive range of sustainable agriculture products and solutions. These include conventional crop protection products like pesticides, fungicides, herbicides, and insecticides, as well as seeds, bio-solutions, and post-harvest solutions. The company is headquartered in Mumbai, India, and was founded on May 29, 1969.

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UPL (UPLL IN)

India: Potential Free Float Changes & Passive Flows in February 2026

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in February. Passive trackers will need to...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Topline Flash Note: Oil & Gas Development (OGDC): Corporate Briefing Key Takeaways

Oil and Gas Development Company (OGDC) held its Corporate Briefing Session today to discuss financial results and future outlook. The company’s...

Topline Securities

Health & Happiness: On Deleveraging Path

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India: Potential Free Float Changes & Passive Flows in February 2026

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in February. Passive trackers will need to...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Topline Flash Note: Oil & Gas Development (OGDC): Corporate Briefing Key Takeaways

Oil and Gas Development Company (OGDC) held its Corporate Briefing Session today to discuss financial results and future outlook. The company’s...

Topline Securities

Health & Happiness: On Deleveraging Path

​Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....