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>There are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.</li>
<li>There is passive inflow on <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO)</a> due to index inclusion, and on <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a> due to capping changes.</li>
<li>With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.
There is passive inflow on Bank Jago Tbk PT (ARTO) due to index inclusion, and on Bank Rakyat Indonesia (BBRI) and Bank Central Asia (BBCA) due to capping changes.
With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

<ul>
<li>The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 29 July.</li>
<li>Potential adds are <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a>, <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals (ADMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals Tbk (BRMS IJ)</a>, <a href="https://www.smartkarma.com/entities/transcoal-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:28449:1" rel="noopener">Transcoal Pacific Tbk PT (TCPI IJ)</a> and <a href="https://www.smartkarma.com/entities/pt-dayamitra-telekomunikasi" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Mitratel (MTEL IJ)</a>.</li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/pembangunan-perumahan-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:19840:1" rel="noopener">Pembangunan Perumahan (Persero) (PTPP IJ)</a>, <a href="https://www.smartkarma.com/entities/pabrik-kertas-tjiwi-kimia-pt" target="_blank" data-smartkarma-citation="entities:19184:1" rel="noopener">Pabrik Kertas Tjiwi Kimia (TKIM IJ)</a>, <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a>, <a href="https://www.smartkarma.com/entities/gudang-garam-tbk-pt" target="_blank" data-smartkarma-citation="entities:722:1" rel="noopener">Gudang Garam (GGRM IJ)</a> and <a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" data-smartkarma-citation="entities:2556:1" rel="noopener">Chandra Asri Petrochemical (TPIA IJ)</a>.</li>
</ul>


The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 29 July.
Potential adds are Bank Jago Tbk PT (ARTO IJ), Adaro Minerals (ADMR IJ), Bumi Resources Minerals Tbk (BRMS IJ), Transcoal Pacific Tbk PT (TCPI IJ) and Mitratel (MTEL IJ).
Potential deletions are Pembangunan Perumahan (Persero) (PTPP IJ), Pabrik Kertas Tjiwi Kimia (TKIM IJ), Media Nusantara Citra (MNCN IJ), Gudang Garam (GGRM IJ) and Chandra Asri Petrochemical (TPIA IJ).


LQ45 Index Rebalance Preview (July 2022): Candidates for Change

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>, <a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" data-smartkarma-citation="entities:27356:1" rel="noopener">Integra Indocabinet Tbk PT (WOOD IJ),</a><a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a>, and <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP).</a>
</li>
<li>There was also some commentary on the Philippines after the Marco victory plus details on upcoming webinars in <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> and <a href="https://www.smartkarma.com/entities/china-shenshan-orchard-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:19669:1" rel="noopener">China Shenshan Orchard (DKNG SP)</a>.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on GoTo (GOTO IJ), Integra Indocabinet Tbk PT (WOOD IJ),PT Surya Citra Media Tbk (SCMA IJ), and Singapore Press Holdings (SPH SP).

There was also some commentary on the Philippines after the Marco victory plus details on upcoming webinars in Siloam International Hospitals (SILO IJ) and China Shenshan Orchard (DKNG SP).


The Week That Was in ASEAN@Smartkarma - Philippines & Marcos, GoTo's Direction, and Bank Danamon

Event-Driven

GoTo Gojek Tokopedia Tbk PT / Event-Driven

<ul>
<li>The IDX has announced that <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> will be included in the IDX30, LQ45 and IDX80 indices at a float of <strong>66.4%</strong> at the close on 7 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a> will be deleted from the IDX30 and LQ45 indices, while <a href="https://www.smartkarma.com/entities/buyung-poetra-sembada-pt" target="_blank" data-smartkarma-citation="entities:28454:1" rel="noopener">Buyung Poetra Sembada PT (HOKI IJ)</a> will be deleted from the IDX80 index.</li>
<li>Passive trackers need to buy around 12.78% of the real float on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>. Add the impact from open ended funds and that could move up to 20%. </li>
</ul>


The IDX has announced that GoTo (GOTO IJ) will be included in the IDX30, LQ45 and IDX80 indices at a float of 66.4% at the close on 7 June.

Waskita Karya (Persero) (WSKT IJ) will be deleted from the IDX30 and LQ45 indices, while Buyung Poetra Sembada PT (HOKI IJ) will be deleted from the IDX80 index.
Passive trackers need to buy around 12.78% of the real float on GoTo (GOTO IJ). Add the impact from open ended funds and that could move up to 20%. 


GoTo Index Inclusion: Fast Entry to IDX30, LQ45, IDX80 Confirmed; BIG Buying Next Week

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> completes 20 trading days today. Based on the average price over the period and the last close, the stock meets the Fast Entry criteria for IDX30/LQ45/IDX80 inclusion.</li>
<li>Using a free float of 66%, we estimate passive trackers buying 5.42bn shares (US$74m) of <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>. Announcement could come in a few days with implementation at month-end. </li>
<li>With the real float close to 4%, passive trackers will need to buy 11.6% of the real float and the stock could move higher in the short-term.</li>
</ul>



GoTo (GOTO IJ) completes 20 trading days today. Based on the average price over the period and the last close, the stock meets the Fast Entry criteria for IDX30/LQ45/IDX80 inclusion.
Using a free float of 66%, we estimate passive trackers buying 5.42bn shares (US$74m) of GoTo (GOTO IJ). Announcement could come in a few days with implementation at month-end. 
With the real float close to 4%, passive trackers will need to buy 11.6% of the real float and the stock could move higher in the short-term.


GoTo Gojek Tokopedia: Turning Tide with Index Inclusion?

Indonesia

PT Waskita Karya Persero Tbk is a general contractor engaged in diverse range of construction activities such as roads, bridges, harbors, airports, buildings, sewerages, factories and other industrial facilities. Numerous high rise buildings with well known reputation such as BNI City, Bank Indonesia, and several multi-storey apartment buildings have been completed by Waskita

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52-week Range	0.00 - 0.00
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Waskita Karya (Persero) (WSKT IJ)

IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

There are 3 changes each for the IDX30 and LQ45 indices that will be implemented on 29 July. The largest passive inflows are on BBRI, ARTO and...

Brian Freitas

LQ45 Index Rebalance Preview (July 2022): Candidates for Change

There could be 5 changes to the LQ45 Index at the July rebalance. The adds outperform the deletion the day after announcement and there is...

Brian Freitas

The Week That Was in ASEAN@Smartkarma - Philippines & Marcos, GoTo's Direction, and Bank Danamon

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

GoTo Index Inclusion: Fast Entry to IDX30, LQ45, IDX80 Confirmed; BIG Buying Next Week

IDX will add GOTO to the IDX30, LQ45 & IDX80 indices at the close on 7 June. A float of 66.4% (vs 4% real float) will require passive trackers to...

Brian Freitas

GoTo Gojek Tokopedia: Turning Tide with Index Inclusion?

GoTo completes 20 trading days today. The stock meets the threshold for Fast Entry to the IDX30/LQ45/IDX80 indices where passive trackers will need...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IDX30/​LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

There are 3 changes each for the IDX30 and LQ45 indices that will be implemented on 29 July. The largest passive inflows are on BBRI, ARTO and...

Brian Freitas

LQ45 Index Rebalance Preview (July 2022): Candidates for Change

There could be 5 changes to the LQ45 Index at the July rebalance. The adds outperform the deletion the day after announcement and there is...

Brian Freitas

The Week That Was in ASEAN@Smartkarma - Philippines & Marcos, GoTo's Direction, and Bank Danamon

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

GoTo Index Inclusion: Fast Entry to IDX30, LQ45, IDX80 Confirmed; BIG Buying Next Week

IDX will add GOTO to the IDX30, LQ45 & IDX80 indices at the close on 7 June. A float of 66.4% (vs 4% real float) will require passive trackers to...

Brian Freitas

GoTo Gojek Tokopedia: Turning Tide with Index Inclusion?

GoTo completes 20 trading days today. The stock meets the threshold for Fast Entry to the IDX30/LQ45/IDX80 indices where passive trackers will need...

Brian Freitas

IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI