Pre- and post-implementation analysis of MSCI, CSI, Hang Seng and STAR50 index reviews, plus monthly earnings-revision trackers across eight APAC markets.
Primary conversion. Baidu (9888 HK) announced on 16 Jul 2026 that its board approved pursuing dual-primary conversion. This note assesses the Connect path, conditions, and timeline. ADD timing. Baidu retains WVR through conversion, so the ADD path runs through the regular semi-annual cycle. We assess whether the September 2026 regular batch ADD is attainable. Trading perspective. Prior Connect ADD cases show positive southbound flows in all five peers and positive 10-day returns in all five.
CSI added four stocks and deleted four in the Jun 2026 STAR50 rebalance. The first implementation week and weeks 2 to 4 are complete. Every ADD rose through the first implementation week, vs the historical fade, and most of the cohort kept the gain through weeks 2 to 4. Most DELETEs fell in the first week, in line with history. SICC rallied vs its negative-bridge base rate before a reversal in weeks 2 to 4, and the historical weeks 2 to 4 rebound did not appear.
CSI 300 June 2026 added 19 stocks and deleted 19. With all post-implementation windows complete, we review current-cycle performance vs history. ADDs rose broadly in the first implementation week. The historical fade read was offset by a stronger CSI 300 tape and tungsten-specific newsflow. Weeks 2 to 4 reversed the gains. DELETEs fell in the first week and drifted lower in weeks 2 to 4. The direction matched history, and the losses were milder than in prior cycles.
HSTECH June 2026 added KNOWLEDGE ATLAS and MINIMAX-W and deleted KINGSOFT and KINGDEE INT'L. All event windows through the fourth post-implementation week are complete. Both ADDs fell in the first implementation week, far beyond the historical ADD first-week means. KNOWLEDGE ATLAS then gained +46.8% in weeks two to four. The positive-bridge DELETE rebound held for KINGSOFT at +3.9% but missed for KINGDEE INT'L at -12.3%.
HSCEI June 2026 added Hansoh Pharma and Akeso and deleted Sunny Optical and Haier Smart Home. All event windows through the fourth post-implementation week are complete. ADDs were mixed in the first implementation week, then both rallied in weeks two to four. DELETEs broke the historical positive-bridge rebound pattern. Sunny Optical drove the miss with a -12.8% first-week return.
Hang Seng Indexes added three stocks with no DELETE in the May review. The first implementation week is complete, and we review current-cycle performance vs history. All three ADDs fell in the first implementation week. The cohort averaged -4.1%, vs the historical ADD mean of -0.6%. The pre-implementation base rates held for the two negative-bridge names. Weeks 2 to 4 then split the cohort: Chalco fell -26.6% while J&T Express and BeOne Medicines rebounded.
HSTECH June 2026 added KNOWLEDGE ATLAS and MINIMAX-W and deleted KINGSOFT and KINGDEE INT'L. All event windows through the fourth post-implementation week are complete. Both ADDs fell in the first implementation week, far beyond the historical ADD first-week means. KNOWLEDGE ATLAS then gained +46.8% in weeks two to four. The positive-bridge DELETE rebound held for KINGSOFT at +3.9% but missed for KINGDEE INT'L at -12.3%.
We analyzed the earnings revision of HS TECH index component stocks for June 2026, with the index declining 14% over the month from 4,965 to 4,256. The index's 2026E consensus EPS fell 1.1% month on month to HK$229.2 from HK$231.8, with 11 stocks revised up and 9 revised down. Individual stock EPS revisions contributed an estimated HK$1.03 to the index EPS change, alongside weighting and price yield spread factors. The largest positive contributor to index EPS was MEITUAN (3690 HK), adding HK$3.3 to index EPS despite an 80.5% cut to its own 2026E EPS estimate. The largest detractors were TRIP.COM (9961 HK, index EPS impact -HK$1.1, stock EPS -8.7%), XPENG (9868 HK, index EPS impact -HK$0.70, stock EPS +81.8% on sharply reduced base), LI AUTO (2015 HK, index EPS impact -HK$0.65, stock EPS revised to -HK$0.137 from +HK$0.189), and NTES (9999 HK, index EPS impact -HK$0.61, stock EPS -0.4%). On revenue, LI AUTO saw the steepest consensus cut at -3.84%, followed by TRIP.COM at -2.49%, while BYD Electronic led revenue upgrades at +0.92%.
We analyzed the earnings revision of HSCEI component stocks for June 2026, and estimated the index's 2026E EPS at 793.8 as of end-June, down 0.69% from 799.4 in May. Individual stock EPS revisions contributed HK$0.926 to the index EPS change, with 18 components revised up and 19 revised down. The HSCEI index declined 12% over the month from 8,508 to 7,461, and the index was rebalanced with HANSOH PHARMA and AKESO added and SUNNY OPTICAL and HAIER SMARTHOME removed. By absolute index EPS impact, the five largest movers were HAIER SMARTHOME (6690 HK, excluded, Index EPS impact: -HK$5.8), BOC (3988 HK, +HK$5.5), ZIJIN MINING (2899 HK, -HK$4.1), Kuaishou (1024 HK, -HK$3.3), and Pop Mart International (9992 HK, -HK$2.9). On individual stock EPS revision, XPENG (9868 HK) posted the largest increase at +81.8% MoM, while MEITUAN (3690 HK) and AKESO (9926 HK) recorded the steepest cuts at -80.5% and -71.0% respectively.
We analyzed the earnings revision of HSI component stocks for June 2026, estimating the index's 2026E EPS at HK$2,187 as of end-June, down 0.73% month on month from HK$2,203 in May. The HSI index fell 11% over the month from 25,398 to 22,672, with 38 stocks seeing upward EPS revisions versus 27 downward. Individual stock EPS revisions contributed an estimated HK$3.70 to the index EPS change, with the index also affected by a rebalancing that added J&T Express, Chalco, and Beone Medicines. The largest positive contributor was Meituan (3690 HK), adding HK$5.52 to index EPS despite an 80.5% month-on-month EPS cut, driven by weighting effects. The largest negative contributors were PetroChina (857 HK) and Tencent (700 HK), each subtracting approximately HK$1.6 from index EPS, with PetroChina's 2026E EPS revised down 3.3% and Trip.com (9961 HK) seeing a 8.66% EPS cut and subtracting HK$1.2 from index EPS. On the upside, Longfor (960 HK) led with a 68.7% EPS revision increase, followed by Xinyi Solar at +8.09% and BYD Electronic at +4.42%.
MSCI Japan June 2026 added 3 stocks and deleted 14. With the first implementation week complete, we review current-cycle performance vs history. ADDs gave back after a positive bridge. All 3 ADDs fell in WI0-4, with aggregate return of -9.0% vs the historical ADD mean of -2.9%. DELETEs rose +3.4% in WI0-4, the strongest first-week result in the study history. Low-velocity DELETEs also rose, returning +2.6% across 4 names with data.
MSCI Japan June 2026 added 3 stocks and deleted 14. With the first implementation week complete, we review current-cycle performance vs history. ADDs gave back after a positive bridge. All 3 ADDs fell in WI0-4, with aggregate return of -9.0% vs the historical ADD mean of -2.9%. DELETEs rose +3.4% in WI0-4, the strongest first-week result in the study history. Low-velocity DELETEs also rose, returning +2.6% across 4 names with data.
We analyzed the earnings revision of NIFTY 50 component stocks for June 2026, estimating the index 2027E EPS at 1,230, up 0.51% month on month from 1,224 in May. The NIFTY index rose 2.1% over the month, from 23,383 to 23,866, with 17 stocks seeing upward EPS revisions versus 27 with downward revisions. Individual stock EPS changes contributed -INR 4.53 to index EPS in aggregate. The largest positive contributors to index EPS were Coal India (+INR 1.79), HDFC Bank (+INR 1.50), and ICICI Bank (+INR 1.25), while Tata Motors Passenger Vehicles (-INR 1.86) and Oil & Natural Gas (-INR 0.59) were the biggest drags. At the stock level, Tata Motors Passenger Vehicles saw the steepest EPS cut at -10.8% and InterGlobe Aviation fell -7.5%, while Asian Paints led upgrades at +2.70% followed by Eternal at +1.57%.
We analyzed the earnings revision of CSI 100 component stocks for June 2026, estimating the index's 2026E EPS at 264.1, down 0.75% month on month from 266.1 in May. The index rose 2.6% over the month from 4,742 to 4,866, with 36 stocks seeing upward EPS revisions versus 37 downward. Individual stock EPS revisions contributed ¥0.951 to index EPS changes. The index was rebalanced this month, with nine stocks added and nine removed. On EPS revision, Poly Developments (600048 CH) led gainers with a 52.0% month-on-month increase, followed by Longi Green (601012 CH) at +23.0%, while Chongqing Zhifei Biological Products (300122 CH) saw the steepest decline at -79.7%. By index EPS impact, Eoptolink Technology (300502 CH) contributed the largest positive effect at +¥5.9 due to its inclusion, while China Petroleum and Chemical (600028 CH) dragged by -¥1.6 following its exclusion.
We analyzed the earnings revision of CSI 300 component stocks for June 2026. The index rose 2.8% over the month from 4,844 to 4,979, while the index's 2026E consensus EPS declined 1.1% month on month to ¥306.2 from ¥309.6, with 85 stocks revised up against 114 revised down. Individual stock EPS revisions contributed ¥0.0865 to index EPS changes, with the index also rebalanced this month adding 19 stocks and removing 19. The largest positive contributors to index EPS were XIAMEN TUNGSTEN (600549 CH, +¥0.54) and GIANT NETWORK (002558 CH, +¥0.52), driven by index inclusion and weight changes, while CHINA SHENHUA ENERGY (601088 CH, -¥0.45) and INDUSTRIAL BANK (601166 CH, -¥0.37) were the biggest drags due to weight drift. On individual EPS revisions, KUNLUN TECH (300418 CH) led upgrades with a +101% month-on-month increase, followed by Xinjiang Daqo (688303 CH, +78.5%) and POLY DEVELOPMENTS (600048 CH, +52.0%), while CHONGQING ZHIFEI BIOLOGICAL PRODUCTS (300122 CH) saw the steepest cut at -79.7%, followed by ZTE (000063 CH, -17.5%) and AIR CHINA (601111 CH, -14.8%).
We analyzed the earnings revision of STAR50 component stocks for June 2026, with the index rising 33% from 1,664 to 2,208 over the month. The index's 2026E EPS edged down 0.77% month-on-month to 22.67 from 22.84, with individual stock EPS revisions contributing -¥0.159 to the index EPS change. 11 stocks saw upward EPS revisions versus 8 downward. The index was rebalanced this month, with inclusions of HUA HONG SEMICONDUCTOR, YUANJIE SEMI, MOORE THREADS TECHNOLOGY, and METAX INTEGRATED CIRCUITS, and exclusions of MGI TECH, SICC, XIAMEN AMOYTOP BIOTECH, and SANY RENEWABLE ENERGY. By absolute index EPS impact, the top movers were YUANJIE SEMI (+¥0.37, driven by inclusion and a 66.5% price gain), CAMBRICON (-¥0.28, EPS up 10.4%), SANY RENEWABLE ENERGY (-¥0.20, excluded), NATIONAL SILICON INDUSTRY (-¥0.16, EPS cut to -¥0.09 from +¥0.07), and ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA (+¥0.12). On a stock-level basis, the largest EPS upgrades were Xinjiang Daqo (+78.5%), MGI TECH (+21.1%), and YUANJIE SEMI (+18.9%), while MOORE THREADS TECHNOLOGY saw the sharpest cut (-46.7%), followed by TRANSSION (-5.90%) and SUPCON TECHNOLOGY (-4.97%).
We analyzed the 2026E EPS and revenue revisions of MSCI Australia index components for June 2026. The index rose 0.90% over the month from 1,714 to 1,729, while the estimated index 2026E EPS increased 0.52% month-on-month from 92.13 to 92.60, with 17 stocks revised up versus 25 revised down, and individual stock EPS revisions contributing A$1.02 to the index EPS change. On a stock-impact basis, BHP contributed the most at +A$0.70 to index EPS, followed by Pilbara Minerals at +A$0.45, while Woodside Energy (-A$0.20) and ANZ (-A$0.14) were the largest detractors. Among individual EPS revisions, Santos led gainers with +7.86% and Rio Tinto rose +5.86%, while Pro Medicus saw the steepest cut at -8.33% and Northern Star Resources fell -3.31%. On the revenue side, QBE Insurance posted the largest upgrade at +5.86% and Rio Tinto gained +4.07%, while Lottery Corporation saw the sharpest revenue cut at -2.32%.
We analyzed the MSCI China Index EPS revision for June 2026. The index's 2026E EPS stood at ¥6.347 as of end-June, down -0.84% month-on-month from ¥6.401 in May. Breadth was negative, with 164 stocks revised up versus 182 revised down. On the upside, Meituan (3690 HK) contributed the largest EPS-driven index impact at +¥0.012, with its 2026E EPS revised up sharply by +80.6% (from -¥0.678 to -¥0.131), while Full Truck Alliance (YMM US) added +¥0.014 to index EPS primarily through weighting changes. Among individual upward revisions, KUNLUN TECH (300418 CH) led with +101% and XPENG (9868 HK) followed at +82.6%. On the downside, PDD Holdings (PDD US) was the largest detractor at -¥0.044 to index EPS, with its 2026E EPS cut by -3.3% (from ¥70.3 to ¥68.0), and Tencent (700 HK) subtracted -¥0.039 driven by a -0.1% EPS revision. The steepest individual EPS cuts were recorded at GCL Technology (3800 HK) at -91.6% and Meituan at -80.6%.
We analyzed the MS-India Index's consensus earnings for June 2026. The index's 2027E EPS rose to 135.1 rupees from 134.3 rupees in May, representing a 0.59% month-on-month increase, though only 56 stocks saw upward revisions against 80 with downward revisions. Top upward revisions were led by National Aluminium with a 21.1% EPS increase and 0.77 rupees contribution to index EPS, supported by ICICI Bank contributing 1.1 rupees and Federal Bank at 0.825 rupees. Downward revisions were dominated by Hindustan Petroleum with a 94.1% EPS decline reducing index EPS by 0.254 rupees, Vedanta with a 70.3% downward revision and 1.44 rupees negative impact, and Oil and Natural Gas at 0.532 rupees.
We analyzed the EPS revision of MSCI Japan index constituents for June 2026, finding that the index's 2027E consensus EPS rose 2.8% month-on-month to 144.7 from 140.7, with 110 stocks revised up versus 66 revised down. The MSCI Japan index itself gained 1.8% over the month, rising from 2,438 to 2,482. On an individual stock basis, Kioxia (285A JP) was the largest positive contributor to index EPS, adding +4.9 yen, followed by Orix (+0.32 yen) and Mitsui Mining and Smelting (+0.26 yen), while Sony Financial (-0.28 yen) was the largest detractor. Among EPS revision movers, Nissan Motor led with a +68.4% increase in 2027E EPS, while Rakuten suffered the steepest cut at -32.9%, followed by Sony Financial at -30.6%.
We analyzed the earnings revision of MSCI Taiwan index constituents for June 2026. The index rose 1.6% over the month, from 2,035 to 2,069, while the index's 2026E EPS increased 3.4% month-on-month from NT$79.89 to NT$82.56, with 54 stocks revised up versus 14 revised down. Individual stock EPS revisions contributed NT$2.99 to the index EPS change, led by TSMC (2330 TT, +NT$1.73 index impact), with Compal Electronics (2324 TT, -NT$0.50) and MediaTek (2454 TT, -NT$0.43) as the largest drags. Among individual stock EPS revisions, Formosa Plastics (1301 TT) led all gainers with a +182% month-on-month increase in 2026E EPS, followed by Yang Ming Marine (2609 TT, +78.4%) and China Steel (2002 TT, +28.5%). On the downside, Nan Ya Plastics (1303 TT) saw the steepest EPS cut at -7.68%, followed by Catcher Technology (2474 TT, -2.85%) and Fortune Electric (1519 TT, -2.75%).
We analyzed the earnings revision of MSCI Indonesia index constituents for June 2026, estimating the index 2026E EPS at IDR 429.5 as of end-June, down -0.71% month-on-month from IDR 432.6 in May. The index itself declined -9.5% over the month, from 4,254 to 3,851, with 19 stocks revised up and 24 revised down. Individual stock EPS revisions contributed -IDR 1.84 to the index EPS change, with the largest negative impacts from Aneka Tambang (ANTM IJ, -IDR 10.2), PT Amman Mineral Internasional (AMMN IJ, -IDR 8.8), and United Tractors (UNTR IJ, -IDR 4.7), while Bank Mandiri (BMRI IJ, +IDR 5.4) provided the largest positive contribution. On a stock level, the biggest EPS upgrades were PT Bukalapak.com (BUKA IJ, +55.0%) and Barito Pacific (BRPT IJ, +44.7%), while PT Amman Mineral Internasional (AMMN IJ, -28.6%) and United Tractors (UNTR IJ, -7.7%) saw the steepest EPS cuts. On revenues, Chandra Asri Petrochemical (TPIA IJ) led upgrades at +73.6%, while PT Amman Mineral Internasional (AMMN IJ) also topped revenue downgrades at -9.24%.
We analyzed the EPS revision of MSCI South Korea index constituents for June 2026, estimating the index 2026E EPS at 326.8, a decline of -1.6% month-on-month from 332.1 in May. The index level fell -1.6% over the month from 3,279 to 3,228, with 38 stocks revised up versus 31 revised down. SK Hynix was the largest drag on index EPS, contributing -₩22.7 to index EPS despite a +9.0% individual EPS revision, driven by its 27.4% index weight. Among top EPS gainers, KAL led with +24.9% revision, followed by SK Innovation (+17.0%), SK Square (+12.1%), S-Oil (+10.4%), and SK Hynix (+9.0%). On the downside, LG Chem fell -35.0%, LG Display dropped -29.7%, and LG Energy Solution declined -24.1%.
Primary conversion. NetEase (9999 HK) announced on 26 Jun 2026 that its HK primary conversion will be effective on 30 Jun 2026. This note assesses the Connect eligibility path and inclusion timeline. Inclusion timing. NetEase has no WVR, but Alibaba's recent regular-cycle ADD keeps September as the base case. Trading perspective. Prior Connect ADD cases show southbound inflows after ADD and positive returns post inclusion.
MSCI China June 2026 added 21 stocks and deleted 24. With the first implementation week complete, we review current-cycle performance vs history. A-share ADDs split by velocity. High-vel gains centered on Yangtze, while Mid- and Low-vel names fell further after implementation. HK DELETEs had the weakest bridge return in the study history and partially recovered to +1.4% in the first implementation week. The recovery came from two names and was not basket-wide.
CSI announced four ADDs and four DELETEs for STAR50, effective 15 Jun 2026. Bridge-window data is complete through 12 Jun 2026. Yuanjie Semi led the ADD bridge gains, while Hua Hong Semiconductor reversed its pre-announcement gains. SICC had the weakest bridge performance among the DELETEs. Historically, positive-bridge ADDs averaged weaker first-week returns. Negative-bridge DELETEs showed the most consistent first-week losses.
CSI confirmed 19 ADDs and 19 DELETEs for the June 2026 rebalance, effective 15 Jun 2026. ADD gains narrowed to seven positive-bridge names, led by Xiamen Tungsten and China Tungsten. DELETEs fell -4.4% on average. Historical first-week outcomes were negative on average for both ADD and DELETE, but different subgroup recorded varied performance.
CSI confirmed 19 ADDs and 19 DELETEs for the June 2026 rebalance, effective 15 Jun 2026. ADD gains narrowed to seven positive-bridge names, led by Xiamen Tungsten and China Tungsten. DELETEs fell -4.4% on average. Historical first-week outcomes were negative on average for both ADD and DELETE, but different subgroup recorded varied performance.
Hang Seng Indexes announced the May review results after market close, and three ADD-NEW names enter implementation. Chalco and BeOne reversed their announcement-day gains through the bridge; J&T Express kept a positive bridge return. Historical ADDs with negative bridge returns had weaker first-week outcomes, while positive-bridge ADDs had mixed first-week outcomes.
HSCEI June 2026 implementation takes effect on 8 Jun 2026, with Hansoh and Akeso as ADDs and Sunny Optical and Haier Smart Home as DELETEs. Both ADDs declined through the bridge while DELETE names rose over the same period. Historical first-week outcomes for negative-bridge ADDs were weak while positive-bridge DELETEs kept a positive first-week bias.
HSTECH June 2026 rebalance takes effect on 8 Jun 2026. Two ADDs and two DELETEs enter implementation on that date. MINIMAX-W fell through the bridge. KNOWLEDGE ATLAS was flat. Both DELETEs rose over the same period. Historical first-week outcomes showed weak ADD precedent. Positive-bridge DELETEs showed a small first-week gain.
MSCI announced the quarterly review results after market close. As the cycle enters implementation, this note updates the stock setup. ADDs entered implementation after a large pre-announcement move and still carry first-week give-back risk. DELETEs were mild before implementation, but low-velocity DELETEs retain the weakest historical post-implementation profile.
MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup. ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support. DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.
CSI announced four ADDs and four DELETEs for the STAR50 Jun 2026 review, effective 15 Jun 2026. Our forecast hit one ADD and three DELETEs. We reviewed our HITs and MISSes. The ADD miss came from one near-zone name and two fast-entry AI-chip names; stock-level positioning now drives whether to chase or fade.
CSI announced 19 ADDs and 19 DELETEs effective 15 Jun 2026, the largest cycle in our four-cycle reference set. We reviewed 19 ADDs and 19 DELETEs against four prior CSI 300 cycles and the completed pre-announcement setup. The prior forecast captured the four strongest ADDs and six of the seven weakest DELETEs, with misses mainly in buffer-zone ADDs and retained-risk DELETEs.
We analyzed the earnings revision of MS-Indonesia index constituents for May 2026, with the index declining 11% from 4,783 to 4,254 while the aggregate 2026E EPS rose 2.8% month-on-month to IDR 437.4 from IDR 425.7 in April. Among the 43 constituents tracked, 21 stocks saw upward EPS revisions versus 22 downward, with individual stock EPS changes attributing IDR 1.82 to the index EPS. The largest positive EPS impact came from Indah Kiat Pulp & Paper (INKP IJ, +IDR 1.83 to index EPS, stock EPS +12.8%), Surya Esa Perkasa (ESSA IJ, +IDR 1.33, stock EPS +156.9%), and Aneka Tambang (ANTM IJ, +IDR 1.24, stock EPS +13.3%), while Telkom Indonesia (TLKM IJ, -IDR 0.76) and United Tractors (UNTR IJ, -IDR 0.58) were the largest detractors. At the stock level, XL Axiata (EXCL IJ) suffered the steepest EPS cut at -32.7%, followed by Solusi Sinergi Digital (WIFI IJ, -18.6%) and Medikaloka Hermina (HEAL IJ, -18.1%), while Surya Esa Perkasa led EPS upgrades at +156.9% followed by GoTo Gojek Tokopedia (GOTO IJ, +13.4%) and Aneka Tambang (ANTM IJ, +13.3%).
We analyzed earnings revisions for MS-China index constituents in May 2026, finding the index 2026E EPS declined 1.1% month on month to 6.353 from 6.420, with 182 stocks revised up and 260 revised down. The MS-China index fell 3.5% over the month to 76.05, with individual stock EPS revisions contributing -¥0.0725 to the index EPS change. PDD had the largest negative impact at -¥0.025 to index EPS, followed by TENCENT at -¥0.015, while NETEASE provided the largest positive contribution at +¥0.0097. Among individual stock EPS revisions, TONGWEI (+458%) and Xinjiang Daqo (+327%) posted the sharpest increases, while NEW HOPE LIUHE (-73.9%) and MAXSCEND MICROELECTRONICS (-54.6%) saw the steepest declines. On the revenue side, XIAMEN TUNGSTEN led increases at +88.0% while WINGTECH TECHNOLOGY saw the largest cut at -80.4%.
We analyzed the earnings revision of MS-Australia index constituents for May 2026. The index rose 0.47% to 1,715, while the 2026E consensus EPS declined 0.12% month-on-month to A$92.36, with 18 stocks revised up against 24 revised down. Individual stock EPS revisions contributed -A$0.0815 to the index EPS change. The largest negative EPS impacts came from CSL (ΔIndex EPS=-A$0.28, stock EPS -8.3%), National Australia Bank (ΔIndex EPS=-A$0.20, stock EPS -5.0%), and Evolution Mining (ΔIndex EPS=-A$0.13), while Woodside Energy (ΔIndex EPS=+A$0.23, stock EPS +2.1%) and ANZ (ΔIndex EPS=+A$0.15, stock EPS +0.4%) were the top positive contributors. On a stock EPS revision basis, BHP (+3.74%), Pro Medicus (+3.49%), and Fortescue (+2.32%) led the upgrades, while CSL (-8.32%), National Australia Bank (-4.97%), and Brambles (-4.81%) saw the steepest cuts.
We analyzed the earnings revision of MS-India index constituents for May 2026, with the index declining 0.60% from 2,896 to 2,879 and the 2027E consensus EPS falling 4.2% month-on-month from 142.7 to 136.7, with 46 stocks revised up versus 104 revised down. Individual stock EPS revisions contributed an estimated -₹2.49 to the index EPS change. The largest drag came from Vedanta (VEDL IN, index EPS impact -₹4.71, driven by weight drift), Hindustan Petroleum (HPCL IN, -₹1.13, 2027E EPS -80.6%), and Bharat Petroleum (BPCL IN, -₹0.49, 2027E EPS -42.8%), while Hindalco Industries (HNDL IN, +₹0.45) and Oil and Natural Gas (ONGC IN, +₹0.39) were the top positive contributors. On a percentage basis, Grasim Industries (GRASIM IN) led EPS upgrades at +198% month-on-month, while Hindustan Petroleum (-80.6%), Bharat Petroleum (-42.8%), and Indian Oil (-24.6%) saw the steepest EPS cuts.
We analyzed the consensus EPS revisions of MS-Taiwan index constituents for May 2026. The index rose 15% over the month from 1,749 to 2,015, while the 2026E index EPS edged up 1.2% month on month to NT$79.89 from NT$78.94, with 48 stocks revised up and 22 revised down. By index EPS impact, Nan Ya Plastics contributed the largest positive attribution (+NT$0.64), while Hon Hai Precision (-NT$0.34), TSMC (-NT$0.32), and Catcher Technology (-NT$0.30) were the largest negative contributors. At the stock level, the biggest EPS upgrades were in Nan Ya Plastics (+74.3%), Gigabyte Technology (+18.5%), and King Slide Works (+16.6%), while the steepest cuts were in China Steel (-26.7%), Taiwan Cement (-22.8%), and China Airlines (-14.4%).
We analyzed the earnings revision of MS-South Korea index constituents for May 2026, with the index rising 37% from 2,279 to 3,131 and the 2026E consensus EPS increasing 13% month-on-month to 314.1 from 277.1. Individual stock EPS revisions contributed an estimated 37.5 won to the index EPS change, with 43 stocks revised up versus 27 revised down. On index EPS impact, Samsung Electronics led with +12 won contribution (EPS +14.9%), followed by SK Hynix at +11 won (driven by weight drift), and SK SQUARE at +7.0 won (EPS +45.7%). On standalone EPS revision, the top gainers were ECOPRO (+198%), SK (+169%), and SK Innovation (+130%), while the sharpest cuts were at LG Energy Solution (-42.6%), Korean Air Lines (-38.5%), and LG Chem (-26.8%).
We analyzed earnings revisions for MS-Japan index constituents in May 2026, with the index rising 6.6% from 2,290 to 2,441 and the estimated 2027E index EPS increasing 2.2% month-on-month to 139.5 from 136.5. Individual stock EPS revisions contributed approximately 1.52 to index EPS changes, with 101 stocks revised up and 68 revised down. On the positive side, Kioxia led with a 70.3% EPS revision and the largest index EPS contribution of +1.62, followed by Mitsubishi (+10.5% EPS, +0.34 index impact), Orix (+18.6% EPS, +0.27 index impact), and Mitsubishi UFJ Financial (+2.9% EPS, +0.23 index impact). On the negative side, Rakuten saw the steepest EPS cut at -31.2%, followed by Takeda Pharmaceutical (-25.1%, -0.17 index impact), while Toyota Motor posted the largest negative index EPS contribution of -0.31 despite only a -3.0% EPS revision.
We analyzed consensus EPS revisions for NIFTY 50 component stocks in May 2026, estimating the index 2027E EPS at 1,235, up 0.18% month on month from 1,232 in April, even as the index fell 1.9% to 23,548. Breadth was negative, with 12 stocks seeing upward EPS revisions versus 34 revised down. On the positive side, Grasim Industries led with a 2027E EPS revision of +198%, followed by Hindalco Industries (+19.4%) and Oil & Natural Gas (+11.4%), contributing index EPS impacts of +₹2.3, +₹5.2, and +₹3.9 respectively. On the negative side, InterGlobe Aviation saw the steepest EPS cut at -12.8%, while Bharti Airtel (-4.8%) and State Bank of India (-2.0%) were the largest detractors from index EPS, reducing it by ₹2.1 and ₹1.6 respectively.
We analyzed the earnings revisions of CSI 100 component stocks for May 2026, estimating the index's 2026E EPS fell to 267.5 from 270.7 in April, a decline of 1.2% month on month, while the index itself rose 1.4% from 4,737 to 4,802. Individual stock EPS revisions contributed -¥3.29 to the index EPS change, with 37 stocks revised up and 45 revised down. The largest drag on index EPS came from China Vanke (ΔIndex EPS=-¥0.80), China State Construction Engineering (ΔIndex EPS=-¥0.48), Seres (ΔIndex EPS=-¥0.47), and Tongwei (ΔIndex EPS=-¥0.44), while CSSC was the top positive contributor (ΔIndex EPS=+¥0.56). At the stock level, the sharpest EPS upgrades were in Tongwei (+458% MoM) and Chongqing Zhifei Biological Products (+52.5%), while the steepest cuts were in Poly Developments and Holdings (-43.6%), China Merchants Shekou (-36.3%), and Seres (-30.7%).
We analyzed earnings revisions for CSI 300 component stocks in May 2026. The index rose 1.8% from 4,807 to 4,892, while the 2026E consensus EPS fell 1.5% month on month to 311.4 from 316.0, with 155 stocks revised down versus 80 revised up. Individual stock EPS revisions contributed -4.75 to the index EPS change. The largest negative contributors were CHINA VANKE (-0.49 to index EPS, stock EPS -29.6%), Wuliangye (-0.48, EPS -20.5%), BANK OF BEIJING (-0.33, EPS -10.6%), and SERES (-0.29, EPS -30.7%), while CSSC (+0.34, EPS +19.0%) and ZIJIN MINING (+0.21, EPS +2.3%) were the top positive contributors. Among individual EPS revisions, YONYOU NETWORK TECHNOLOGY led gains at +1,745%, followed by TONGWEI (+458%) and Xinjiang Daqo (+327%), while NEW HOPE LIUHE (-73.9%), MAXSCEND MICROELECTRONICS (-54.6%), and SERES (-30.7%) saw the steepest cuts. On revenue, CAMBRICON (+25.2%) and TONGLING NONFERROUS METALS (+25.1%) led upgrades, while Wuliangye (-19.1%) and JINKO SOLAR (-17.2%) saw the largest revenue estimate reductions.
We analyzed the EPS revision of STAR50 component stocks for May 2026, estimating the index's 2026E EPS at ¥24.38 as of end-May, down ¥0.39 (-1.6%) from ¥24.77 in April, with 15 stocks revised up versus 14 revised down. The STAR50 index itself rose 11% over the month from 1,571 to 1,751, and individual stock EPS revisions contributed -¥0.435 to the index EPS change. The largest positive contributor to index EPS was Cambricon (688256 CH), with a +¥0.30 index EPS impact driven by a 21.0% EPS upgrade, while the largest drag came from Jinko Solar (688223 CH) at -¥0.30 and Bestechnic (688608 CH) at -¥0.22. At the stock level, Xinjiang Daqo (688303 CH) led EPS upgrades at +327% month-on-month, followed by United Nova Technology (688469 CH) at +60.0%, while Bestechnic saw the steepest EPS cut at -43.5%, with revenue estimates also falling 23.0%. On revenue, Cambricon posted the strongest upgrade at +25.2%, while solar names dominated the downside, with Jinko Solar (-17.2%), Trina Solar (-9.25%), and CSI Solar (-7.19%) all seeing material cuts.
We analyzed the earnings revisions of HSI component stocks for May 2026, estimating the index's 2026E EPS at HK$2,199 as of end-May, up 0.12% month-on-month from HK$2,196 in April. The HSI index fell 1.7% over the month, from 25,777 to 25,328, with 47 stocks seeing upward EPS revisions versus 28 downward. The top positive contributors to index EPS were CCB (+HK$2.99), ICBC (+HK$2.60), and HSBC (+HK$1.95), while the largest detractors were MEITUAN (-HK$4.32), XIAOMI (-HK$3.27), and Kuaishou (-HK$1.96). At the stock level, the sharpest EPS upgrades were MEITUAN (+314%) and Orient Overseas (+16.6%), while the deepest cuts were LI AUTO (-27.5%), BYD Electronic (-22.1%), and Kuaishou (-8.3%). On revenues, Innovent Biologics led upgrades (+5.97%) while CK Infrastructure saw the steepest decline (-9.02%).
We analyzed the earnings revision of HSCEI component stocks for May 2026, covering consensus EPS and revenue estimate changes over the month. The HSCEI index declined 2.5% in May, from 8,682 to 8,463, while the index's 2026E EPS was nearly flat, edging up 0.037% month on month to HK$813.1 from HK$812.8, with 30 stocks revised up and 17 revised down. The largest negative contributors to index EPS were Meituan (3690 HK, impact: -HK$2.2), Xiaomi (1810 HK, -HK$1.6), and Kuaishou (1024 HK, -HK$0.97), while CCB (939 HK, +HK$1.6) and ICBC (1398 HK, +HK$1.4) were the top positive contributors. At the stock level, Meituan posted the largest EPS upgrade at +314% month on month, followed by Horizon Robotics at +15.1%, while Li Auto suffered the steepest cut at -27.5%, followed by Kuaishou at -8.3% and Xiaomi at -7.6%. On revenue, Innovent Biologics led upgrades at +5.97%, while Xiaomi saw the sharpest revenue cut at -4.45%.
We analyzed the 2026E earnings revisions of HS TECH index component stocks for May 2026. The index consensus EPS fell 2.6% month-on-month to HK$235.8 from HK$242.1, with 16 stocks revised down against 11 revised up, while the HS TECH index itself rose 0.74% over the period from 4,871 to 4,908. Individual stock EPS revisions contributed -HK$6.35 to the index EPS in aggregate. MEITUAN (HK$-2.55), Kuaishou (HK$-1.73), XIAOMI (HK$-1.38), and LI AUTO (HK$-1.01) were the largest drags on index EPS, while JD.COM contributed the most positively at +HK$1.70. Among individual stock EPS revisions, NIO saw the sharpest consensus cut at -38.1% month-on-month and LI AUTO fell -27.5%, while JD.COM gained +5.4% and BIDU rose +4.8%.
Hang Seng announced Hansoh Pharma and Akeso as ADDs, and Sunny Optical and Haier Smart Home as DELETEs, effective 8 Jun 2026. Our 23 Apr forecast called both DELETEs and Hansoh Pharma, but WuXi Biologics was not announced and Akeso was not in the formal slate. Both ADD names fell through pre-announcement window and enter bridge window with negative pre-announcement returns, below the historical ADD pre-announcement return.
Hang Seng Indexes announced three HSI ADDs and no DELETE for the May 2026 review after market close. We reviewed three ADDs against 13 prior HSI rebalance cycles and the completed post announcement setup. The prior forecast identified BeOne and no DELETE, while J&T Express and Chalco were outside the forecast slate.
Hang Seng announced index review for the June 2026 Rebalance. Our pre-announcement note dated 11 May 2026 called both ADD candidates and both DELETE candidates correctly, with zero false positives and zero misses. We analyzed dynamics around two ADDs, from historical perspective, on the post-announcement positioning. We also analyzed dynamics around two DELETEs.
We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups. DELETE: WPreA was positive, but CH and HK High-vel history still supports shorts. ADD: CH High-vel was stretched; WAI history is positive but inconsistent.
We analyzed the post-announcement return pattern of MSCI Japan rebalance stocks in the context of past MSCI Japan cycles. DELETE: 14 names averaged −5.3% WPreA alpha before announcement; all 14 negative; flat on WAI Day 1. HIGH and MID-velocity names historically produce negative WAI alpha. LOW-velocity names historically fall post-implementation. ADD: All three stocks ran +18–21% WPreA alpha before announcement. WAI Day 1 returns split by velocity group. Historical ADD WAI alpha is mixed across prior cycles.
We analyzed the April 2026 earnings revisions for Hang Seng Index (HSI) component stocks and found the index 2026E consensus EPS rose 0.55% month-on-month to HK$2,196, with 40 stocks revised up versus 29 revised down. The HSI index gained 4.6% over the month from 24,788 to 25,926, and individual stock EPS revisions contributed HK$12.6 to the index EPS change. The largest positive contributors to index EPS were CNOOC (+HK$4.6), CCB (+HK$2.8), and HSBC (+HK$1.8), while ALIBABA (-HK$2.3) and MEITUAN (-HK$1.3) were the largest detractors. At the individual stock level, MEITUAN posted the sharpest EPS upgrade at +1,487% MoM, followed by LI AUTO (+7.80%) and CNOOC (+4.96%), while BYD Electronic saw the steepest EPS cut at -8.25%, followed by SANDS CHINA (-3.40%) and ALIBABA (-2.99%).
We analyzed the 2026E EPS and revenue revisions for HS TECH index component stocks in April 2026, finding that the index's consensus 2026E EPS fell -1.5% month-on-month to HK$236.9 from HK$240.5, with individual stock EPS revisions contributing -HK$1.89 to the index EPS change. The HS TECH index rose 5.4% over the month from 4,650 to 4,902, despite the deteriorating earnings outlook, with only 7 stocks seeing upward EPS revisions versus 15 revised down. On index EPS impact, MEITUAN (3690 HK) was the largest detractor at -HK$0.76, while JD.COM (9618 HK) was the top positive contributor at +HK$0.74, followed by XIAOMI (1810 HK, -HK$0.58), ALIBABA (9988 HK, -HK$0.54), and BYD (1211 HK, -HK$0.39). On stock-level EPS revisions, MEITUAN led gains with a +1,487% increase in 2026E EPS estimates, while BYD Electronic (285 HK) saw the steepest cut at -8.25%, followed by KINGSOFT (3888 HK, -4.97%) and ALIBABA (9988 HK, -2.99%).
We analyzed the earnings revisions of HSI component stocks for April 2026, estimating the index's 2026E EPS at HK$2,221 as of end-April, up 0.58% from HK$2,208 in March. The HSI rose 4.8% over the month (24,788 to 25,978), with 40 stocks seeing upward EPS revisions versus 29 downward, and individual stock EPS revisions contributing HK$13.4 in aggregate to the index EPS change. The largest positive contributors to index EPS were CNOOC (HK$+4.6), CCB (HK$+2.9), and HSBC (HK$+2.3), while ALIBABA (HK$-2.0) and MEITUAN (HK$-1.3) were the top detractors. At the stock level, MEITUAN posted the largest EPS upgrade (+1,487% MoM on a low base), followed by LI AUTO (+7.80%) and CNOOC (+4.96%), while BYD Electronic (-8.25%), SANDS CHINA (-3.40%), and ALIBABA (-2.99%) recorded the steepest cuts.
We analyzed the consensus earnings revisions of HSCEI component stocks for April 2026. The index's 2026E EPS rose 0.92% month on month to HK$807.9, up from HK$800.5 in March, with 26 stocks revised up and 16 revised down. Individual stock EPS revisions contributed HK$5.88 to index EPS changes over the month, against a 4.8% gain in the HSCEI index from 8,374 to 8,776. By absolute impact on index EPS, CNOOC (883 HK) was the largest positive contributor at +HK$2.4, followed by CCB (939 HK) at +HK$1.7 and ICBC (1398 HK) at +HK$0.78, while ALIBABA (9988 HK) was the largest detractor at -HK$0.71 and MEITUAN (3690 HK) detracted HK$0.65. By percentage EPS revision, MEITUAN led the upside at +1,487%, followed by LI AUTO at +7.80% and HORIZON ROBOTICS at +7.13%, while SHENZHOU INTERNATIONAL fell the most at -3.34%, with ALIBABA down -2.99% and XIAOMI down -2.32%.
We analyzed consensus EPS revisions for CSI 100 component stocks in April 2026, estimating the index's 2026E EPS at 271.0 at month-end, down 0.61% from 272.6 in March. The CSI 100 index rose 9.4% over the period, from 4,330 to 4,737, while individual stock EPS revisions collectively subtracted ¥1.81 from the index EPS, with 34 stocks revised up against 47 revised down. The largest positive contributors to index EPS were ZHONGJI INNOLIGHT (300308 CH, +¥1.73 to index EPS) and GIGADEVICE SEMICONDUCTOR (603986 CH, +¥0.70), while MUYUAN FOODS (002714 CH, -¥1.26) and Moutai (600519 CH, -¥1.08) were the largest detractors. On a percentage basis, TONGWEI (600438 CH) saw the steepest EPS cut at -88.1% and MUYUAN FOODS fell -48.6%, while CHONGQING ZHIFEI BIOLOGICAL PRODUCTS (300122 CH) posted the largest upgrade at +513% and GIGADEVICE SEMICONDUCTOR rose +79.0%.
We analyzed the April 2026 earnings revisions of CSI 300 component stocks, estimating the index's 2026E EPS at 316.3 as of end-April, down -0.88% month-on-month from 319.1 in March, while the index itself rose 8.0% from 4,450 to 4,807. Individual stock EPS revisions attributed -¥3.04 to the index's EPS, with 86 stocks revised up versus 148 revised down. The largest positive contributor to index EPS was ZHONGJI INNOLIGHT (300308 CH, +¥1.05), driven by a 22.0% EPS upgrade and 50.6% price gain, while MUYUAN FOODS (002714 CH, -¥0.77), WENS FOODSTUFF (300498 CH, -¥0.72), and Moutai (600519 CH, -¥0.66) were the heaviest drags. On a stock EPS revision basis, the top upgrades were CHONGQING ZHIFEI BIOLOGICAL PRODUCTS (+513%), KUNLUN TECH (+222%), and GUANGZHOU AUTOMOBILE (+127%), while the steepest cuts were in Xinjiang Daqo (-97.8%), TONGWEI (-88.1%), and CHINA EASTERN AIRLINES (-56.6%).
We analyzed the consensus EPS revisions of STAR50 index components for April 2026. The STAR50 index rose 25% over the month, from 1,256 to 1,571, while the index's 2026E EPS edged up 1.0% month on month to 24.81, with individual stock EPS revisions contributing +0.312 to index EPS. Among the 50 components, 16 stocks saw upward EPS revisions versus 19 downward. The largest positive contributor to index EPS was Biwin Storage (688525 CH), with an EPS revision of +79.9% and an index EPS attribution of +1.16; Kingsoft Office Software (688111 CH) also contributed positively with an EPS revision of +15.0% and attribution of +0.109. On the negative side, TRANSSION (688036 CH) was the biggest drag at an EPS revision of -30.5% and index EPS attribution of -0.394, followed by Roborock (688169 CH) at -17.2% and -0.202, Supcon Technology (688777 CH) at -19.6% and -0.112, and Xinjiang Daqo (688303 CH) with the steepest EPS cut at -97.8%.
We analyzed the consensus EPS revisions of NIFTY 50 component stocks for April 2026, estimating the index's 2027E EPS at 1,232 as of end-April, up 0.48% month-on-month from 1,227 in March, while the NIFTY index itself rose 7.5% over the month from 22,331 to 23,998. Individual stock EPS revisions attributed a net -₹11.0 to index EPS, with 14 stocks revised up and 34 revised down. The largest positive index EPS contributor was Tata Motors Passenger Vehicles (+₹16.4, driven by weighting change from index inclusion), while the largest detractors were HDFC Bank (-₹2.23, EPS -1.1%), InterGlobe Aviation (-₹2.22, EPS -22.5%), and Reliance Industries (-₹2.17, EPS -2.1%). At the stock level, the steepest EPS cuts were in InterGlobe Aviation (-22.5%), JIO Financial Services (-14.7%), UltraTech Cement (-10.2%), and Maruti Suzuki India (-7.3%), while Adani Enterprises (+3.3%), Nestle India (+3.1%), and Tech Mahindra (+2.8%) led EPS upgrades.
We analyzed the earnings revision of MS-Japan index constituents for April 2026, finding that the index's 2027E EPS declined by -0.63% month on month to 136.6, with 83 stocks revised up and 83 revised down. The MS-Japan index itself rose 7.5% over the month, from 2,130 to 2,290. Individual stock EPS revisions contributed -¥0.456 in aggregate to the index EPS. The largest positive contributors to index EPS were Mitsubishi UFJ Financial (+¥0.26) and Mizuho Financial (+¥0.20), while Honda Motor (-¥0.63) and Toyota Industries (-¥0.38) were the largest drags. At the stock level, the steepest EPS cuts were in Nissan Motor (-47.6%), Honda Motor (-41.9%), and ANA (-20.8%), while Idemitsu Kosan (+12.1%), Shimizu (+10.9%), and Sompo (+10.5%) led EPS upgrades.
We analyzed the EPS revision of MS-South Korea index constituents for April 2026, with the index rising 34% from 1,703 to 2,279 and the 2026E index EPS increasing 24% month-on-month from ₩223.2 to ₩276.4, with 40 stocks revised up versus 33 revised down. Individual stock EPS revisions contributed an estimated ₩72.1 to the index EPS change, led by SK Hynix (+₩28.8 index EPS impact, EPS +40.1%) and Samsung Electronics (+₩24.9 index EPS impact, EPS +38.7%), while SK Square (-₩1.96), KEPCO (-₩0.35), and Korean Air Lines (-₩0.30) were the largest negative contributors. On a stock-level basis, the largest EPS upgrades were SK Innovation (+79.3%), Samsung SDI (+48.9%), and SK Hynix (+40.1%), while Korean Air Lines (-48.9%), HYBE (-29.1%), and LG Energy Solution (-25.4%) saw the steepest EPS cuts. Revenue estimates were also broadly lifted, with SK Hynix (+28.7%), Samsung Electronics Preferred (+18.1%), and Samsung Electronics (+16.8%) leading on the upside, and Alteogen (-5.1%) and Samsung Biologics (-3.8%) among the few with revenue downgrades.
We analyzed the earnings revision of MS-Taiwan index constituents for April 2026, finding that the index's 2026E EPS rose 4.2% month on month to NT$79.54 (from NT$76.35 in March), with 49 stocks revised up versus 11 revised down. The MS-Taiwan index itself gained 25% in April, moving from 1,398 to 1,749, and individual stock EPS revisions contributed an estimated NT$3.39 to the index EPS change. On a stock level, the largest positive EPS impacts came from TSMC (+NT$1.70 to index EPS, stock EPS up 7.4%), Yuanta Financial (+NT$0.22, EPS +16.7%), Formosa Chemicals & Fibre (+NT$0.20, EPS +105.9%), and Nan Ya Plastics (+NT$0.18, EPS +28.6%). The steepest month-on-month EPS upgrades by percentage were Formosa Chemicals & Fibre (+106%), Formosa Plastics (+93.3%), and China Steel (+37.9%), while the largest EPS cuts were in Yang Ming Marine (-10.7%), Eva Airways (-8.9%), and China Airlines (-5.2%).
We analyzed the earnings revision of MS-India index components for April 2026, estimating the index's 2027E EPS at 143.2 as of end-April, down 2.0% month on month from 146.1 in March. The index itself rose 7.4% over the month, from 2,697 to 2,896, with 43 stocks seeing upward EPS revisions versus 106 revised down. Individual stock EPS revisions attributed -1.17 to the index's EPS change. The largest positive contributor to index EPS was Vedanta (VEDL IN), adding +1.05 to index EPS on an 11.5% EPS increase, while HDFC Bank (HDFCB IN) and ICICI Bank (ICICIBC IN) were the top detractors, contributing -0.61 and -0.60 respectively. At the stock level, the steepest EPS cuts were in InterGlobe Aviation (INDIGO IN) at -22.5% and Indian Oil (IOCL IN) at -14.8%, while Oracle Financial Services Software (OFSS IN) led upgrades with a +16.0% EPS revision.
We analyzed EPS revisions for MS-Australia index constituents in April 2026, with the index rising 1.9% from 1,674 to 1,707. The index's 2026E EPS estimate increased 48% month on month to A$92.47 from A$62.63, though individual stock EPS revisions contributed a net -A$0.898 to index EPS, with 10 stocks revised up versus 31 revised down. On EPS revision, the top gainers were Woodside Energy (+28.7%) and Washington H Soul Pattinson (+11.6%), while the top decliners were Transurban (-28.0%), Lynas Rare Earths (-19.4%), Qantas Airways (-11.5%), National Australia Bank (-10.3%), and Evolution Mining (-7.74%). By index EPS impact, BHP contributed the largest positive attribution at +A$4.9, followed by Woodside Energy (+A$2.0) and Westpac (+A$1.9). On revenue, Woodside Energy led with a +6.99% increase, while Stockland saw the sharpest decline at -14.0%.
We analyzed the April 2026 consensus EPS revisions for MS-Indonesia index constituents, tracking month-on-month changes in 2026E EPS and revenue estimates across the index. The MS-Indonesia index declined 6.2% over the month, from 5,101 to 4,783, with 15 stocks revised up and 28 revised down on 2026E EPS. Bank Mandiri (BMRI IJ) had the largest positive contribution to index EPS at +IDR24, followed by Astra Intl (ASII IJ, +IDR13) and Telkom Indonesia (TLKM IJ, +IDR12). Among individual EPS revisions, Barito Pacific (BRPT IJ) rose the most at +81.2%, Solusi Sinergi Digital (WIFI IJ) gained +43.8%, and Medco Energi Internasional (MEDC IJ) gained +17.5%. XL Axiata (EXCL IJ) saw the steepest EPS cut at -11.1%, followed by Merdeka Copper Gold (MDKA IJ, -10.4%) and BFI Finance Indonesia (BFIN IJ, -9.59%).
We analyzed the earnings revision of MSCI China (MS-China) index constituents for April 2026, estimating the index's 2026E EPS at 6.492 as of end-April, up 0.91% month-on-month from 6.434 in March, while the index itself rose 3.3% from 76.33 to 78.85. Individual stock EPS revisions contributed -0.0239 to index EPS changes, with 170 stocks revised up versus 259 revised down. The top positive contributors to index EPS were CCB (+0.023 to index EPS), Tencent (+0.019), ICBC (+0.014), JD.com (+0.0087), and BOC (+0.0074). Among individual stock EPS revisions, the largest month-on-month increases were Meituan (+1,469%), Chongqing Zhifei Biological Products (+513%), and Kunlun Tech (+222%), while the steepest declines were Xinjiang Daqo (-97.8%), Tongwei (-88.1%), and CICT Mobile Communication Technology (-77.8%).
We measured cross-window alpha for the 53 names in the Feb 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation). We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades. We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.
We measured cross-window alpha for the 53 names in the Feb 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation). We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades. We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.
We measured cross-window alpha for the 53 names in the March 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation). We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades. We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.
We analyzed the consensus earnings revision of MS-China index component stocks for March 2026, estimating the index's 2026E EPS at ¥6.369, a decline of -2.9% month-on-month, with 144 stocks revised up versus 207 revised down. The MS-China index fell -6.0% in March from 81.21 to 76.33, with individual stock EPS revisions contributing -¥0.142 to the index's EPS change. The largest negative contributors to index EPS were Alibaba (ΔIndex EPS=-¥0.064, EPS -16.9%), PDD (ΔIndex EPS=-¥0.031, EPS -6.3%), Xiaomi (ΔIndex EPS=-¥0.025, EPS -20.6%), Meituan (ΔIndex EPS=-¥0.023), and Tencent (ΔIndex EPS=-¥0.019), while PetroChina (+14.4%) and NIO (+38.3% loss narrowing) led on the upside. Among the most notable individual EPS revisions, TCL Zhonghuan saw a +207% upward revision, United Nova Technology +150.0%, and Biwin Storage +102%, while Robotechnik Intelligent Technology (-75.8%), Flat Glass (-52.0%), and Li Auto (-49.0%) experienced the steepest downgrades.
We analyzed the consensus earnings revisions of MS-Indonesia component stocks for March 2026, covering a universe of 678 stocks with 524 upward and 154 downward EPS revisions. The MS-Indonesia index declined 13% in March from 5,837 to 5,101, with the index's 2026E EPS falling 17% month-on-month from IDR424.0 to IDR352.9. The largest negative contributors to index EPS were Bank Mandiri (BMRI IJ, -IDR29), Telkom Indonesia (TLKM IJ, -IDR14), and Astra International (ASII IJ, -IDR13), driven primarily by weight drift from price declines. Among individual stock revisions, APA Corporation (APA US) led upward EPS revisions at +93.2%, followed by Caesars Entertainment (CZR US) at +88.9%, while Chandra Asri Petrochemical (TPIA IJ) saw the steepest cut with EPS revised down 100%, followed by American Airlines (AAL US) at -44.9% and MP Materials (MP US) at -43.9%.
We analysed the consensus earnings revision of MS-Australia component stocks for March 2026, estimating the index's 2026E EPS at A$88.36, down 1.5% month-on-month from A$89.66, with 85 stocks revised up versus 26 revised down. The index declined 7.0% in March from 1,801 to 1,674, with the largest negative EPS impacts from BHP (ΔIndex EPS -A$4.0), Commonwealth Bank of Australia (-A$3.0), National Australia Bank (-A$2.1), Westpac (-A$2.0), and ANZ (-A$2.0), predominantly driven by weight drift. Among individual stock EPS revisions, Woodside Energy led upgrades with a 88.7% increase, followed by Micron Technology (+74.0%) and Santos (+61.5%), while Boeing Company saw the steepest downgrade at -98.5%, followed by Northern Star Resources (-15.2%) and Alibaba (-15.2%).
We analyzed the consensus earnings revisions of MS-India component stocks for March 2026, covering 107 stocks of which 37 saw 2027E EPS revised up and 70 revised down. The MS-India index declined 10% in March (from 2,951 to 2,652), while the index's aggregate 2027E EPS rose 5.2% month-on-month to ₹140.2. Among individual stocks, Oil & Natural Gas led EPS upgrades (+9.07%), followed by Oil India (+2.29%) and DLF (+1.75%), while Eternal (-7.31%), Balkrishna Industries (-5.25%), and InterGlobe Aviation (-5.13%) saw the largest EPS downgrades. By absolute impact on index EPS, Tata Motors Passenger Vehicles (+₹1.7), Tata Motors (+₹0.84), and HDFC Bank (+₹0.43) were the top positive contributors, driven primarily by weighting changes amid the broad market selloff.
We analyzed the consensus earnings revision of MS-Taiwan index component stocks for March 2026, estimating that individual stock EPS revisions attributed NT$1.12 to the index's EPS change, with the index 2026E EPS rising 1.2% month-on-month to 76.68, while the index price fell 10.0% from 1,553 to 1,398. Net earnings breadth was positive with 43 stocks revised up versus 26 revised down; the top positive contributors to index EPS were Fubon Financial (2881 TT, +NT$0.20), Asia Vital Components (3017 TT, +NT$0.15), and Delta Electronics (2308 TT, +NT$0.15), while TSMC (2330 TT, -NT$0.24) and Hon Hai Precision (2317 TT, -NT$0.12) were the largest negative contributors driven by weight drift. Among individual stock EPS revisions, Innolux (3481 TT) led upgrades at +48.8%, followed by Elite Material (2383 TT, +16.6%) and Asia Vital Components (+13.2%), while Formosa Plastics (1301 TT, -60.4%) and China Steel (2002 TT, -41.5%) saw the steepest downgrades.
We analyzed the earnings revision of MSCI South Korea component stocks for March 2026, estimating the index's 2026E EPS at ₩220.0, up 5.6% month-on-month from ₩208.3, with 45 stocks revised up versus 22 revised down. The index level declined 21% during the month, while aggregate stock-level EPS revisions contributed a net ₩18.8 to index EPS. SK Hynix led positive impact on index EPS at +₩8.0 with EPS up 11.9%, followed by SKSQUARE (+₩2.9, EPS +32.1%) and Samsung EPIS (+₩1.1); Samsung Electronics had the largest negative impact at -₩4.2 on index EPS despite its own EPS rising 18.8%, driven by weighting effects. On the downside, Samsung SDI (-14.2%), POSCO FUTURE M (-13.9%), and Alteogen (-8.1%) saw the steepest individual EPS cuts.
We analyzed the consensus earnings revision of MS-Japan component stocks for March 2026, during which the index declined 10% from 2,379 to 2,130, while the index's 2027E EPS rose 1.7% month-on-month from ¥134.2 to ¥136.4, with 107 stocks revised up versus 63 revised down. Individual stock EPS revisions contributed ¥0.894 to the index EPS change, led on the positive side by Kioxia (285A JP, +¥0.42), Shimizu (1803 JP, +¥0.28), Mitsubishi (8058 JP, +¥0.27), and Mitsui & (8031 JP, +¥0.22), while Honda Motor (7267 JP, -¥0.31) and SoftBank (9984 JP, -¥0.19) were the largest negative contributors. Among individual stock EPS revisions, Nissan Motor (7201 JP) led with a +22.7% upward revision, followed by Kioxia (+19.0%) and Eneos (5020 JP, +18.3%), while Honda Motor (-15.4%) and SoftBank (-11.2%) saw the steepest downgrades.
We analyzed the earnings revision of STAR50 index component stocks for March 2026, estimating the index's 2026E EPS at ¥24.58, a decline of -2.0% month-on-month, with 9 stocks revised up versus 15 revised down. The STAR50 index fell -14% in March from 1,465 to 1,256, and individual stock EPS revisions attributed ¥0.512 to the index's EPS changes. Among the top movers, Biwin Storage contributed the largest positive impact at +¥0.68 to index EPS with its own EPS surging +102% MoM, while Xinjiang Daqo saw the steepest EPS cut at -30.5%, followed by JINKO SOLAR at -18.2% and CSI SOLAR at -7.8%. On the negative side, TIANNENG BATTERY had the largest adverse impact on index EPS at -¥0.22 due to its exclusion from the index, while TRANSSION detracted -¥0.11 on a -0.8% EPS revision.
We analyzed the consensus earnings revision of CSI 300 component stocks for March 2026, estimating the index's 2026E EPS at ¥319.9, a modest +0.19% month-on-month increase, while the index itself fell -5.9% from 4,729 to 4,450. Individual stock EPS revisions attributed a net ¥1.74 to the index's EPS change, with 68 stocks revised up versus 95 revised down. On the upside, ZIJIN MINING led with the largest positive impact on index EPS (+¥0.87), followed by PETROCHINA (+¥0.27), ZHONGJI INNOLIGHT (+¥0.24), and YUNNAN ALUMINIUM (+¥0.24, with the highest individual EPS upgrade of +29.2%); on the downside, PING AN INSURANCE had the largest negative impact (-¥0.28), while TONGWEI (-42.4%) and Xinjiang Daqo (-30.5%) saw the steepest individual EPS cuts.
We analyzed the consensus EPS revision of CSI 100 component stocks for March 2026. The index declined 6.5% during the month, while the aggregate 2026E index EPS edged up 0.19% month-on-month to ¥273.5, with 29 stocks revised up versus 32 revised down. The largest positive contributor was ZIJIN MINING (601899 CH), adding ¥1.39 to index EPS on an 11.4% EPS upgrade, followed by PETROCHINA (601857 CH) at +¥0.43 on a 15.3% EPS increase; on the downside, PING AN INSURANCE (601318 CH) detracted ¥0.53 from index EPS with a 1.3% EPS cut, and TONGWEI (600438 CH) saw the steepest individual EPS cut at -42.4%. We also highlighted notable revenue revision leaders including PETROCHINA (+8.0%) and ZHONGJI INNOLIGHT (+5.2%), while MUYUAN FOODS (-4.6%) and CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE (-3.8%) led revenue downgrades.
We analyzed consensus earnings revisions for NIFTY 50 component stocks during March 2026, a month in which the index declined 10% from 24,866 to 22,331. The index's 2027E EPS rose 1.9% month-on-month to ₹1,234, with 15 stocks revised up versus 26 revised down, and individual stock EPS revisions contributing ₹1.76 to the index-level change. HDFC Bank was the largest positive contributor to index EPS at +₹16, followed by State Bank of India at +₹8.0, Axis Bank at +₹4.5, and ICICI Bank at +₹4.0, while Reliance Industries was the top detractor at -₹6.1. Among individual stock EPS revisions, Oil & Natural Gas led upgrades with a +9.07% month-on-month increase, while Eternal (-7.31%) and InterGlobe Aviation (-5.13%) saw the steepest downgrades.