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

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

<ul>
<li>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).</li>
<li>We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.</li>
<li>The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).
We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.
The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.


TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul>
<li>Samsung is positioned as a global hub for the AI Supercycle, driven by a pivot to memory technology, and evidenced by a KRW 450T ($310 billion) local investment plan.</li>
<li>The Device Solutions division's Q3 2025 rebound (sales +19% sequentially) and an estimated 43.4% Fwd 2-Yr EPS CAGR support potential upside for the stock</li>
<li>The company has demonstrated a commitment to enhancing shareholder value by completing its 10T share repurchase program ahead of schedule and maintaining a consistent annual dividend payout through 2026.</li>
</ul>


Samsung is positioned as a global hub for the AI Supercycle, driven by a pivot to memory technology, and evidenced by a KRW 450T ($310 billion) local investment plan.
The Device Solutions division's Q3 2025 rebound (sales +19% sequentially) and an estimated 43.4% Fwd 2-Yr EPS CAGR support potential upside for the stock
The company has demonstrated a commitment to enhancing shareholder value by completing its 10T share repurchase program ahead of schedule and maintaining a consistent annual dividend payout through 2026.


[2026 High Conviction] Korean Mega Cap Investment: Samsung’s $310B Tech Spend, the AI-Momentum Trade

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

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

Research Reinvented

Equity Bottom-Up

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

<ul>
  <li>Advantest is a dominant force in the Automated Test Equipment (ATE) market, holding a significant global market share in a duopolistic industry structure with its primary competitor, Teradyne.</li>
  <li>The company is a key beneficiary of secular growth trends in the semiconductor industry, particularly the proliferation of Artificial Intelligence (AI), high-performance computing (HPC), and complex system-on-a-chip (SoC) designs, which drive demand for more sophisticated testing solutions.</li>
  <li>While exhibiting a robust growth trajectory and strong profitability, the stock trades at a premium valuation. Investors should also be aware of potential near-term stock price pressure due to index capping rules and the inherent cyclicality of the semiconductor industry.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Advantest is a dominant force in the Automated Test Equipment (ATE) market, holding a significant global market share in a duopolistic industry structure with its primary competitor, Teradyne.
  The company is a key beneficiary of secular growth trends in the semiconductor industry, particularly the proliferation of Artificial Intelligence (AI), high-performance computing (HPC), and complex system-on-a-chip (SoC) designs, which drive demand for more sophisticated testing solutions.
  While exhibiting a robust growth trajectory and strong profitability, the stock trades at a premium valuation. Investors should also be aware of potential near-term stock price pressure due to index capping rules and the inherent cyclicality of the semiconductor industry.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Advantest Corp (6857 JP) - Nov 2025

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)</a> delivered stellar returns this year, but after peaking in early November and pulling back all month, we see downside risk persisting.</li>
<li>We hypothesize the current rally may be a bear rally. If correct, our models indicate TSMC has nearly depleted this rebound and downside risk looms.</li>
<li>If we are wrong, TSMC could continue this rally to 1483-1581, the details as always are discussed in the insight.</li>
</ul>



TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) delivered stellar returns this year, but after peaking in early November and pulling back all month, we see downside risk persisting.
We hypothesize the current rally may be a bear rally. If correct, our models indicate TSMC has nearly depleted this rebound and downside risk looms.
If we are wrong, TSMC could continue this rally to 1483-1581, the details as always are discussed in the insight.


TSMC (2330 TT) Tactical Outlook After November's Pullback: Further Downside Risk Remains

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

<ul>
<li>Rapidus is currently moving in parallel with <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)</a> in targeting the 2nm, and is regarded as Japan’s core force in the advanced-process arena.</li>
<li>Rapidus plans to build a second fab in Hokkaido in FY2027. The facility is scheduled to begin 1.4nm volume production in 2029 to accelerate the catch-up with global leader TSMC.</li>
<li>During its mid-October earnings briefing, TSMC stated that 2nm will enter volume production as scheduled in 4Q this year, and that it will begin 1.4nm mass production in 2028.</li>
</ul>


Rapidus is currently moving in parallel with TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US) in targeting the 2nm, and is regarded as Japan’s core force in the advanced-process arena.
Rapidus plans to build a second fab in Hokkaido in FY2027. The facility is scheduled to begin 1.4nm volume production in 2029 to accelerate the catch-up with global leader TSMC.
During its mid-October earnings briefing, TSMC stated that 2nm will enter volume production as scheduled in 4Q this year, and that it will begin 1.4nm mass production in 2028.


TSMC (2330.TT; TSM.US): Rapidus Plans to Build a Second Fab to Begin 1.4nm Volume Production in 2029

Insights on Companies in the NVIDIA Supply Chain