Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 2nd. The aggregated holding was USD2,366.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD839mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 2nd. The aggregated holding was USD2,366.8bn.
We estimate that foreign flows to be outflows of USD839mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics, Delta Electronics.


TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Equity Bottom-Up

<ul><li>An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts.</li><li>Texas Instruments makes many of the small, cheap chips that step it down and keep it safe on the way.</li><li>It is spending tens of billions of dollars on its own American factories to make those chips more cheaply than anyone who rents factory space.</li></ul>

An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts.Texas Instruments makes many of the small, cheap chips that step it down and keep it safe on the way.It is spending tens of billions of dollars on its own American factories to make those chips more cheaply than anyone who rents factory space.

The most expensive chip in an AI rack runs on Texas Instruments' cheapest ones

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Asia ex-Japan funds returned 29.4% in 2025, with a tight dispersion and a few standout performers above 40%.</li>
<li>Tech and North Asia dominated returns, while India's flat performance created significant fund-level differentiation.</li>
<li>Relative performance was shaped by stock selection in Korea and Taiwan, offset by cash drag and missteps in India and Indonesia.</li>
</ul>


Asia ex-Japan funds returned 29.4% in 2025, with a tight dispersion and a few standout performers above 40%.
Tech and North Asia dominated returns, while India's flat performance created significant fund-level differentiation.
Relative performance was shaped by stock selection in Korea and Taiwan, offset by cash drag and missteps in India and Indonesia.


A High-Return Year for Asia Ex-Japan: What Drove Performance?

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 24th. The aggregated holding was USD2,357.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,743mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in MediaTek, Unimicron Technology, Kinsus Interconnect Technology, ASE Industrial, PharmaEssentia.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 24th. The aggregated holding was USD2,357.7bn.
We estimate that foreign flows to be inflows of USD3,743mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in MediaTek, Unimicron Technology, Kinsus Interconnect Technology, ASE Industrial, PharmaEssentia.


TWSE Foreign Holding Weekly (Sep 24th): MediaTek, Unimicron Technology, ASE Industrial

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 25th. The aggregated short interest was USD41.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Shin Kong Financial, Zhen Ding Technology, ASE Industrial, Nan Ya Plastics, Wistron.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 25th. The aggregated short interest was USD41.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Shin Kong Financial, Zhen Ding Technology, ASE Industrial, Nan Ya Plastics, Wistron.


TWSE Short Interest Weekly (Sep 25th): Shin Kong Financial, Zhen Ding Technology, ASE Industrial

Taiwan

Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors.  Delta also manufactures magnetic and networking components.

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Delta Electronics (2308 TT)

TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, TSMC, Zhen Ding Technology, Winbond...

Ke Yan, CFA, FRM

The most expensive chip in an AI rack runs on Texas Instruments' cheapest ones

An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts. Texas Instruments makes many of the...

The Physical Layer

A High-Return Year for Asia Ex-Japan: What Drove Performance?

Asia ex-Japan funds returned 29.4% in 2025, driven by tech and North Asia. A few standout names led gains, while India’s flat returns created sharp...

Steven Holden

TWSE Foreign Holding Weekly (Sep 24th): MediaTek, Unimicron Technology, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, Unimicron Technology, Kinsus...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 25th): Shin Kong Financial, Zhen Ding Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Zhen Ding Technology, ASE...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)