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 no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in December but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 7.5% resulting in a round-trip trade of US$5.5bn. There are 3 stocks with over half a yard to trade.</li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>, <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology</a>, <a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials</a>, <a href="https://www.smartkarma.com/entities/lam-research-corp" target="_blank" data-smartkarma-citation="entities:1116:1" rel="noopener">Lam Research</a>, <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp</a>, <a href="https://www.smartkarma.com/entities/texas-instruments-inc" target="_blank" data-smartkarma-citation="entities:18804:1" rel="noopener">Texas Instruments</a> and <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</a>. </li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in December but there are a lot of float and capping changes.
Estimated one-way turnover is 7.5% resulting in a round-trip trade of US$5.5bn. There are 3 stocks with over half a yard to trade.
The largest flows will be in NVIDIA, Micron Technology, Applied Materials, Lam Research, Intel Corp, Texas Instruments and TSMC (Taiwan Semiconductor Manufacturing) - ADR. 


MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$5.5bn Trade

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We highlight a growing divergence within the analog semiconductor space.</li><li>The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.</li><li>In contrast, the mobile radio frequency front-end (RFFE) market remains under pressure, while automotive RFFE emerges as a key strategic growth frontier.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We highlight a growing divergence within the analog semiconductor space.The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.In contrast, the mobile radio frequency front-end (RFFE) market remains under pressure, while automotive RFFE emerges as a key strategic growth frontier.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility</li>
<li>But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months</li>
<li>USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument</li>
</ul>


US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility
But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months
USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument


Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.</li>
<li>Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.</li>
<li>If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.</li>
</ul>


China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.
Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.
If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.


Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Index Rebalance

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in September but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is the largest impact passive sell. </li>
<li>There will be more flows in a lot of these stocks from <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> at the close on Friday.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. Taiwan Semiconductor (TSMC) - ADR (TSM US) is the largest impact passive sell. 
There will be more flows in a lot of these stocks from Technology Select Sector SPDR (XLK US) at the close on Friday.


MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

United States

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments has manufacturing or sales operations worldwide.

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Texas Instruments (TXN US)

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$5.5bn Trade

There are no constituent changes for the index in Dec but there are float and capping changes. Estimated one-way turnover is 7.5% resulting in a...

Brian Freitas

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.

CMB International

Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....

Nicolas Baratte

Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...

Mint Finance

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$5.5bn Trade

There are no constituent changes for the index in Dec but there are float and capping changes. Estimated one-way turnover is 7.5% resulting in a...

Brian Freitas

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.

CMB International

Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

​USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....

Nicolas Baratte

Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

​China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...

Mint Finance

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....

China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...