Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Delta Electronics Thailand  / Equity Bottom-Up

<ul>
<li>Delta Thailand shares haven't recovered from their sharp drop at the end of September, which happened after the parent Delta Taiwan sold a stake in the Thai subsidiary.</li>
<li>Delta Thailand shares fell to the point that its market cap finally became smaller than Delta Taiwan, for the first time since December 2022.</li>
<li>Delta Thailand's market cap should be substantially smaller than its parent Delta Taiwan. We analyze what history tells us the further relative downside for Delta Thailand could be.</li>
</ul>


Delta Thailand shares haven't recovered from their sharp drop at the end of September, which happened after the parent Delta Taiwan sold a stake in the Thai subsidiary.
Delta Thailand shares fell to the point that its market cap finally became smaller than Delta Taiwan, for the first time since December 2022.
Delta Thailand's market cap should be substantially smaller than its parent Delta Taiwan. We analyze what history tells us the further relative downside for Delta Thailand could be.


Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022

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

Event-Driven

Delta Electronics Thailand  / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> / <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a> spread peaked earlier this year and has been trending lower for the last few months (but it is volatile!).</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> dropped 20% on Friday following <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a>'s placement of 0.72% of shares outstanding. The stock last closed 12.7% below the placement price.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a> still owns over 63% of <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> and there could be more downside for the Thailand line over the near term.</li>
</ul>


The Delta Electronics Thai (DELTA TB) / Delta Electronics (2308 TT) spread peaked earlier this year and has been trending lower for the last few months (but it is volatile!).

Delta Electronics Thai (DELTA TB) dropped 20% on Friday following Delta Electronics (2308 TT)'s placement of 0.72% of shares outstanding. The stock last closed 12.7% below the placement price.

Delta Electronics (2308 TT) still owns over 63% of Delta Electronics Thai (DELTA TB) and there could be more downside for the Thailand line over the near term.


Delta Electronics (DELTA TB / 2308 TT): Placement Increases Float; Ends Tender Offer Hope?

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential ADDs/DELs for Thailand's SET50 index rebalance in December 2023.</li>
<li>At present, I see <a href="https://www.smartkarma.com/entities/jmt-network-services-pcl" target="_blank" data-smartkarma-citation="entities:8581:1" rel="noopener">JMT Network Services (JMT TB)</a> as an expected ADD and <a href="https://www.smartkarma.com/entities/central-plaza-hotel-pcl" target="_blank" data-smartkarma-citation="entities:18213:1" rel="noopener">Central Plaza Hotel (CENTEL TB)</a> as an expected DEL.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> is two trading days away from skipping the MSM list in August 2023 and avoiding deletion in the December 2023 rebalance.</li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for Thailand's SET50 index rebalance in December 2023.
At present, I see JMT Network Services (JMT TB) as an expected ADD and Central Plaza Hotel (CENTEL TB) as an expected DEL.
Separately, Delta Electronics Thai (DELTA TB) is two trading days away from skipping the MSM list in August 2023 and avoiding deletion in the December 2023 rebalance.


Quiddity Leaderboard SET50 Dec 23: JMT Network Addition and Centel Plaza Deletion Likely

<ul>
<li>Delta Thailand has surged 22% in NT$ terms since our last piece, while Delta Taiwan rose only 6%. We see two potential trades here.</li>
<li>Delta Thailand reported its results on 27 July and beat expectations by 22%. Delta Taiwan will release its results on August 1st with its analyst call at 15:00 Taiwan time.</li>
<li>1) Potential Long Delta Taiwan event trade into Taiwan earnings 2) Long Delta Taiwan vs. Short Delta Thailand based on the relative prices reverting back to their end June ratio.</li>
</ul>


Delta Thailand has surged 22% in NT$ terms since our last piece, while Delta Taiwan rose only 6%. We see two potential trades here.
Delta Thailand reported its results on 27 July and beat expectations by 22%. Delta Taiwan will release its results on August 1st with its analyst call at 15:00 Taiwan time.
1) Potential Long Delta Taiwan event trade into Taiwan earnings 2) Long Delta Taiwan vs. Short Delta Thailand based on the relative prices reverting back to their end June ratio.


Delta Taiwan Vs. Thailand Monitor: Short Term Trade This Week on Delta Earnings; Or Pair Long/Short

<ul>
<li>In this insight, we take a look at the potential ADDs/DELs for Thailand's SET50 index rebalance in December 2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> - one of the largest SET 50 members - has been in the Market Surveillance Measure list a couple of times already this year.</li>
<li>Although this creates some doubts over the fate of DELTA's SET50 membership, at present, I believe DELTA will escape deletion in December 2023. </li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for Thailand's SET50 index rebalance in December 2023.

Delta Electronics Thai (DELTA TB) - one of the largest SET 50 members - has been in the Market Surveillance Measure list a couple of times already this year.
Although this creates some doubts over the fate of DELTA's SET50 membership, at present, I believe DELTA will escape deletion in December 2023. 


Quiddity Leaderboard SET50 Dec 23: DELTA Deletion Fears Unrealistic

Thailand

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

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Delta Electronics Thailand (DELTA TB)

Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022

Delta Thailand's market cap should be substantially smaller than its parent Delta Taiwan. We analyze what history tells us the further relative...

Vincent Fernando, CFA

Delta Electronics (DELTA TB / 2308 TT): Placement Increases Float; Ends Tender Offer Hope?

Delta Electronics Thai dropped 20% on Friday after Delta Electronics placed shares, and there could be more downside for the Thailand line. The...

Brian Freitas

Quiddity Leaderboard SET50 Dec 23: JMT Network Addition and Centel Plaza Deletion Likely

If you believe deletions fears have been factored into DELTA's share price, getting LONG DELTA vs the SET 50 index could be an interesting trade...

Janaghan Jeyakumar, CFA

Delta Taiwan Vs. Thailand Monitor: Short Term Trade This Week on Delta Earnings; Or Pair Long/Short

1) Long Delta Taiwan event trade into Delta Taiwan earnings or 2) Long Delta Taiwan vs. Short Delta Thailand based on the relative prices reverting...

Vincent Fernando, CFA

Quiddity Leaderboard SET50 Dec 23: DELTA Deletion Fears Unrealistic

The LONG DELTA vs the SET 50 index trade seems interesting as DELTA's deletion from the SET 50 index has been anticipated widely. However, care...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

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Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022

Delta Thailand's market cap should be substantially smaller than its parent Delta Taiwan. We analyze what history tells us the further relative...

Vincent Fernando, CFA

Delta Electronics (DELTA TB / 2308 TT): Placement Increases Float; Ends Tender Offer Hope?

​Delta Electronics Thai dropped 20% on Friday after Delta Electronics placed shares, and there could be more downside for the Thailand line. The...

Brian Freitas

Quiddity Leaderboard SET50 Dec 23: JMT Network Addition and Centel Plaza Deletion Likely

If you believe deletions fears have been factored into DELTA's share price, getting LONG DELTA vs the SET 50 index could be an interesting trade...

Janaghan Jeyakumar, CFA

Delta Taiwan Vs. Thailand Monitor: Short Term Trade This Week on Delta Earnings; Or Pair Long/Short

1) Long Delta Taiwan event trade into Delta Taiwan earnings or 2) Long Delta Taiwan vs. Short Delta Thailand based on the relative prices reverting...

Vincent Fernando, CFA

Quiddity Leaderboard SET50 Dec 23: DELTA Deletion Fears Unrealistic

The LONG DELTA vs the SET 50 index trade seems interesting as DELTA's deletion from the SET 50 index has been anticipated widely. However, care...

Janaghan Jeyakumar, CFA

Delta Electronics Thai dropped 20% on Friday after Delta Electronics placed shares, and there could be more downside for the Thailand line. The...