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>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and sell the deletes, further increasing flow for the stocks.</li>
<li>The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.</li>
</ul>


Constituent changes to the S&amp;P500 INDEX and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the S&amp;P500 INDEX and sell the deletes, further increasing flow for the stocks.
The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.


Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board</li>
<li>SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries</li>
<li>Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.</li>
</ul>


Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board
SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries
Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.


Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.</li>
<li>Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.</li>
<li>Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.</li>
</ul>


TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.
Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.
Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.


TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

<ul>
<li>The Stakes in the 6G Race: 100x Data Speeds &amp; AI-Driven Networks</li>
<li>Qualcom's Strategy vs. Mediatek's Gameplan to Win the 6G Battle -- Takeaways from MWC 2025 in Barcelona</li>
<li>Investment Takeaways: MediaTek vs. Qualcomm -- Maintain Structural Long for Mediatek but Qualcomm Could Offer Near-Term Relative Value Play</li>
</ul>


The Stakes in the 6G Race: 100x Data Speeds &amp; AI-Driven Networks
Qualcom's Strategy vs. Mediatek's Gameplan to Win the 6G Battle -- Takeaways from MWC 2025 in Barcelona
Investment Takeaways: MediaTek vs. Qualcomm -- Maintain Structural Long for Mediatek but Qualcomm Could Offer Near-Term Relative Value Play


MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Goertek Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goertek-microelectronics" target="_blank" data-smartkarma-citation="entities:44460:1" rel="noopener">Goertek Microelectronics (1961589D CH)</a>  is looking to raise up to US$400m in its upcoming Hong Kong IPO.</li>
<li>It is a subsidiary of <a href="https://www.smartkarma.com/entities/goertek-inc-a" target="_blank" data-smartkarma-citation="entities:11547:1" rel="noopener">Goertek Inc A (002241 CH)</a> , and is a world-leading provider of smart sensing interaction solutions.</li>
<li>In this note, we look at the firm's past performance</li>
</ul>



Goertek Microelectronics (1961589D CH)  is looking to raise up to US$400m in its upcoming Hong Kong IPO.
It is a subsidiary of Goertek Inc A (002241 CH) , and is a world-leading provider of smart sensing interaction solutions.
In this note, we look at the firm's past performance


Goertek Microelectronics: Too Reliant on Apple

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

Constituent changes to the S&P500 and capping changes result in a round-trip trade of US$16.3bn for the Select Sector. ECE, DASH, AMZN, TKO, TSLA,...

Brian Freitas

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy

MWC 2025 in Barcelona earlier this week showed the race for 6G dominance heating up as Qualcomm and MediaTek strategize for faster data speeds and...

Vincent Fernando, CFA

Goertek Microelectronics: Too Reliant on Apple

Goertek Microelectronics is looking to raise up to US$400m in its upcoming Hong Kong IPO. It is a provider of smart sensing interaction solutions....

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

Constituent changes to the S&P500 and capping changes result in a round-trip trade of US$16.3bn for the Select Sector. ECE, DASH, AMZN, TKO, TSLA,...

Brian Freitas

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

​Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

​TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy

​MWC 2025 in Barcelona earlier this week showed the race for 6G dominance heating up as Qualcomm and MediaTek strategize for faster data speeds and...

Vincent Fernando, CFA

Goertek Microelectronics: Too Reliant on Apple

Goertek Microelectronics is looking to raise up to US$400m in its upcoming Hong Kong IPO. It is a provider of smart sensing interaction solutions....

Nicholas Tan

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

MWC 2025 in Barcelona earlier this week showed the race for 6G dominance heating up as Qualcomm and MediaTek strategize for faster data speeds and...