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 analysed the earning revision of component stocks of MS-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics, Wiwynn, Formosa Plastics.</li>
</ul>


We analysed the earning revision of component stocks of MS-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics, Wiwynn, Formosa Plastics.


MS-Taiwan Index Earning Revision (Sep): TSMC, UMC, Nanya Technology, Quanta Computer, Wiwynn

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>TSMC, Tencent and Samsung remain dominant holdings, but are increasingly held as structural underweights as managers sell into strength to manage benchmark risk.</li>
<li>2025 saw sharp ownership increases in emerging leaders such as Xiaomi, CATL and Accton, while former consensus names like Meituan and Indonesian banks were heavily exited.</li>
<li>Across regions, new stock leadership is forming in MENA, LATAM and ASEAN as capital rotates away from long-standing EM favourites into a broader set of positions.</li>
</ul>


TSMC, Tencent and Samsung remain dominant holdings, but are increasingly held as structural underweights as managers sell into strength to manage benchmark risk.
2025 saw sharp ownership increases in emerging leaders such as Xiaomi, CATL and Accton, while former consensus names like Meituan and Indonesian banks were heavily exited.
Across regions, new stock leadership is forming in MENA, LATAM and ASEAN as capital rotates away from long-standing EM favourites into a broader set of positions.


EM Active Investors’ Stock Positioning Guide

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

<ul>
<li>What makes an AI rack hard to build: a rail qualified into the tray, rack integration to an operator's own design, and a switch engineered around a bought-in chip.</li>
<li>King Slide's monthly revenue is 3.6x January's and runs 10.5% above what 2026 consensus needs; Accton helds its rate; Wiwynn is on pace with July low and August high.</li>
<li>Inside the tray, Lotes and Elite Material told us customers keep raising high-speed data requirements and laminates must lose less signal: the spec every part is designed against.</li>
</ul>


What makes an AI rack hard to build: a rail qualified into the tray, rack integration to an operator's own design, and a switch engineered around a bought-in chip.
King Slide's monthly revenue is 3.6x January's and runs 10.5% above what 2026 consensus needs; Accton helds its rate; Wiwynn is on pace with July low and August high.
Inside the tray, Lotes and Elite Material told us customers keep raising high-speed data requirements and laminates must lose less signal: the spec every part is designed against.


TechChain Insights Q&A: What Makes an AI Rack Hard to Build: Rails, Integration and Switches

<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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.</li>
<li>Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next</li>
</ul>


We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.
Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next


Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Taiwan

Accton Technology Corporation researches, develops, manufactures, and markets computer network system products such as adapters, hubs, switches, routers, and bridges. The Company also manufactures network computers and network peripheral equipment.

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Accton Technology (2345 TT)

MS-Taiwan Index Earning Revision (Sep): TSMC, UMC, Nanya Technology, Quanta Computer, Wiwynn

We analyzed MS-Taiwan's consensus for Sep 2026 and highlighted changes of EPS in TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics,...

Ke Yan, CFA, FRM

EM Active Investors’ Stock Positioning Guide

A detailed guide to stock positioning among the world’s largest active EM funds, highlighting dominant holdings, ownership trends, and the key...

Steven Holden

TechChain Insights Q&A: What Makes an AI Rack Hard to Build: Rails, Integration and Switches

What makes an AI rack hard to build: a rail qualified into the tray, rack integration to an operator's own design, and a switch engineered around a...

Vincent Fernando, CFA

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

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

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