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

<ul>
<li>Using the last close, there could be one change for the Taiwan Top 50 ETF in September with <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> replacing <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a>. </li>
<li>There is one other constituent that is close to deletion zone while there are a couple of non-constituents that could move into inclusion zone over the next couple of weeks.</li>
<li>Short interest has been dropping in <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> and increasing in <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> over the last few weeks.</li>
</ul>


Using the last close, there could be one change for the Taiwan Top 50 ETF in September with Pharmaessentia Corp (6446 TT) replacing Nanya Technology (2408 TT). 
There is one other constituent that is close to deletion zone while there are a couple of non-constituents that could move into inclusion zone over the next couple of weeks.
Short interest has been dropping in Pharmaessentia Corp (6446 TT) and increasing in Nanya Technology (2408 TT) over the last few weeks.


Taiwan Top 50 ETF Rebalance Preview: One Change Right at the Cusp

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the <em>next</em> 100 largest names (51-150 ranks).</li>
<li>These indices are rebalanced quarterly. In this insight, we take a look at the names leading the race to become ADDs/DELs for the September 2024 index rebal event.</li>
<li>T50/100 index changes can also trigger TDIV index changes. <a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a> could be involved in such a move in September 2024.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
These indices are rebalanced quarterly. In this insight, we take a look at the names leading the race to become ADDs/DELs for the September 2024 index rebal event.
T50/100 index changes can also trigger TDIV index changes. Nuvoton Technology (4919 TT) could be involved in such a move in September 2024.


Quiddity Leaderboard T50/​​​100 Sep 24: Nuvoton Tech TDIV Deletion Is the Talking Point

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 10th which has an aggregated short interest worth USD90.4bn.</li>
<li>We tabulate league table 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 Evergreen Marine, Realtek Semi, Asia Vital, Elite Semiconductor, Fitipower.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 10th which has an aggregated short interest worth USD90.4bn.
We tabulate league table 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 Evergreen Marine, Realtek Semi, Asia Vital, Elite Semiconductor, Fitipower.


TWSE Short Interest Weekly (May 10th): Evergreen Marine, Realtek Semi, Asia Vital, Elite Semi

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

Equity Bottom-Up

<ul>
<li>Delta Electronics and Wiwynn Corp among 6 Taiwan stocks at their highest levels of fund ownership among active Emerging Market funds.</li>
<li>The combined weight in these 6 stocks has aggressively moved higher to 1.2% from less than 30bps in 2018.</li>
<li>All stocks enter the top 15 most widely held companies in Taiwan, but potential for further buying is clearly there.</li>
</ul>


Delta Electronics and Wiwynn Corp among 6 Taiwan stocks at their highest levels of fund ownership among active Emerging Market funds.
The combined weight in these 6 stocks has aggressively moved higher to 1.2% from less than 30bps in 2018.
All stocks enter the top 15 most widely held companies in Taiwan, but potential for further buying is clearly there.


Record Fund Ownership in Six Taiwanese Companies

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.</li>
<li>We tabulate league table 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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.
We tabulate league table 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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.


TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

Taiwan

AirTac International Group manufactures pneumatic components.  The Company provides different kinds of pneumatic equipment such as pneumatic control components, actuators, F.R.L. combinations, accessories and etc. AirTac International also offers after-sales support on all its products, including installation, application and maintenance of products.

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Airtac International (1590 TT)

Taiwan Top 50 ETF Rebalance Preview: One Change Right at the Cusp

There could be one change for the Taiwan Top 50 ETF in September. Review cutoff is two weeks away and there are some stocks that are close to the...

Brian Freitas

Quiddity Leaderboard T50/100 Sep 24: Nuvoton Tech TDIV Deletion Is the Talking Point

We do not see any changes for the T50 index at present. However, we see three changes for the T100 index and one of the DELs - Nuvoton Tech - could...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (May 10th): Evergreen Marine, Realtek Semi, Asia Vital, Elite Semi

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Realtek Semi, Asia Vital,...

Ke Yan, CFA, FRM

Record Fund Ownership in Six Taiwanese Companies

Delta Electronics and Wiwynn Corp among 6 Taiwan stocks at their highest levels of fund ownership among active Emerging Market funds.

Steven Holden

TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Yulon Motor, Nuvoton Tech, Airtac.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Top 50 ETF Rebalance Preview: One Change Right at the Cusp

There could be one change for the Taiwan Top 50 ETF in September. Review cutoff is two weeks away and there are some stocks that are close to the...

Brian Freitas

Quiddity Leaderboard T50/​​​100 Sep 24: Nuvoton Tech TDIV Deletion Is the Talking Point

We do not see any changes for the T50 index at present. However, we see three changes for the T100 index and one of the DELs - Nuvoton Tech - could...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (May 10th): Evergreen Marine, Realtek Semi, Asia Vital, Elite Semi

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Realtek Semi, Asia Vital,...

Ke Yan, CFA, FRM

Record Fund Ownership in Six Taiwanese Companies

Delta Electronics and Wiwynn Corp among 6 Taiwan stocks at their highest levels of fund ownership among active Emerging Market funds.

Steven Holden

TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Yulon Motor, Nuvoton Tech, Airtac.

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Sep 24: Nuvoton Tech TDIV Deletion Is the Talking Point