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 could be 6 adds, 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June as the tech rally creates multiple changes for the Yuanta/P-shares Taiwan Mid-Cap 100 ETF.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 26.4% and in a round-trip trade of TWD 386bn (US$12.2bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.</li>
</ul>


There could be 6 adds, 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June as the tech rally creates multiple changes for the Yuanta/P-shares Taiwan Mid-Cap 100 ETF.
Constituent changes along with capping changes will lead to a one-way turnover of 26.4% and in a round-trip trade of TWD 386bn (US$12.2bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

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

DZT Research

DZT 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 analyzed the changes in foreign holdings of TWSE Stocks as of May 29th. The aggregated holding was USD2,287.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,743mln. 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 Hon Hai Precision, Zhen Ding Technology, Nanya Technology, Powerchip Semiconductor Manufacturing, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 29th. The aggregated holding was USD2,287.1bn.
We estimate that foreign flows to be inflows of USD6,743mln. 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 Hon Hai Precision, Zhen Ding Technology, Nanya Technology, Powerchip Semiconductor Manufacturing, Quanta Computer.


TWSE Foreign Holding Weekly (May 29th): Hon Hai Precision, Zhen Ding Technology, Nanya Technology

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 29th. The aggregated short interest was USD49.0bn.</li>
<li>We tabulate league tables 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 Shin Kong Financial, Quanta Computer, Innolux, Delta Electronics, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 29th. The aggregated short interest was USD49.0bn.
We tabulate league tables 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 Shin Kong Financial, Quanta Computer, Innolux, Delta Electronics, ASE Industrial.


TWSE Short Interest Weekly (May 29th): Shin Kong Financial, Quanta Computer, Innolux, ASE Industrial

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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread</li>
<li>UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread</li>
<li>ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread</li>
</ul>


TSMC: +11.5% Premium; Taiwan Relative Bullishness is Opportunity to Long the ADR Spread
UMC: -3.7% Discount; Persisting Discount = Opportunity to Long the ADR Spread
ASE: -1.6% Discount; Persisting Below Zero... Another Opportunity Long the ADR Spread


Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul>
<li>Asia's near its peak but concerns galore about AI capex durability and interest rate hikes across economies. Selecting high growth stocks with reasonable valuations and strong balance sheets is essential.</li>
<li>We screen 73 large cap stocks (&gt;US$10bn) with strong growth forecasts, reasonable valuations, rising EPS estimates, low leverage in onshore China (26), HK (19), Korea (8), Taiwan (17), India (2).</li>
<li>Prominent technology players and some from manufacturing and basic materials form the core of our list. The stocks from Hong Kong are the most diverse.</li>
</ul>


Asia's near its peak but concerns galore about AI capex durability and interest rate hikes across economies. Selecting high growth stocks with reasonable valuations and strong balance sheets is essential.
We screen 73 large cap stocks (&gt;US$10bn) with strong growth forecasts, reasonable valuations, rising EPS estimates, low leverage in onshore China (26), HK (19), Korea (8), Taiwan (17), India (2).
Prominent technology players and some from manufacturing and basic materials form the core of our list. The stocks from Hong Kong are the most diverse.


Asian Equities: The Asian Large Cap Focus List - 73 Stocks with Growth, Value, Quality Balance Sheet

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

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ASE Technology Holding (3711 TT)

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

There could be 6 adds, 5 deletes and capping changes in June leading to a one-way turnover of 26.4% and in a round-trip trade of US$12.2bn. Many...

Brian Freitas

TWSE Foreign Holding Weekly (May 29th): Hon Hai Precision, Zhen Ding Technology, Nanya Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Zhen Ding...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 29th): Shin Kong Financial, Quanta Computer, Innolux, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Quanta Computer, Innolux,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Asian Equities: The Asian Large Cap Focus List - 73 Stocks with Growth, Value, Quality Balance Sheet

Choosing reasonably valued high growth stocks with strong balance sheets is key amid concerns about AI capex durability & interest rate hikes. We...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 6 Adds, 5 Deletes; US$12bn Trade

There could be 6 adds, 5 deletes and capping changes in June leading to a one-way turnover of 26.4% and in a round-trip trade of US$12.2bn. Many...

Brian Freitas

TWSE Foreign Holding Weekly (May 29th): Hon Hai Precision, Zhen Ding Technology, Nanya Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Zhen Ding...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 29th): Shin Kong Financial, Quanta Computer, Innolux, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Quanta Computer, Innolux,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Taiwan Domestic Investors' Relative Bullishness Is an Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Asian Equities: The Asian Large Cap Focus List - 73 Stocks with Growth, Value, Quality Balance Sheet

​Choosing reasonably valued high growth stocks with strong balance sheets is key amid concerns about AI capex durability & interest rate hikes. We...

Manishi Raychaudhuri

Choosing reasonably valued high growth stocks with strong balance sheets is key amid concerns about AI capex durability & interest rate hikes. We...