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>The Yuanta/P-shares Dividend Plus ETF (0056 TT) started to rebalance its holdings on Friday and will continue to do so for the next 4 trading days.</li>
<li>Stocks with buy flows dropped 1.82% on average on Friday while the stocks with sell flows rose 1.03%. On a flow weighted basis, the numbers were -2.01% vs +1.09%.</li>
<li>Given the large volumes at auction and the large moves on stocks, we cannot rule out the possibility that a lot of pre-positions were unwound at the close on Friday.</li>
</ul>


The Yuanta/P-shares Dividend Plus ETF (0056 TT) started to rebalance its holdings on Friday and will continue to do so for the next 4 trading days.
Stocks with buy flows dropped 1.82% on average on Friday while the stocks with sell flows rose 1.03%. On a flow weighted basis, the numbers were -2.01% vs +1.09%.
Given the large volumes at auction and the large moves on stocks, we cannot rule out the possibility that a lot of pre-positions were unwound at the close on Friday.


Yuanta/P-Shares Taiwan Dividend Plus ETF: Day 1 Flows & Performance

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 Dec 9th which has an aggregated short interest worth USD14.2bn.</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, Walsin Lihwa, Evergreen Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 9th which has an aggregated short interest worth USD14.2bn.
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, Walsin Lihwa, Evergreen Marine.


TWSE Short Interest Weekly (Dec 9th): Yageo, Walsin Lihwa, Evergreen Marine

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 2nd which has an aggregated short interest worth USD14.6bn.</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 analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 2nd which has an aggregated short interest worth USD14.6bn.
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 analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.


TWSE Short Interest Weekly (Dec 2nd): Walsin Lihwa, Gold Circuit, Lotus

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The MTO in relation to <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a>’s acquisition of 88.50% of <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement Corp (EAGLE PM)</a>’s shares is open. The MTO will end on 5 December. </li>
<li>The MTO price is PHP22.02. The net MTO price after deducting the selling charges (0.621% of value) is estimated to be PHP21.8833. </li>
<li>At the current price and for the 14 December payment, the gross and annualised spread to the net MTO price is 1.8% and 19.2%, respectively.</li>
</ul>


The MTO in relation to San Miguel (SMC PM)’s acquisition of 88.50% of Eagle Cement Corp (EAGLE PM)’s shares is open. The MTO will end on 5 December. 
The MTO price is PHP22.02. The net MTO price after deducting the selling charges (0.621% of value) is estimated to be PHP21.8833. 
At the current price and for the 14 December payment, the gross and annualised spread to the net MTO price is 1.8% and 19.2%, respectively.


Eagle Cement (EAGLE PM) MTO Open, Closing on 5 December

<ul>
<li>The regulator will not review <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a>’s SPA with <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement Corp (EAGLE PM)</a>’s selling shareholders to acquire their combined 88.50% stake at PHP22.02 per share.</li>
<li>We expected approval as the PCC, the regulator, previously viewed San Miguel and ECC as part of the same group. The next step is the execution of a definitive agreement.</li>
<li>The approval paves the way for an MTO of the remaining 11.50% minority shares at PHP22.02, likely next month. At the last close, the spread to the offer is 6.1%.</li>
</ul>


The regulator will not review San Miguel (SMC PM)’s SPA with Eagle Cement Corp (EAGLE PM)’s selling shareholders to acquire their combined 88.50% stake at PHP22.02 per share.
We expected approval as the PCC, the regulator, previously viewed San Miguel and ECC as part of the same group. The next step is the execution of a definitive agreement.
The approval paves the way for an MTO of the remaining 11.50% minority shares at PHP22.02, likely next month. At the last close, the spread to the offer is 6.1%.


Eagle Cement: Regulatory Approval Paves the Way for San Miguel’s MTO at PHP22.02

Taiwan

Asia Cement Corporation manufactures and sells cement, clinker, ready-mixed concrete, as well as granulated blast-furnace slag and fly ash.  The Company markets its cement and clinker products under the Skyscraper brand name.

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Asia Cement (1102 TT)

Yuanta/P-Shares Taiwan Dividend Plus ETF: Day 1 Flows & Performance

The Yuanta/P-shares Dividend Plus ETF (0056 TT) started to rebalance its holdings on Friday and will continue to do so for the next 4 trading days....

Brian Freitas

TWSE Short Interest Weekly (Dec 9th): Yageo, Walsin Lihwa, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Walsin Lihwa, Evergreen Marine.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 2nd): Walsin Lihwa, Gold Circuit, Lotus

We analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.

Ke Yan, CFA, FRM

Eagle Cement (EAGLE PM) MTO Open, Closing on 5 December

The net MTO price after deducting charges is PHP21.8833. At the current price and for the 14 December payment, the gross and annualised spread to...

Arun George

Eagle Cement: Regulatory Approval Paves the Way for San Miguel’s MTO at PHP22.02

The approval paves the way for an MTO of the remaining 11.50% minority shares at PHP22.02, likely next month. At the last close, the spread to the...

Arun George

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52-week Range

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