Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.</li>
<li>Today is the base date for the final ranks and we see four ADDs and four DELs for the December 2025 rebal.</li>
<li>We estimate one-way flow to be around US$2.2bn with many flow names having multiple days of volume to trade.</li>
</ul>


The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
Today is the base date for the final ranks and we see four ADDs and four DELs for the December 2025 rebal.
We estimate one-way flow to be around US$2.2bn with many flow names having multiple days of volume to trade.


Quiddity Leaderboard TDIV Dec25: Final Expectations: Many Changes to Rankings; Final Expectations

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>
Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.</li>
<li>
 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.</li>
<li>
UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.</li>
</ul>



Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.

 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.

UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.


Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

<ul>
<li>TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas</li>
<li>TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.</li>
<li>Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News </li>
</ul>


TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas
TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News 


Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>ASE opens its 5th factory in Penang, emphasizing AI-driven smart manufacturing to enhance production efficiency and quality.</li><li>Win Semiconductors plans to expand in optical communications by leveraging SiPh CPO technology, aiming to capitalize on growing market demand.</li><li>DRAM manufacturers are considering discontinuing production of DDR3 and DDR4 by the end of 2025, signaling a shift towards newer technologies.</li></ul>

ASE opens its 5th factory in Penang, emphasizing AI-driven smart manufacturing to enhance production efficiency and quality.Win Semiconductors plans to expand in optical communications by leveraging SiPh CPO technology, aiming to capitalize on growing market demand.DRAM manufacturers are considering discontinuing production of DDR3 and DDR4 by the end of 2025, signaling a shift towards newer technologies.

Tech Supply Chain Tracker (19-Feb-2025): ASE opens fifth factory in Penang, with AI-driven smart manufacturing.

<ul>
<li>OpenAI Joins the AI Chip Race -- Partnering with TSMC and Broadcom to Reduce Nvidia Reliance</li>
<li>TSMC January Revenue Rises 35.9% -- But Reduces 1Q25E Expectations Due to Quake Impact</li>
<li>Hon Hai Guides for 1Q25E Growth to Be Above Average and 'Strong'</li>
</ul>


OpenAI Joins the AI Chip Race -- Partnering with TSMC and Broadcom to Reduce Nvidia Reliance
TSMC January Revenue Rises 35.9% -- But Reduces 1Q25E Expectations Due to Quake Impact
Hon Hai Guides for 1Q25E Growth to Be Above Average and 'Strong'


Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

Taiwan

AU Optronics Corp. manufactures and markets thin film transistor-liquid crystal displays (TFT-LCDs) and plasma display panels (PDPs).  The Company sells its products in Taiwan and exports worldwide.

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AU Optronics (2409 TT)

Quiddity Leaderboard TDIV Dec25: Final Expectations: Many Changes to Rankings; Final Expectations

The top 5 inflow names have more than 9x ADV to trade and top 5 outflow names have more the 2x ADV to trade. The official index changes will be...

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Tech Supply Chain Tracker (19-Feb-2025): ASE opens fifth factory in Penang, with AI-driven smart manufacturing.

ASE opens new factory in Penang, Win Semiconductors advances in optical communications tech, DRAM manufacturers phasing out DDR3 and DDR4, Apple...

Tech Supply Chain Tracker

Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

OpenAI partners with TSMC and Broadcom to reduce reliance on Nvidia in AI chip race, while Hon Hai expects above average and 'strong' growth in...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Quiddity Leaderboard TDIV Dec25: Final Expectations: Many Changes to Rankings; Final Expectations

The top 5 inflow names have more than 9x ADV to trade and top 5 outflow names have more the 2x ADV to trade. The official index changes will be...

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

​Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

​TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Tech Supply Chain Tracker (19-Feb-2025): ASE opens fifth factory in Penang, with AI-driven smart manufacturing.

ASE opens new factory in Penang, Win Semiconductors advances in optical communications tech, DRAM manufacturers phasing out DDR3 and DDR4, Apple...

Tech Supply Chain Tracker

Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

​OpenAI partners with TSMC and Broadcom to reduce reliance on Nvidia in AI chip race, while Hon Hai expects above average and 'strong' growth in...

Vincent Fernando, CFA

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

OpenAI partners with TSMC and Broadcom to reduce reliance on Nvidia in AI chip race, while Hon Hai expects above average and 'strong' growth in...