Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

The Shanghai Commerical & Sa / 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>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2025 index rebal event.</li>
<li>We expect five changes for the TDIV index. On top of that, there will be capping flows too.</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.
In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2025 index rebal event.
We expect five changes for the TDIV index. On top of that, there will be capping flows too.


Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

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 foreign holdings of TWSE Stocks as of Mar 28th which has an aggregated holding worth USD902.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,403mln. We tabulate the league table 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 TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer, Eva Airways.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 28th which has an aggregated holding worth USD902.6bn.
We estimate that foreign flows to be outflows of USD2,403mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer, Eva Airways.


TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 21st which has an aggregated holding worth USD931.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,594mln. We tabulate the league table 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 Yang Ming Marine, Hon Hai Precision Industry, TSMC, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 21st which has an aggregated holding worth USD931.3bn.
We estimate that foreign flows to be outflows of USD1,594mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Yang Ming Marine, Hon Hai Precision Industry, TSMC, Quanta Computer.


TWSE Foreign Holding Weekly (Mar 21st): Yang Ming, Hon Hai Precision Industry, TSMC, Quanta Computer

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 14th which has an aggregated holding worth USD919.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,912mln. We tabulate the league table 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 TSMC, Mediatek, Asustek Computer, Hon Hai Precision Industry, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 14th which has an aggregated holding worth USD919.9bn.
We estimate that foreign flows to be outflows of USD3,912mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Mediatek, Asustek Computer, Hon Hai Precision Industry, Quanta Computer.


TWSE Foreign Holding Weekly (Mar 14th): TSMC, Mediatek, Asustek, Hon Hai, Quanta Computer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

Shin Kong Financial Holding / Event-Driven

<ul>
<li>The TFTC approved in early January, The TFTC <a href="https://www.cna.com.tw/news/afe/202501080360.aspx" target="_blank" rel="noopener">said</a> market power would be limited and competition unrestricted. Another <a href="https://www.cna.com.tw/news/afe/202501070351.aspx" target="_blank" rel="noopener">CNA article</a> suggested the two FHCs were completing employee placement plans.</li>
<li>Apparently, as of a month ago, only the Shin Kong <em>Bank</em> employee settlement plan had not been completed but the FSC has rules about that. Consideration likely proceeds.</li>
<li>There are specific rules about how these things are dealt with. In the meantime, the spread - still wide - is narrowing.</li>
</ul>


The TFTC approved in early January, The TFTC said market power would be limited and competition unrestricted. Another CNA article suggested the two FHCs were completing employee placement plans.
Apparently, as of a month ago, only the Shin Kong Bank employee settlement plan had not been completed but the FSC has rules about that. Consideration likely proceeds.
There are specific rules about how these things are dealt with. In the meantime, the spread - still wide - is narrowing.


Shin Kong (2888 TT) / Taishin (2887 TT) - Waiting on the FSC

Taiwan

Cathay Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

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Cathay Financial Holding Co (2882 TT)

Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

We expect one-way flows of 2.1bn which translates to a turnover of 17%. There are multiple names with 10x ADV or more to trade. Some of the outflow...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Quanta...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 21st): Yang Ming, Hon Hai Precision Industry, TSMC, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Yang Ming Marine, Hon Hai Precision Industry,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 14th): TSMC, Mediatek, Asustek, Hon Hai, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Mediatek, Asustek Computer, Hon Hai...

Ke Yan, CFA, FRM

Shin Kong (2888 TT) / Taishin (2887 TT) - Waiting on the FSC

The FSC is considering the merger case for Shin Kong and Taishin according to local press reports. The timing of the articles suggest approval...

Travis Lundy

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