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

Nan Ya Printed Circuit Board / Event-Driven

<ul>
<li>There are 5 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation taking place from 21-27 June.</li>
<li>The constituent changes and capping changes result in an estimated one-way turnover of 12.8% and in a one-way trade of TWD 37.2bn (US$1.15bn).</li>
<li>The changes are in line with our forecasts with one exception. <a href="https://www.smartkarma.com/entities/uni-president-enterprises-corp" target="_blank" data-smartkarma-citation="entities:7973:1" rel="noopener">Uni President Enterprises (1216 TT)</a> was not added and Yulon Finance (9941 TT) was added instead.</li>
</ul>


There are 5 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation taking place from 21-27 June.
The constituent changes and capping changes result in an estimated one-way turnover of 12.8% and in a one-way trade of TWD 37.2bn (US$1.15bn).
The changes are in line with our forecasts with one exception. Uni President Enterprises (1216 TT) was not added and Yulon Finance (9941 TT) was added instead.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

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 Jun 14th which has an aggregated holding worth USD4,617.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,436mln. 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 foreign changes in Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi, Evergreen Marine, Ctbc Financial, Eva Airways, Asia Vital, Asmedia Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 14th which has an aggregated holding worth USD4,617.2bn.
We estimate that foreign flows to be inflows of USD6,436mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi, Evergreen Marine, Ctbc Financial, Eva Airways, Asia Vital, Asmedia Tech.


TWSE Foreign Holding Weekly (Jun 14th): Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 7th which has an aggregated holding worth USD4,400.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD12,832mln. 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 foreign changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine, Tripod Tech, TSMC, Ctbc Financial, Hon Hai, Asustek Computer, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 7th which has an aggregated holding worth USD4,400.2bn.
We estimate that foreign flows to be outflows of USD12,832mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine, Tripod Tech, TSMC, Ctbc Financial, Hon Hai, Asustek Computer, Umc.


TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Far Eastern New Century / Index Rebalance

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 7th June 2024.</li>
<li>While the T50 and T100 index changes were perfectly in line with our expectations there were some surprises among the TDIV index changes.</li>
<li>In this insight, we take a look at Quiddity's final flow expectations for the June 2024 index rebal event and potential trade ideas based on the flow dynamics.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 7th June 2024.
While the T50 and T100 index changes were perfectly in line with our expectations there were some surprises among the TDIV index changes.
In this insight, we take a look at Quiddity's final flow expectations for the June 2024 index rebal event and potential trade ideas based on the flow dynamics.


Quiddity TDIV/50/100 Jun 24 Rebal: 15/18 Hits; Updated Flow Expectations and Trade Ideas

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 31st which has an aggregated holding worth USD4,207.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD14,520mln. 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 foreign changes in Realtek Semi, Mediatek, Synnex Tech Intl, Asustek Computer, Tripod Tech, TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 31st which has an aggregated holding worth USD4,207.5bn.
We estimate that foreign flows to be outflows of USD14,520mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Realtek Semi, Mediatek, Synnex Tech Intl, Asustek Computer, Tripod Tech, TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine.


TWSE Foreign Holding Weekly (May 31st): TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine

Taiwan

Chailease Holding Co Ltd provides financing services such as leasing, installment sale, import/export factoring and direct financing.

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Chailease Holding (5871 TT)

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

The ETF starts rebalancing at the close today and that will continue over the next 4 trading days. Excluding BizLink, the adds have outperformed...

Brian Freitas

TWSE Foreign Holding Weekly (Jun 14th): Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi

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

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Jun 24 Rebal: 15/18 Hits; Updated Flow Expectations and Trade Ideas

We estimate one-way flow for the TDIV June 2024 rebal to be around US$1.08bn which translates to a turnover of 17%. We expect the top outflow names...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (May 31st): TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine

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

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

The ETF starts rebalancing at the close today and that will continue over the next 4 trading days. Excluding BizLink, the adds have outperformed...

Brian Freitas

TWSE Foreign Holding Weekly (Jun 14th): Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi

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

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Jun 24 Rebal: 15/18 Hits; Updated Flow Expectations and Trade Ideas

We estimate one-way flow for the TDIV June 2024 rebal to be around US$1.08bn which translates to a turnover of 17%. We expect the top outflow names...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (May 31st): TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine

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

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn