Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.</li>
<li>We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.</li>
<li>Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.</li>
</ul>


CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.
We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.
Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.


CTA Trend Picks in Taiwan, South Korea, and Japan

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Domestic credit growth in Hong Kong weakened further in latest monthly release at -2.2% YoY. Weekly Centa City Leading Index grinds lower, a more HFD point relevant to credit</li>
<li>The acceleration in domestic credit growth in Indonesia is unique, where growth is up to +11.2% YoY in most recent month vs +5.2% YoY in the same month last year  </li>
<li>We remain concerned about credit metrics for HK's banks given contracting growth, worsening property, which is collateral. Many HK banks have done little in provisioning </li>
</ul>


Domestic credit growth in Hong Kong weakened further in latest monthly release at -2.2% YoY. Weekly Centa City Leading Index grinds lower, a more HFD point relevant to credit
The acceleration in domestic credit growth in Indonesia is unique, where growth is up to +11.2% YoY in most recent month vs +5.2% YoY in the same month last year  
We remain concerned about credit metrics for HK's banks given contracting growth, worsening property, which is collateral. Many HK banks have done little in provisioning 


Asia Credit - HK Weakens More, Indonesia, Taiwan Remain Strong, and Improving

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 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - one is high probability and the other is right at the cusp.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> is being added to a global index this month, so the ETF inclusion will come hot on the heels of that.</li>
<li>The impact on the stocks is pretty big with passive trackers needing to buy between 1.3-5.5x ADV in the adds and sell between 3.4-6.4x ADV in the deletes.</li>
</ul>


There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - one is high probability and the other is right at the cusp.

King Slide Works (2059 TT) is being added to a global index this month, so the ETF inclusion will come hot on the heels of that.
The impact on the stocks is pretty big with passive trackers needing to buy between 1.3-5.5x ADV in the adds and sell between 3.4-6.4x ADV in the deletes.


Taiwan Top 50 ETF Rebalance Preview: Another Inclusion for King Slide

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Sumitomo Mitsui Trust Holdings / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. </li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. 
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

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

Shenton Research

Shenton 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 short interest of TWSE Stocks as of Sep 11th. The aggregated short interest was USD39.6bn.</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, Alchip Technologies, Winbond Electronics, Asia Vital Components, Nanya Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 11th. The aggregated short interest was USD39.6bn.
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, Alchip Technologies, Winbond Electronics, Asia Vital Components, Nanya Technology.


TWSE Short Interest Weekly (Sep 11th): Shin Kong Financial, Alchip Technologies, Winbond Electronics

Taiwan

Chang Hwa Commercial Bank provides a broad range of financial services.  The Bank's operations include deposits, short-term and mid-term loans, discount bills, securities brokerage, foreign currency transactions, and trust banking.

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Chang Hwa Commercial Bank (2801 TT)

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

Asia Credit - HK Weakens More, Indonesia, Taiwan Remain Strong, and Improving

Domestic credit growth HFD shows weakening figures in Hong Kong, far better figures and strong in Indonesia, and still strong, rising in Taiwan....

Daniel Tabbush

Taiwan Top 50 ETF Rebalance Preview: Another Inclusion for King Slide

There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in Sep. King Slide Works is also an add to a global index this month. Passives...

Brian Freitas

Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

In this Curator's Cut, we examine poor positioning in Consumer Staples, the (continued) rotation into (Asian) Financials and mixed views on spin...

Pranav Rao

TWSE Short Interest Weekly (Sep 11th): Shin Kong Financial, Alchip Technologies, Winbond Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Alchip...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)