Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.</li>
<li>We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.


Quiddity Leaderboard T50/​​​100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.</li>
<li>Currently, we see no changes for T50 and two changes for T100 in September.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.
Currently, we see no changes for T50 and two changes for T100 in September.


Quiddity Leaderboard T50/​​​100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

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

<ul>
<li>
 Key Player In Roll-Out of Nvidia's New Blackwell Solutions. Having followed Chenbro closely over the past year, we’ve seen it steadily increase its exposure to the AI infrastructure cycle.</li>
<li>
 Nvidia B200 and B300 Server Builds Are Ramping. Chenbro sees projects based on Nvidia’s B200 and B300 GPUs actively progressing, with B300 projects initiated and shipments starting in 2H25.</li>
<li>
 Non-Nvidia ASICs also growing as a contributor. The company also sees AI systems based on custom ASICs as a growing contributor to the business.</li>
</ul>



 Key Player In Roll-Out of Nvidia's New Blackwell Solutions. Having followed Chenbro closely over the past year, we’ve seen it steadily increase its exposure to the AI infrastructure cycle.

 Nvidia B200 and B300 Server Builds Are Ramping. Chenbro sees projects based on Nvidia’s B200 and B300 GPUs actively progressing, with B300 projects initiated and shipments starting in 2H25.

 Non-Nvidia ASICs also growing as a contributor. The company also sees AI systems based on custom ASICs as a growing contributor to the business.


TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

<ul>
<li>10-15% Market Share for Server Chassis -- Chenbro is one of the leading producers of server chassis in the world.</li>
<li>Key Nvidia Development Partner -- Chenbro produces servers for most major data center names including AWS and China's BAT, as well as for Nvidia servers and architecture.</li>
<li>New Server Market Color to Be Released Soon -- The company is well positioned to expand capacity as the market expands and is expected to release 2Q24E earnings in early-August.</li>
</ul>


10-15% Market Share for Server Chassis -- Chenbro is one of the leading producers of server chassis in the world.
Key Nvidia Development Partner -- Chenbro produces servers for most major data center names including AWS and China's BAT, as well as for Nvidia servers and architecture.
New Server Market Color to Be Released Soon -- The company is well positioned to expand capacity as the market expands and is expected to release 2Q24E earnings in early-August.


TechChain Insights: Visit with Nvidia Server Chassis Producer Chenbro; A Ubiquitous Supplier

Taiwan

Chenbro Micom Co., Ltd. produces computer, server, and workstation cases, rack mount chassis, as well as other accessories.

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Chenbro Micom (8210 TT)

Quiddity Leaderboard T50/100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

T100 and TDIV index member Tung Ho Steel Enterprise (2006 TT) is unlikely to be deleted from T100 or TDIV in September 2025.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Tung Ho Steel (2006 TT) will need to underperform other names by 13% to be an unconditional T100 DEL and get deleted from TDIV. However, there are...

Janaghan Jeyakumar, CFA

TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...

Vincent Fernando, CFA

TechChain Insights: Visit with Nvidia Server Chassis Producer Chenbro; A Ubiquitous Supplier

Chenbro holds 10-15% market share in server chassis, serving major data center names like AWS and Nvidia, with new server market color to be...

Vincent Fernando, CFA

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52-week Range

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Dividend (Yield)

Quiddity Leaderboard T50/​​​100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

T100 and TDIV index member Tung Ho Steel Enterprise (2006 TT) is unlikely to be deleted from T100 or TDIV in September 2025.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Tung Ho Steel (2006 TT) will need to underperform other names by 13% to be an unconditional T100 DEL and get deleted from TDIV. However, there are...

Janaghan Jeyakumar, CFA

TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

​Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...

Vincent Fernando, CFA

TechChain Insights: Visit with Nvidia Server Chassis Producer Chenbro; A Ubiquitous Supplier

​Chenbro holds 10-15% market share in server chassis, serving major data center names like AWS and Nvidia, with new server market color to be...

Vincent Fernando, CFA

Quiddity Leaderboard T50/100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...

Chenbro holds 10-15% market share in server chassis, serving major data center names like AWS and Nvidia, with new server market color to be...