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

<ul>
<li>Using data from the close on 25 October, there could be 6 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>There will also be capping and funding flows that will lead to a one-way turnover of 19.5% and a one-way trade of US$1.39bn.</li>
<li>A long adds/ short deletes trade is up double digits over the last three weeks and there are a few trade adjustments based on the new rankings.</li>
</ul>


Using data from the close on 25 October, there could be 6 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
There will also be capping and funding flows that will lead to a one-way turnover of 19.5% and a one-way trade of US$1.39bn.
A long adds/ short deletes trade is up double digits over the last three weeks and there are a few trade adjustments based on the new rankings.


Yuanta/​P-Shares Taiwan Div Plus ETF Rebalance Preview: In-The-Money; Turnover & Trade Remain High

Index Rebalance

Cheng Shin Rubber Ind Co., Ltd. / Index Rebalance

Cheng Shin Rubber Ind Co., Ltd. (2105 TT)

<ul>
<li>The <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> rebalance was implemented last week and there were interesting moves at the close on implementation day.</li>
<li>The focus this week will be on pre-positioning for a global index rebalance where the review period commences next week.</li>
<li>Units outstanding on <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets (EMXC US)</a> are at a new high while there continue to be redemptions in <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets" target="_blank" data-smartkarma-citation="entities:438:1" rel="noopener">iShares Emerging Markets (EEM US)</a>. </li>
</ul>


The Philippines Stock Exchange PSEi Index (PCOMP INDEX) rebalance was implemented last week and there were interesting moves at the close on implementation day.
The focus this week will be on pre-positioning for a global index rebalance where the review period commences next week.
Units outstanding on iShares Emerging Markets (EMXC US) are at a new high while there continue to be redemptions in iShares Emerging Markets (EEM US). 


Index Rebalance & ETF Flow Recap: Taiwan Div+, Nifty50, Cainiao IPO, Delta Electronics

<ul>
<li>Using data from the close on 28 September, there could be 6 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>There will also be capping and funding flows that will lead to a one-way turnover of 19.8% and a one-way trade of US$1.36bn.</li>
<li>There are 15 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1-day ADV to trade.</li>
</ul>


Using data from the close on 28 September, there could be 6 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
There will also be capping and funding flows that will lead to a one-way turnover of 19.8% and a one-way trade of US$1.36bn.
There are 15 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1-day ADV to trade.


Yuanta/​P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2023 review.</li>
<li>I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.</li>
<li>The estimate for one-way capping flow in December 2023 is US$1.2bn.</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2023 review.
I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
The estimate for one-way capping flow in December 2023 is US$1.2bn.


Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!

External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

External broker reports(aggregated public sources)

Capital Securities Corp

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Cheng Shin Rubber Ind Co., Ltd. / Equity Bottom-Up

<p>CSR is forecasted to post steady earnings in FY22; maintain NEUTRAL. Cheng Shin Rubber’s (CSR) FY21 revenue is estimated at NTD101.3bn (+5.38% YoY) with EPS of NTD1.56. Looking forward to FY22, even though China’s automotive market may remain weak, CSR’s sales in other markets are forecasted to grow. Considering that China market, which accounts for CSR’s largest revenue proportion, may undergo adjustment, FY22 earnings are unlikely to increase significantly. We maintain NEUTRAL on CSR.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

CSR is forecasted to post steady earnings in FY22; maintain NEUTRAL. Cheng Shin Rubber’s (CSR) FY21 revenue is estimated at NTD101.3bn (+5.38% YoY) with EPS of NTD1.56. Looking forward to FY22, even though China’s automotive market may remain weak, CSR’s sales in other markets are forecasted to grow. Considering that China market, which accounts for CSR’s largest revenue proportion, may undergo adjustment, FY22 earnings are unlikely to increase significantly. We maintain NEUTRAL on CSR.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cheng Shin Rubber (2105 TT, NEUTRAL, NTD36.55)

Taiwan

Cheng Shin Rubber Industry Co., Ltd. manufactures tires.  The Company produces bicycle, radial, bias, motorcycle, agricultural, and industrial tires.  Cheng Shin markets its tires and tubes in Taiwan as well as exports to North America and Europe.

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Cheng Shin Rubber Ind Co., Ltd. (2105 TT)

Yuanta/P-Shares Taiwan Div Plus ETF Rebalance Preview: In-The-Money; Turnover & Trade Remain High

The Yuanta/P-Shares Taiwan Dividend Plus ETF may see 6 adds and 5 deletes in Dec, with a 1-way turnover of 19.5% and 1-way trade of US$1.39bn. Adds...

Brian Freitas

Index Rebalance & ETF Flow Recap: Taiwan Div+, Nifty50, Cainiao IPO, Delta Electronics

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Yuanta/P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade

The Yuanta/P-Shares Taiwan Dividend Plus ETF may see 6 adds and 5 deletes in Dec, with a 1-way turnover of 19.8% and 1-way trade of US$1.36bn. The...

Brian Freitas

Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!

I expect one-way flows (ADDs/DELs, capping, reweights) to be ~US$1.2bn which is turnover of approximately 18.5%. According to my estimates,...

Janaghan Jeyakumar, CFA

Cheng Shin Rubber (2105 TT, NEUTRAL, NTD36.55)

CSR is forecasted to post steady earnings in FY22; maintain NEUTRAL. Cheng Shin Rubber’s (CSR) FY21 revenue is estimated at NTD101.3bn (+5.38% YoY)...

Capital Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yuanta/​P-Shares Taiwan Div Plus ETF Rebalance Preview: In-The-Money; Turnover & Trade Remain High

The Yuanta/P-Shares Taiwan Dividend Plus ETF may see 6 adds and 5 deletes in Dec, with a 1-way turnover of 19.5% and 1-way trade of US$1.39bn. Adds...

Brian Freitas

Index Rebalance & ETF Flow Recap: Taiwan Div+, Nifty50, Cainiao IPO, Delta Electronics

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Yuanta/​P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade

The Yuanta/P-Shares Taiwan Dividend Plus ETF may see 6 adds and 5 deletes in Dec, with a 1-way turnover of 19.8% and 1-way trade of US$1.36bn. The...

Brian Freitas

Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!

I expect one-way flows (ADDs/DELs, capping, reweights) to be ~US$1.2bn which is turnover of approximately 18.5%. According to my estimates,...

Janaghan Jeyakumar, CFA

Cheng Shin Rubber (2105 TT, NEUTRAL, NTD36.55)

CSR is forecasted to post steady earnings in FY22; maintain NEUTRAL. Cheng Shin Rubber’s (CSR) FY21 revenue is estimated at NTD101.3bn (+5.38% YoY)...

Capital Securities

Yuanta/P-Shares Taiwan Div Plus ETF Rebalance Preview: In-The-Money; Turnover & Trade Remain High

Yuanta/P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade