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

Uni President Enterprises / Index Rebalance

<ul>
<li>There should be 5 changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June. Most changes are due to missing dividend forecasts for constituent stocks.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 17.6% and in a round-trip trade of TWD 157bn (US$5.2bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan dividend yield weighted indices and presents some interesting trading opportunities.</li>
</ul>


There should be 5 changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June. Most changes are due to missing dividend forecasts for constituent stocks.
Constituent changes along with capping changes will lead to a one-way turnover of 17.6% and in a round-trip trade of TWD 157bn (US$5.2bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan dividend yield weighted indices and presents some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Five Changes; US$5.2bn Trade; Other Index Flows

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Taishin Financial Holding / 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>Today is the base date for the final ranks and we see five ADDs and five DELs.</li>
<li>We estimate one-way flow to be around US$2.55bn with multiple expected ADDs having 10x ADV or more to trade.</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.
Today is the base date for the final ranks and we see five ADDs and five DELs.
We estimate one-way flow to be around US$2.55bn with multiple expected ADDs having 10x ADV or more to trade.


Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

<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 and there could be index flows of US$2.5bn one-way due to capping.</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 and there could be index flows of US$2.5bn one-way due to capping.


Quiddity Leaderboard TDIV Jun25: US$2.5bn One-Way; Several High-Impact Flow Names

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

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>With 42 years under its belt, ERA Asia Pacific, a wholly owned subsidiary by APAC Realty, embraces technology to empower agents in delivering elevated services with a personal touch.</li><li>In recent years, APAC Realty – which operates a real estate brokerage in Singapore under the ERA brand – has embraced technology, viewing digital tools not as threats but assets to support its agents and enhance their work.</li><li>Together, agents from ERA Asia Pacific account for 57.4% of ERA's global network of real estate agents.</li></ul>

With 42 years under its belt, ERA Asia Pacific, a wholly owned subsidiary by APAC Realty, embraces technology to empower agents in delivering elevated services with a personal touch.In recent years, APAC Realty – which operates a real estate brokerage in Singapore under the ERA brand – has embraced technology, viewing digital tools not as threats but assets to support its agents and enhance their work.Together, agents from ERA Asia Pacific account for 57.4% of ERA's global network of real estate agents.

kopi-C with APAC Realty's CEO: ‘The property industry still needs agents’

Taiwan

KGI Financial Holding Co. Ltd. operates a publicly listed financial holding company in Taiwan. The Company initially focuses on venture capital investments evolving comprehensive financial institutions. KGI Financial Holding, though its subsidiaries, maintains solid capital positions and offers a full spectrum of financial services, especially venture capital and private equity services.

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KGI Financial Holding (2883 TT)

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Five Changes; US$5.2bn Trade; Other Index Flows

There could be 5 changes in June with one-way turnover of 17.6% and a round-trip trade of US$5.2bn. Multiple stocks will have flows from other div...

Brian Freitas

Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

There are a couple of changes to our expected ADDs list. Expected DELs remain unchanged. We see an interesting sector-neutral trade involving...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Jun25: US$2.5bn One-Way; Several High-Impact Flow Names

Multiple inflow and outflow names have more than 5x ADV to trade. However, the shares to trade estimates can change until the base date 26th May 2025.

Janaghan Jeyakumar, CFA

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

kopi-C with APAC Realty's CEO: ‘The property industry still needs agents’

With 42 years under its belt, ERA Asia Pacific, a wholly owned subsidiary by APAC Realty, embraces technology to empower agents in delivering...

Singapore Exchange Ltd (SGX)

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