Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Tung Ho Steel Enterprise / 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>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.</li>
<li>Currently, we expect no changes for the TDIV index for the September 2025 review and we estimate the one-way capping flow to be US$662mn.</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 September 2025 index rebal event.
Currently, we expect no changes for the TDIV index for the September 2025 review and we estimate the one-way capping flow to be US$662mn.


Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names

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 Jul 18th. The aggregated holding was USD1,172.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,885mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.
We estimate that foreign flows to be inflows of USD2,885mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.


TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 11th. The aggregated holding was USD1,134.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,141mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Mediatek, Hon Hai Precision, Ctbc Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 11th. The aggregated holding was USD1,134.8bn.
We estimate that foreign flows to be inflows of USD1,141mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Mediatek, Hon Hai Precision, Ctbc Financial.


TWSE Foreign Holding Weekly (Jul 11th): TSMC, Mediatek, Hon Hai Precision, Ctbc Financial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 4th. The aggregated holding was USD1,128.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,856mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Mediatek, Ase Industrial, Quanta Computer, Delta Electronics, Fubon Financial, Compal Electronics, Yang Ming Marine, Novatek Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 4th. The aggregated holding was USD1,128.9bn.
We estimate that foreign flows to be inflows of USD2,856mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Mediatek, Ase Industrial, Quanta Computer, Delta Electronics, Fubon Financial, Compal Electronics, Yang Ming Marine, Novatek Microelectronics.


TWSE Foreign Holding Weekly (Jul 4th): TSMC, Mediatek, Ase Industrial, Quanta Computer

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 27th. The aggregated holding was USD1,126.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD16,805mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Jinan Acetate Chemical, TSMC, Elite Material, Evergreen Marine, UMC, China Development Financial, Cathay Financial, Asustek Computer, Quanta Computer, Uni-President Enterprises.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 27th. The aggregated holding was USD1,126.4bn.
We estimate that foreign flows to be inflows of USD16,805mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Jinan Acetate Chemical, TSMC, Elite Material, Evergreen Marine, UMC, China Development Financial, Cathay Financial, Asustek Computer, Quanta Computer, Uni-President Enterprises.


TWSE Foreign Holding Weekly (Jun 27th): Jinan Acetate Chemical, TSMC, Elite Material

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)

Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names

Assuming no index changes take place in September 2025, we estimate one-way capping flows of US$662mn. Some of these names have fairly high impacts.

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Technologies, UMC, Asia Vital...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jul 11th): TSMC, Mediatek, Hon Hai Precision, Ctbc Financial

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

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jul 4th): TSMC, Mediatek, Ase Industrial, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT), Ase...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 27th): Jinan Acetate Chemical, TSMC, Elite Material

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Jinan Acetate Chemical (4763 TT), TSMC (2330...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)