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

Delta Electronics Thailand  / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> has been added to the Market Surveillance Measure List twice in the last few months. That increases the probability of index deletion in December.</li>
<li>Given the big turnover every time <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics</a> is added to and deleted from the index, there could be another go at weighting the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET50 Index</a> by free-float market cap.</li>
<li>Deletion from the index will have a big impact on <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> and the passive selling could help narrow the gap with <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a>.</li>
</ul>



Delta Electronics Thai (DELTA TB) has been added to the Market Surveillance Measure List twice in the last few months. That increases the probability of index deletion in December.
Given the big turnover every time Delta Electronics is added to and deleted from the index, there could be another go at weighting the SET50 Index by free-float market cap.
Deletion from the index will have a big impact on Delta Electronics Thai (DELTA TB) and the passive selling could help narrow the gap with Delta Electronics (2308 TT).


Delta Electronics (DELTA TB): Potential SET50 Index Delete in December?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>This week will have some major earnings data points released. In Taiwan, UMC, Delta, Mediatek, ASE will report among other local names in our coverage.</li>
<li>Samsung &amp; SK Hynix will report this week, providing major insight into the Memory chip space for companies such as Nanya Technology and Micron.</li>
<li>TSMC &amp; ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track industry recovery?</li>
</ul>


This week will have some major earnings data points released. In Taiwan, UMC, Delta, Mediatek, ASE will report among other local names in our coverage.
Samsung &amp; SK Hynix will report this week, providing major insight into the Memory chip space for companies such as Nanya Technology and Micron.
TSMC &amp; ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track industry recovery?


Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

Delta Electronics Thailand  / Equity Bottom-Up

<ul>
<li>The valuation divergence between Delta Electronics Thai (DELTA TB) and its parent Delta Electronics (2308 TT) has hit a new extreme.</li>
<li>Delta Thailand surged 9.3% Thursday on no news, even prompting the Thailand Stock Exchange to query the company.</li>
<li>Delta Taiwan's stake in Delta Thailand is now worth more than all of Delta Taiwan. The valuation divergence would seem unsustainable, however when things revert is uncertain.</li>
</ul>


The valuation divergence between Delta Electronics Thai (DELTA TB) and its parent Delta Electronics (2308 TT) has hit a new extreme.
Delta Thailand surged 9.3% Thursday on no news, even prompting the Thailand Stock Exchange to query the company.
Delta Taiwan's stake in Delta Thailand is now worth more than all of Delta Taiwan. The valuation divergence would seem unsustainable, however when things revert is uncertain.


Delta Taiwan Vs. Thailand Monitor: Valuation Divergence Hits a New Extreme

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.</li>
<li>Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.</li>
<li>We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.</li>
</ul>


There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.
Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.
We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.


Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

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

<ul>
<li>
Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty</li>
<li>
National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase</li>
<li>
Semiconductor Memory Q125 Review — Tariff &amp; Tech Transition Impacts, HBM Outlook</li>
</ul>



Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty

National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase

Semiconductor Memory Q125 Review —  Tariff &amp; Tech Transition Impacts, HBM Outlook


Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

Taiwan

Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors.  Delta also manufactures magnetic and networking components.

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Delta Electronics (2308 TT)

Delta Electronics (DELTA TB): Potential SET50 Index Delete in December?

DELTA TB has been added to the Market Surveillance Measure List and this increases the probability of SET50 deletion in December. That could help...

Brian Freitas

Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

TSMC & ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track...

Vincent Fernando, CFA

Delta Taiwan Vs. Thailand Monitor: Valuation Divergence Hits a New Extreme

Delta Taiwan's stake in Delta Thailand is now worth more than all of Delta Taiwan. The valuation divergence would seem unsustainable, however when...

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Delta Electronics (DELTA TB): Potential SET50 Index Delete in December?

DELTA TB has been added to the Market Surveillance Measure List and this increases the probability of SET50 deletion in December. That could help...

Brian Freitas

Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

TSMC & ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track...

Vincent Fernando, CFA

Delta Taiwan Vs. Thailand Monitor: Valuation Divergence Hits a New Extreme

Delta Taiwan's stake in Delta Thailand is now worth more than all of Delta Taiwan. The valuation divergence would seem unsustainable, however when...

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

​Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...