Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 29th. The aggregated short interest was USD49.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Shin Kong Financial, Quanta Computer, Innolux, Delta Electronics, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 29th. The aggregated short interest was USD49.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Shin Kong Financial, Quanta Computer, Innolux, Delta Electronics, ASE Industrial.


TWSE Short Interest Weekly (May 29th): Shin Kong Financial, Quanta Computer, Innolux, ASE Industrial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 24th. The aggregated holding was USD1,996.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,351mln. 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, Hon Hai Precision, Alchip Technologies, Delta Electronics, MediaTek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 24th. The aggregated holding was USD1,996.2bn.
We estimate that foreign flows to be inflows of USD3,351mln. 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, Hon Hai Precision, Alchip Technologies, Delta Electronics, MediaTek.


TWSE Foreign Holding Weekly (Apr 24th): TSMC, Hon Hai Precision, Alchip Technologies

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 on the Taiwan Stock Exchange. The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>Currently, we see four T50 changes and nine other T100 changes for the June 2026 index rebal event.</li>
<li>Among the expected T100 deletes, we see three TDIV members that could get deleted from TDIV in June 2026, with a fourth sitting close to the border.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization on the Taiwan Stock Exchange. The T100 index represents the next 100 largest names (51-150 ranks).
Currently, we see four T50 changes and nine other T100 changes for the June 2026 index rebal event.
Among the expected T100 deletes, we see three TDIV members that could get deleted from TDIV in June 2026, with a fourth sitting close to the border.


Quiddity Leaderboard T50/​​​100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-acceptance-corp" target="_blank" data-smartkarma-citation="entities:13398:1" rel="noopener">Taiwan Acceptance (9941 TT)</a> should be deleted from the Yuanta/​P-Shares Taiwan Dividend Plus ETF in March and that will trigger selling of over 8 days of ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/tung-ho-steel-enterprise-corporation" target="_blank" data-smartkarma-citation="entities:2831:1" rel="noopener">Tung Ho Steel Enterprise (2006 TT)</a> is very close to deletion zone and price movements over the next few weeks will determine if it stays or goes.</li>
<li>If deleted from the ETF, passives will sell between 6-7.6% of float in the stocks and that could lead to a sharp drop in the stock price.</li>
</ul>



Taiwan Acceptance (9941 TT) should be deleted from the Yuanta/​P-Shares Taiwan Dividend Plus ETF in March and that will trigger selling of over 8 days of ADV.

Tung Ho Steel Enterprise (2006 TT) is very close to deletion zone and price movements over the next few weeks will determine if it stays or goes.
If deleted from the ETF, passives will sell between 6-7.6% of float in the stocks and that could lead to a sharp drop in the stock price.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 1 Delete in March, Maybe 2

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency).  We see attractive Opportunities in Manufacturing &amp; Materials in Europe, Japan and China, India, and Taiwan. </p>

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency).  We see attractive Opportunities in Manufacturing &amp; Materials in Europe, Japan and China, India, and Taiwan. 

Global Indexes Are Consolidating, EM Is Breaking Down

Taiwan

Eternal Materials Co., Ltd. manufactures and markets synthetic resins, unsaturated polyester resins, plastics, copper-clad laminates, photoresist materials as well as other specialty chemicals.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Eternal Materials (1717 TT)

TWSE Short Interest Weekly (May 29th): Shin Kong Financial, Quanta Computer, Innolux, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Quanta Computer, Innolux,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 24th): TSMC, Hon Hai Precision, Alchip Technologies

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

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

There are six TDIV members close to T100 deletion. Three of them are already in the money. The other three are just outside the border.

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 1 Delete in March, Maybe 2

There could be 1, maybe 2, deletions from the Div+ ETF in March. Passive selling impact is high in both names and free float will increase by 6...

Brian Freitas

Global Indexes Are Consolidating, EM Is Breaking Down

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (May 29th): Shin Kong Financial, Quanta Computer, Innolux, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Quanta Computer, Innolux,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 24th): TSMC, Hon Hai Precision, Alchip Technologies

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

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/​​​100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

There are six TDIV members close to T100 deletion. Three of them are already in the money. The other three are just outside the border.

Janaghan Jeyakumar, CFA

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 1 Delete in March, Maybe 2

There could be 1, maybe 2, deletions from the Div+ ETF in March. Passive selling impact is high in both names and free float will increase by 6...

Brian Freitas

Global Indexes Are Consolidating, EM Is Breaking Down

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving...

Vermilion Research

Quiddity Leaderboard T50/100 Jun26: Three TDIV DELs And One High-Impact T50 DEL Now in the Money!

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 1 Delete in March, Maybe 2