Asia Pac ECM and Index Rebal, Shenton 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 foreign holdings of TWSE Stocks as of Oct 6th which has an aggregated holding worth USD621.8bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be outflows of USD449mln. We highlight foreign changes in Fubon Financial, TSMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 6th which has an aggregated holding worth USD621.8bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be outflows of USD449mln. We highlight foreign changes in Fubon Financial, TSMC.


TWSE Foreign Holding Weekly (Oct 6th): Fubon Financial, TSMC

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 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

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 29th which has an aggregated holding worth USD318.8bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be outflows of USD776mln and highlight foreign changes in Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 29th which has an aggregated holding worth USD318.8bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be outflows of USD776mln and highlight foreign changes in Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital.


TWSE Foreign Holding Weekly (Sep 29th): Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).
He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.
In this note, we will talk about the placement and run the deal through our ECM framework.


Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Previously, we criticized CJ Logistics as unfocused, pursuing deals in low-margin segments around the world as if to fill a logistics <em>'Bingo!'</em> card rather than in-line with a rational strategy</li>
<li>In recent years, investors have punished the company's shares, which have fallen by more than half since reaching a high of over 184,000 won per share in March 2021. </li>
<li>However, with management de-emphasizing its Global segment and focusing instead on the more promising Parcel / E-commerce line of business, there is cause for optimism, in our view</li>
</ul>


Previously, we criticized CJ Logistics as unfocused, pursuing deals in low-margin segments around the world as if to fill a logistics 'Bingo!' card rather than in-line with a rational strategy
In recent years, investors have punished the company's shares, which have fallen by more than half since reaching a high of over 184,000 won per share in March 2021. 
However, with management de-emphasizing its Global segment and focusing instead on the more promising Parcel / E-commerce line of business, there is cause for optimism, in our view


Catching Up With CJ Logistics (000120 KS): With Shares Beaten Down, Management Forced to Refocus

Taiwan

EVA Airways Corp. is an air carrier that transports passengers and cargos. The Company operates primarily in Taiwan and serves international route networks in North America, Asia, Europe, and Australasia.

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Eva Airways (2618 TT)

TWSE Foreign Holding Weekly (Oct 6th): Fubon Financial, TSMC

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in Fubon Financial, Taiwan Semiconductor...

Ke Yan, CFA, FRM

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

TWSE Foreign Holding Weekly (Sep 29th): Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital.

Ke Yan, CFA, FRM

Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares...

Ethan Aw

Catching Up With CJ Logistics (000120 KS): With Shares Beaten Down, Management Forced to Refocus

In this insight we check on CJ Logistics' recent financial performance. Management has de-emphasized the Global segment and put more resources into...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Oct 6th): Fubon Financial, TSMC

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in Fubon Financial, Taiwan Semiconductor...

Ke Yan, CFA, FRM

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

TWSE Foreign Holding Weekly (Sep 29th): Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in Gigabyte, Hon Hai, Novatek, Quanta, Asia Vital.

Ke Yan, CFA, FRM

Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares...

Ethan Aw

Catching Up With CJ Logistics (000120 KS): With Shares Beaten Down, Management Forced to Refocus

In this insight we check on CJ Logistics' recent financial performance. Management has de-emphasized the Global segment and put more resources into...

Tracking Traffic

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