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

Teco Electric & Machinery / Index Rebalance

<ul>
<li>With the review period now complete, there could be 3 constituent changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.</li>
</ul>


With the review period now complete, there could be 3 constituent changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade

<ul>
<li>Following multiple amendments to the methodology, there could be 4 changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>Constituent changes along with capping changes will lead to a one-way turnover of 18.1% and in a round-trip trade of TWD 173.2bn (US$5.56bn).</li>
<li>There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.</li>
</ul>


Following multiple amendments to the methodology, there could be 4 changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
Constituent changes along with capping changes will lead to a one-way turnover of 18.1% and in a round-trip trade of TWD 173.2bn (US$5.56bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.


Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Four Changes; US$5.6bn Trade

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 24th. The aggregated holding was USD1,379.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,005mln. 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, Wistron, Yageo, MediaTek, Hon Hai Precision, Yageo, TSMC, Wistron, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 24th. The aggregated holding was USD1,379.0bn.
We estimate that foreign flows to be outflows of USD1,005mln. 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, Wistron, Yageo, MediaTek, Hon Hai Precision, Yageo, TSMC, Wistron, Mediatek.


TWSE Foreign Holding Weekly (Oct 24th): TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 17th. The aggregated holding was USD1,379.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,539mln. 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, ASE Industrial, Wistron, Delta Electronics, Hon Hai Precision, Ase Industrial, TSMC, Wistron, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 17th. The aggregated holding was USD1,379.7bn.
We estimate that foreign flows to be outflows of USD2,539mln. 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, ASE Industrial, Wistron, Delta Electronics, Hon Hai Precision, Ase Industrial, TSMC, Wistron, Delta Electronics.


TWSE Foreign Holding Weekly (Oct 17th): TSMC, Hon Hai Precision, ASE Industrial, Wistron

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

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>There were some key methodology changes announced for this index yesterday.</li>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2025 index rebal event.</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.
There were some key methodology changes announced for this index yesterday.
In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2025 index rebal event.


Quiddity Leaderboard TDIV Dec25: Key Methodology Changes; High-Impact Flows; US$3.6bn One-Way

Taiwan

Far EasTone Telecommunications Co., Ltd. provides mobile communication and Internet access services.  The Company also sells cellular phones and related equipment.

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Far Eastone Telecomm (4904 TT)

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade

There could be 3 changes for the ETF in Dec. Estimated one-way turnover is 12.7% and round-trip trade is TWD 125bn (US$4bn). There will be same-way...

Brian Freitas

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Four Changes; US$5.6bn Trade

There could be 4 changes in Dec. Estimated one-way turnover is 18.1% and round-trip trade is US$5.56bn. Some stocks will have same-way or opposite...

Brian Freitas

TWSE Foreign Holding Weekly (Oct 24th): TSMC, Hon Hai Precision, Wistron, Yageo, MediaTek

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

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Oct 17th): TSMC, Hon Hai Precision, ASE Industrial, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT), ASE...

Ke Yan, CFA, FRM

Quiddity Leaderboard TDIV Dec25: Key Methodology Changes; High-Impact Flows; US$3.6bn One-Way

We expect 6 ADDs and 6 DELs based on the latest index methodology. We expect US$3.6bn in one-way flows in December 2025 which is around 21%...

Janaghan Jeyakumar, CFA

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