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

<ul>
<li>The capping for the Hang Seng family of indices will use closing prices from 28 November while implementation will take place at the close on 1 December.</li>
<li>The changes for the next <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> rebalance will be announced after the close of trading on 1 December.</li>
<li>It was another week of inflows for the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets (EMXC US)</a> to take units outstanding to a new high.</li>
</ul>


The capping for the Hang Seng family of indices will use closing prices from 28 November while implementation will take place at the close on 1 December.
The changes for the next S&amp;P/ASX 200 (AS51 INDEX) rebalance will be announced after the close of trading on 1 December.
It was another week of inflows for the iShares Emerging Markets (EMXC US) to take units outstanding to a new high.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a> could replace <a href="https://www.smartkarma.com/entities/feng-tay-enterprise-co-ltd" target="_blank" data-smartkarma-citation="entities:18329:1" rel="noopener">Feng Tay Enterprise (9910 TT)</a> in the Yuanta/P-Shares Taiwan Top 50 ETF at the December rebalance.</li>
<li>This ETF inclusion for <a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a> could come back-to-back with another index inclusion scheduled for the end of November.</li>
<li>Shorts in <a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a> have been building up while shorts in <a href="https://www.smartkarma.com/entities/feng-tay-enterprise-co-ltd" target="_blank" data-smartkarma-citation="entities:18329:1" rel="noopener">Feng Tay Enterprise (9910 TT)</a> have surged over the last few months.</li>
</ul>



Alchip Technologies (3661 TT) could replace Feng Tay Enterprise (9910 TT) in the Yuanta/P-Shares Taiwan Top 50 ETF at the December rebalance.
This ETF inclusion for Alchip Technologies (3661 TT) could come back-to-back with another index inclusion scheduled for the end of November.
Shorts in Alchip Technologies (3661 TT) have been building up while shorts in Feng Tay Enterprise (9910 TT) have surged over the last few months.


Taiwan Top 50 ETF Rebalance: Alchip (3661 TT) Going Back-To-Back?

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

U Ming Marine Transport Corp / Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the December 2023 Rebalance.</li>
<li>While there are no changes expected for the T50 index there could be one change for the T100 index.</li>
<li>
<a href="https://www.smartkarma.com/entities/u-ming-marine-transport-corp" target="_blank" data-smartkarma-citation="entities:3524:1" rel="noopener">U Ming Marine Transport Corp (2606 TT)</a> has moved closer to a potential T100 deletion which could also result in a TDIV deletion which has very significant flow implications.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the December 2023 Rebalance.
While there are no changes expected for the T50 index there could be one change for the T100 index.

U Ming Marine Transport Corp (2606 TT) has moved closer to a potential T100 deletion which could also result in a TDIV deletion which has very significant flow implications.


Quiddity Leaderboard T50/​​​100 Dec 23: U-Ming Potential TDIV Deletion Is the Main Talking Point

<ul>
<li>Using data from the close on 19 July, there could be 5 changes to the Yuanta/​P-Shares Taiwan Top 50 ETF and 2 deletions for the Yuanta/​P-Shares Taiwan Dividend Plus ETF.</li>
<li>Stocks that are expected to benefit from the AI revolution could gain ETF inclusion while shipping stocks are the ones expected to be deleted from the ETF.</li>
<li>There has been a huge increase in shorts on some of the potential inclusions and on most of the potential deletions. That will affect how stocks trade near term.</li>
</ul>


Using data from the close on 19 July, there could be 5 changes to the Yuanta/​P-Shares Taiwan Top 50 ETF and 2 deletions for the Yuanta/​P-Shares Taiwan Dividend Plus ETF.
Stocks that are expected to benefit from the AI revolution could gain ETF inclusion while shipping stocks are the ones expected to be deleted from the ETF.
There has been a huge increase in shorts on some of the potential inclusions and on most of the potential deletions. That will affect how stocks trade near term.


Yuanta ETFs Rebalance Preview: Soaring Stocks, Rising Shorts; AI Beats Shipping

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>We are negative on Feng Tay Enterprise's share price in the next 6-12 months mainly due to inventory/margin concerns at its largest customer Nike combined with unattractive valuations.</li>
<li>In the next several months, we think there is a higher probability of Feng Tay's share price underperforming versus Nike.</li>
<li>Feng Tay Enterprise is one of the largest global OEM/ODM companies that specializes the design and manufacturing of footwear. Nike is one of the largest customers of Feng Tay Enterprise. </li>
</ul>


We are negative on Feng Tay Enterprise's share price in the next 6-12 months mainly due to inventory/margin concerns at its largest customer Nike combined with unattractive valuations.
In the next several months, we think there is a higher probability of Feng Tay's share price underperforming versus Nike.
Feng Tay Enterprise is one of the largest global OEM/ODM companies that specializes the design and manufacturing of footwear. Nike is one of the largest customers of Feng Tay Enterprise. 


Feng Tay Enterprise: Risks from Higher Inventory at Nike & Unattractive Valuations

Taiwan

Feng Tay Enterprise Co., Ltd. manufactures and markets athletic footwear products.  The Company's products include sneakers and roller blades. Its headquarters, primarily for product development and human resources functions, is located at Yunlin Science and Industrial Park in Taiwan, while its factories are spread throughout China, Vietnam, Indonesia and India.

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Feng Tay Enterprise (9910 TT)

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Taiwan Top 50 ETF Rebalance: Alchip (3661 TT) Going Back-To-Back?

Alchip could replace Feng Tay in the ETF in Dec. Other global passive trackers will buy Alchip at the end of Nov and reduce the real float of the...

Brian Freitas

Quiddity Leaderboard T50/100 Dec 23: U-Ming Potential TDIV Deletion Is the Main Talking Point

Among the Top 15 T100 potential DELs, six names are also TDIV members. If any of them get deleted from T100, they will also be deleted from TDIV...

Janaghan Jeyakumar, CFA

Yuanta ETFs Rebalance Preview: Soaring Stocks, Rising Shorts; AI Beats Shipping

After a huge rally over the last couple of months, a lot of the potential inclusions are trading lower (or limit down) today. Shorts have continued...

Brian Freitas

Feng Tay Enterprise: Risks from Higher Inventory at Nike & Unattractive Valuations

We are negative on Feng Tay Enterprise's share price in the next 6-12 months mainly due to inventory/margin concerns at its largest customer Nike...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Taiwan Top 50 ETF Rebalance: Alchip (3661 TT) Going Back-To-Back?

Alchip could replace Feng Tay in the ETF in Dec. Other global passive trackers will buy Alchip at the end of Nov and reduce the real float of the...

Brian Freitas

Quiddity Leaderboard T50/​​​100 Dec 23: U-Ming Potential TDIV Deletion Is the Main Talking Point

Among the Top 15 T100 potential DELs, six names are also TDIV members. If any of them get deleted from T100, they will also be deleted from TDIV...

Janaghan Jeyakumar, CFA

Yuanta ETFs Rebalance Preview: Soaring Stocks, Rising Shorts; AI Beats Shipping

After a huge rally over the last couple of months, a lot of the potential inclusions are trading lower (or limit down) today. Shorts have continued...

Brian Freitas

Feng Tay Enterprise: Risks from Higher Inventory at Nike & Unattractive Valuations

We are negative on Feng Tay Enterprise's share price in the next 6-12 months mainly due to inventory/margin concerns at its largest customer Nike...

Douglas Kim

Quiddity Leaderboard T50/100 Dec 23: U-Ming Potential TDIV Deletion Is the Main Talking Point