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>
<a href="https://www.smartkarma.com/entities/eva-airways-corp" target="_blank" data-smartkarma-citation="entities:20645:1" rel="noopener">Eva Airways (2618 TT)</a> is forecast to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in March, replacing <a href="https://www.smartkarma.com/entities/formosa-chemicals-fibre" target="_blank" data-smartkarma-citation="entities:3672:1" rel="noopener">Formosa Chemicals &amp; Fibre (1326 TT)</a>. </li>
<li>Passive trackers will have 1 day of ADV to buy in <a href="https://www.smartkarma.com/entities/eva-airways-corp" target="_blank" data-smartkarma-citation="entities:20645:1" rel="noopener">Eva Airways (2618 TT)</a> and over 3 days of ADV to sell in <a href="https://www.smartkarma.com/entities/formosa-chemicals-fibre" target="_blank" data-smartkarma-citation="entities:3672:1" rel="noopener">Formosa Chemicals &amp; Fibre (1326 TT)</a>.</li>
<li>Positioning on <a href="https://www.smartkarma.com/entities/eva-airways-corp" target="_blank" data-smartkarma-citation="entities:20645:1" rel="noopener">Eva Airways (2618 TT)</a> does not appear excessive while <a href="https://www.smartkarma.com/entities/formosa-chemicals-fibre" target="_blank" data-smartkarma-citation="entities:3672:1" rel="noopener">Formosa Chemicals &amp; Fibre (1326 TT)</a> seems to be oversold.</li>
</ul>



Eva Airways (2618 TT) is forecast to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in March, replacing Formosa Chemicals &amp; Fibre (1326 TT). 
Passive trackers will have 1 day of ADV to buy in Eva Airways (2618 TT) and over 3 days of ADV to sell in Formosa Chemicals &amp; Fibre (1326 TT).
Positioning on Eva Airways (2618 TT) does not appear excessive while Formosa Chemicals &amp; Fibre (1326 TT) seems to be oversold.


Taiwan Top 50 ETF Rebalance Preview: Eva Air (2618 TT) Winging Its Way In

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the March 2025 index rebal event.</li>
<li>Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations may change before then.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the March 2025 index rebal event.
Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations may change before then.


Quiddity Leaderboard T50/​​​100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 12th which has an aggregated short interest worth USD81.0bn.</li>
<li>We tabulate league table 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 Chung-Hsin, Wt, Tatung, Elite Material, Mediatek, Chicony Elec, Ctbc Financial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 12th which has an aggregated short interest worth USD81.0bn.
We tabulate league table 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 Chung-Hsin, Wt, Tatung, Elite Material, Mediatek, Chicony Elec, Ctbc Financial.


TWSE Short Interest Weekly (Apr 12th): Chung-Hsin, Wt, Tatung, Elite Material, Mediatek

<ul>
<li>The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.</li>
<li>The October rebalance will result in a one-way turnover of ~37% and in a one-way trade of US$926m. There are 92 stocks with over 1 day of ADV to trade.</li>
<li>In Asia, the largest buy flows are expected on <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> and the largest sell flows on <a href="https://www.smartkarma.com/entities/posco-holdings-inc" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener">POSCO Holdings (005490 KS)</a>. </li>
</ul>


The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.
The October rebalance will result in a one-way turnover of ~37% and in a one-way trade of US$926m. There are 92 stocks with over 1 day of ADV to trade.
In Asia, the largest buy flows are expected on Astra International (ASII IJ) and the largest sell flows on POSCO Holdings (005490 KS). 


WisdomTree Emerging Markets High Dividend Index Rebalance: Huge Turnover & Trade Next Week

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 7th which has an aggregated short interest worth USD13.8bn.</li>
<li>We tabulate league table 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 Quanta Computer, Inventec, Novatek, Lite-On Tech, Yang Ming Marine, ASE, China Airlines.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 7th which has an aggregated short interest worth USD13.8bn.
We tabulate league table 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 Quanta Computer, Inventec, Novatek, Lite-On Tech, Yang Ming Marine, ASE, China Airlines.


TWSE Short Interest Weekly (Jul 7th): Quanta Computer, Inventec, Novatek, Lite-On Tech

Taiwan

Formosa Chemicals & Fibre Corporation manufactures and markets petrochemical products, nylon fiber, and rayon staple fiber.  Formosa sells its products in Taiwan and exports to Asia.

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Formosa Chemicals & Fibre (1326 TT)

Taiwan Top 50 ETF Rebalance Preview: Eva Air (2618 TT) Winging Its Way In

Eva Air could replace Formosa Chem in the Top50 ETF in March. Passives need to buy over 1x ADV in EvaAir and sell 3x ADV in FormosaChem....

Brian Freitas

Quiddity Leaderboard T50/100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

Tung Ho Steel (2006 TT) could get deleted from T100 if the stock underperforms the market in the run up to the base date. This would result in TDIV...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Apr 12th): Chung-Hsin, Wt, Tatung, Elite Material, Mediatek

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chung-Hsin, Wt, Tatung, Elite Material,...

Ke Yan, CFA, FRM

WisdomTree Emerging Markets High Dividend Index Rebalance: Huge Turnover & Trade Next Week

There are 265 adds/215 deletes for the WisdomTree Emerging Markets High Dividend Index. One-way turnover is 37% resulting in a one-way trade of...

Brian Freitas

TWSE Short Interest Weekly (Jul 7th): Quanta Computer, Inventec, Novatek, Lite-On Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Inventec, Novatek, Lite-On Tech,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Top 50 ETF Rebalance Preview: Eva Air (2618 TT) Winging Its Way In

Eva Air could replace Formosa Chem in the Top50 ETF in March. Passives need to buy over 1x ADV in EvaAir and sell 3x ADV in FormosaChem....

Brian Freitas

Quiddity Leaderboard T50/​​​100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

Tung Ho Steel (2006 TT) could get deleted from T100 if the stock underperforms the market in the run up to the base date. This would result in TDIV...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Apr 12th): Chung-Hsin, Wt, Tatung, Elite Material, Mediatek

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chung-Hsin, Wt, Tatung, Elite Material,...

Ke Yan, CFA, FRM

WisdomTree Emerging Markets High Dividend Index Rebalance: Huge Turnover & Trade Next Week

There are 265 adds/215 deletes for the WisdomTree Emerging Markets High Dividend Index. One-way turnover is 37% resulting in a one-way trade of...

Brian Freitas

TWSE Short Interest Weekly (Jul 7th): Quanta Computer, Inventec, Novatek, Lite-On Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Inventec, Novatek, Lite-On Tech,...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Mar 25: Tung Ho Steel TDIV Deletion Very Close