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>
<a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 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 2 days of ADV to buy in <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a> and 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 does not appear to be high in <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a> while any price declines 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> could be bought.</li>
</ul>



Wan Hai Lines (2615 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 2 days of ADV to buy in Wan Hai Lines (2615 TT) and 3 days of ADV to sell in Formosa Chemicals &amp; Fibre (1326 TT). 
Positioning does not appear to be high in Wan Hai Lines (2615 TT) while any price declines in Formosa Chemicals &amp; Fibre (1326 TT) could be bought.


Taiwan Top 50 ETF Rebalance Preview: Wan Hai Lines (2615 TT) Sailing Its Way In

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<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>Today is the base date for the March 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.</li>
<li>We expect one change for T50 and two changes for T100 index for the March 2025 rebalance.</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).
Today is the base date for the March 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect one change for T50 and two changes for T100 index for the March 2025 rebalance.


Quiddity Leaderboard T50/​​​100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

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

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 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 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

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.

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

Formosa Chemicals & Fibre (1326 TT)

Taiwan Top 50 ETF Rebalance Preview: Wan Hai Lines (2615 TT) Sailing Its Way In

Wan Hai Lines could replace Formosa Chem in the Top50 ETF in March. Passives need to buy 2x ADV in Wan Hai and sell 3x ADV in Formosa Chem....

Brian Freitas

Quiddity Leaderboard T50/100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

TDIV member Tung Ho Steel (2006 TT) was previously close to T100 deletion and TDIV deletion but based on the current data, the stock might be safe...

Janaghan Jeyakumar, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Top 50 ETF Rebalance Preview: Wan Hai Lines (2615 TT) Sailing Its Way In

Wan Hai Lines could replace Formosa Chem in the Top50 ETF in March. Passives need to buy 2x ADV in Wan Hai and sell 3x ADV in Formosa Chem....

Brian Freitas

Quiddity Leaderboard T50/​​​100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

TDIV member Tung Ho Steel (2006 TT) was previously close to T100 deletion and TDIV deletion but based on the current data, the stock might be safe...

Janaghan Jeyakumar, CFA

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

Quiddity Leaderboard T50/100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

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