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 Dec 23rd which has an aggregated short interest worth USD13.2bn.</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 analyzed TWSE short interest report for the past week and highlight short interest changes in Wan Hai, Hon Hai, Realtek, Kinsus, Taiwan Cement, Yang Ming Marine, Wiwynn, Chna Steel.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 23rd which has an aggregated short interest worth USD13.2bn.
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 analyzed TWSE short interest report for the past week and highlight short interest changes in Wan Hai, Hon Hai, Realtek, Kinsus, Taiwan Cement, Yang Ming Marine, Wiwynn, Chna Steel.


TWSE Short Interest Weekly (Dec 23rd): Taiwan Cement, Yang Ming Marine, Wiwynn, Chna Steel

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 23rd which has an aggregated short interest worth USD12.3bn.</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 Eva Airways, Powerchip Semiconductor, AUO Corp, Formosa Plastics, Realtek, Yageo.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 23rd which has an aggregated short interest worth USD12.3bn.
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 Eva Airways, Powerchip Semiconductor, AUO Corp, Formosa Plastics, Realtek, Yageo.


TWSE Short Interest Weekly (Sep 23rd): Eva Airways, Powerchip

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-electronics-group-co" target="_blank" data-smartkarma-citation="entities:4877:1" rel="noopener">Haier Electronics Group Co (1169 HK)</a> and <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> and <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>. Shorts increased in Financials and Health Care stocks, and decreased on Consumer Discretionary, Industrials, Communication Services, Information Technology and Real Estate names.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a>, <a href="https://www.smartkarma.com/entities/mercari-inc" target="_blank" data-smartkarma-citation="entities:27149:1" rel="noopener">Mercari Inc (4385 JP)</a> and <a href="https://www.smartkarma.com/entities/miura-co-ltd" target="_blank" data-smartkarma-citation="entities:20185:1" rel="noopener">Miura Co Ltd (6005 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-corp-aichi" target="_blank" data-smartkarma-citation="entities:12942:1" rel="noopener">Fuji Machine Mfg (6134 JP)</a>, <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> and <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a>. Sectorally, shorts increased on Consumer Discretionary, Real Estate and Financials, while shorts were covered on Consumer Staples.</p></div><div><p>In Korea, the biggest increase in shorts were seen on <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-heavy-industries" target="_blank" data-smartkarma-citation="entities:10155:1" rel="noopener">Hyundai Heavy Industries (009540 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/amorepacific-corp" target="_blank" data-smartkarma-citation="entities:20854:1" rel="noopener">Amorepacific Corp (090430 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-chemicals-co-ltd-new" target="_blank" data-smartkarma-citation="entities:26190:1" rel="noopener">Sk Chemicals Co Ltd/New (285130 KS)</a>, <a href="https://www.smartkarma.com/entities/s-oil-corp" target="_blank" data-smartkarma-citation="entities:1667:1" rel="noopener">S Oil Corp (010950 KS)</a> and <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM Co., Ltd. (011200 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a>, <a href="https://www.smartkarma.com/entities/wiwynn-corp" target="_blank" data-smartkarma-citation="entities:27838:1" rel="noopener">Wiwynn Corp (6669 TT)</a>, <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a> and <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/century-iron-steel-indus" target="_blank" data-smartkarma-citation="entities:8853:1" rel="noopener">Century Iron &amp; Steel Indus (9958 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> and <a href="https://www.smartkarma.com/entities/formosa-petrochemical-corp" target="_blank" data-smartkarma-citation="entities:20875:1" rel="noopener">Formosa Petrochemical (6505 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Ping An Insurance (H) (2318 HK), Alibaba Group (9988 HK), Haier Electronics Group Co (1169 HK) and Ping An Healthcare and Technology Company Limited (1833 HK) while there was short covering on Meituan (3690 HK), Tencent Holdings (700 HK), Sunny Optical (2382 HK) and AIA Group Ltd (1299 HK). Shorts increased in Financials and Health Care stocks, and decreased on Consumer Discretionary, Industrials, Communication Services, Information Technology and Real Estate names.In Japan, stocks that saw the most shorts were Itochu Corp (8001 JP), Nippon Building Fund (8951 JP), Mercari Inc (4385 JP) and Miura Co Ltd (6005 JP) while shorts decreased on Toshiba Corp (6502 JP), Fuji Machine Mfg (6134 JP), Casio Computer (6952 JP) and Ricoh Company Ltd (7752 JP). Sectorally, shorts increased on Consumer Discretionary, Real Estate and Financials, while shorts were covered on Consumer Staples.In Korea, the biggest increase in shorts were seen on Hyundai Motor Co (005380 KS), Hyundai Heavy Industries (009540 KS) and Samsung SDI (006400 KS) while shorts were covered on Amorepacific Corp (090430 KS), Sk Chemicals Co Ltd/New (285130 KS), S Oil Corp (010950 KS) and HMM Co., Ltd. (011200 KS). Stocks in Taiwan that saw the highest increase in shorts were Asustek Computer (2357 TT), Wiwynn Corp (6669 TT), Acer Inc (2353 TT) and Largan Precision (3008 TT) while shorts were covered on Unimicron Technology (3037 TT), Century Iron &amp; Steel Indus (9958 TT), Yageo Corporation (2327 TT) and Formosa Petrochemical (6505 TT). 

Asia Short Interest Weekly: Haier, Sunny Optical, Itochu, Mercari, Toshiba, HMM, Asustek, Acer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>On July 10th this year, three and a half years after rumors of talks of a US$4bn buyout of <a href="https://www.smartkarma.com/entities/108" target="_blank" data-smartkarma-citation="entities:108:1">Showa Shell Sekiyu Kk (5002 JP)</a> showed up in the press (mid-Dec 2014), and three years after the MOU was signed between <a href="https://www.smartkarma.com/entities/109" target="_blank" data-smartkarma-citation="entities:109:1">Idemitsu Kosan (5019 JP)</a> and Royal Dutch Shell for Idemitsu to buy a ~32% stake in Showa Shell, we saw a new agreement to sign an agreement to merge to be voted by year end. </p><p>After 3yrs of noise and objection by the scion of the Idemitsu family, an equity offering designed to lower the Idemitsu family's stake, and finally reportedly an intervention by Yoshiaki Murakami to help the two sides (Idemitsu family and Idemitsu management) reach an agreement to shelve their differences, the two companies announced the execution of a "Business Integration Agreement" with a plan to merge the two companies on 1 April 2019. The companies plan to execute a definitive <em>Share Exchange Agreement</em> by October 2018 (i.e. decide the merger ratio) and hold Extraordinary General Meetings for shareholders to approve the merger in December 2018.</p><p>This was discussed in July in <a href="https://www.smartkarma.com/insights/idemitsu-and-showa-agree-to-merge-interesting-side-agreements-own-the-i-ss-ratio" target="_blank" data-smartkarma-citation="insights:22057">Idemitsu and Showa Agree To Merge - Interesting Side Agreements, Own the I/SS Ratio</a>. </p><div class="content-highlight"><p>It is now October 2018. Earnings for both companies come on the 14th of November, but <em>"a definitive Share Exchange Agreement"</em> is due <em>this</em> month. </p></div>

On July 10th this year, three and a half years after rumors of talks of a US$4bn buyout of Showa Shell Sekiyu Kk (5002 JP) showed up in the press (mid-Dec 2014), and three years after the MOU was signed between Idemitsu Kosan (5019 JP) and Royal Dutch Shell for Idemitsu to buy a ~32% stake in Showa Shell, we saw a new agreement to sign an agreement to merge to be voted by year end. After 3yrs of noise and objection by the scion of the Idemitsu family, an equity offering designed to lower the Idemitsu family's stake, and finally reportedly an intervention by Yoshiaki Murakami to help the two sides (Idemitsu family and Idemitsu management) reach an agreement to shelve their differences, the two companies announced the execution of a "Business Integration Agreement" with a plan to merge the two companies on 1 April 2019. The companies plan to execute a definitive Share Exchange Agreement by October 2018 (i.e. decide the merger ratio) and hold Extraordinary General Meetings for shareholders to approve the merger in December 2018.This was discussed in July in Idemitsu and Showa Agree To Merge - Interesting Side Agreements, Own the I/SS Ratio. It is now October 2018. Earnings for both companies come on the 14th of November, but "a definitive Share Exchange Agreement" is due this month. 

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Nanya Technology / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/20875" target="_blank" data-smartkarma-citation="entities:20875:1">Formosa Petrochemical Corp (6505 TT)</a> and <a href="https://www.smartkarma.com/entities/20811" target="_blank" data-smartkarma-citation="entities:20811:1">Formosa Plastics Corp (1301 TT)</a> is looking to sell US$159m worth of <a href="https://www.smartkarma.com/entities/3269" target="_blank" data-smartkarma-citation="entities:3269:1">Nanya Technology Corp (2408 TT)</a> shares, representing 2% of total outstanding shares (60m shares). Post-sale, Formosa Petro will continue to hold about 11% of Nanya Tech.</p><p>The deal scores positively on our framework owing to strong price and earnings momentum. Its recent results have also done well, with sales, operating income rising 30.3% and 512% YoY. DRAM prices are also expected to…</p>

Formosa Petrochemical Corp (6505 TT) and Formosa Plastics Corp (1301 TT) is looking to sell US$159m worth of Nanya Technology Corp (2408 TT) shares, representing 2% of total outstanding shares (60m shares). Post-sale, Formosa Petro will continue to hold about 11% of Nanya Tech.The deal scores positively on our framework owing to strong price and earnings momentum. Its recent results have also done well, with sales, operating income rising 30.3% and 512% YoY. DRAM prices are also expected to…

Nanya Tech Placement - DRAM Price Momentum Seems Strong; Q4 ASP on Track to Grow

Taiwan

Formosa Petrochemical Corp. refines crude oil and markets petroleum and petrochemical products.  The Company operates refineries and naphtha cracking plants that provide products such as gasoline, diesel, jet fuel, fuel oil, naphtha, ethylene, and liquefied petroleum gas.  FPCC also owns three utility centers and generates electricity.

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

Formosa Petrochemical (6505 TT)

TWSE Short Interest Weekly (Dec 23rd): Taiwan Cement, Yang Ming Marine, Wiwynn, Chna Steel

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wan Hai Lines, Hon Hai, Realtek, Kinsus, Taiwan...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 23rd): Eva Airways, Powerchip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Eva Airways, Powerchip Semiconductor, AUO Corp,...

Ke Yan, CFA, FRM

Asia Short Interest Weekly: Haier, Sunny Optical, Itochu, Mercari, Toshiba, HMM, Asustek, Acer

This Insight looks at short interest movements in stocks across Asian markets and highlights stocks that have seen large increase/ decrease in...

Brian Freitas

Last Chance For Your Idemitsu/Showa Bet

On July 10th this year, three and a half years after rumors of talks of a US$4bn buyout of Showa Shell Sekiyu Kk (5002 JP) showed up in the press...

Travis Lundy

Nanya Tech Placement - DRAM Price Momentum Seems Strong; Q4 ASP on Track to Grow

Formosa Petrochemical Corp (6505 TT) and Formosa Plastics Corp (1301 TT) is looking to sell US$159m worth of Nanya Technology Corp (2408...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)