Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Taishin Financial Holding / 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>Today is the base date for the final ranks and we see five ADDs and five DELs.</li>
<li>We estimate one-way flow to be around US$2.55bn with multiple expected ADDs having 10x ADV or more to trade.</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.
Today is the base date for the final ranks and we see five ADDs and five DELs.
We estimate one-way flow to be around US$2.55bn with multiple expected ADDs having 10x ADV or more to trade.


Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

<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>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2025 index rebal event.</li>
<li>We expect five changes for the TDIV index and there could be index flows of US$2.5bn one-way due to capping.</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.
In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2025 index rebal event.
We expect five changes for the TDIV index and there could be index flows of US$2.5bn one-way due to capping.


Quiddity Leaderboard TDIV Jun25: US$2.5bn One-Way; Several High-Impact Flow Names

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

Shin Kong Financial Holding / Event-Driven

<ul>
<li>The TFTC approved in early January, The TFTC <a href="https://www.cna.com.tw/news/afe/202501080360.aspx" target="_blank" rel="noopener">said</a> market power would be limited and competition unrestricted. Another <a href="https://www.cna.com.tw/news/afe/202501070351.aspx" target="_blank" rel="noopener">CNA article</a> suggested the two FHCs were completing employee placement plans.</li>
<li>Apparently, as of a month ago, only the Shin Kong <em>Bank</em> employee settlement plan had not been completed but the FSC has rules about that. Consideration likely proceeds.</li>
<li>There are specific rules about how these things are dealt with. In the meantime, the spread - still wide - is narrowing.</li>
</ul>


The TFTC approved in early January, The TFTC said market power would be limited and competition unrestricted. Another CNA article suggested the two FHCs were completing employee placement plans.
Apparently, as of a month ago, only the Shin Kong Bank employee settlement plan had not been completed but the FSC has rules about that. Consideration likely proceeds.
There are specific rules about how these things are dealt with. In the meantime, the spread - still wide - is narrowing.


Shin Kong (2888 TT) / Taishin (2887 TT) - Waiting on the FSC

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2024 index rebal event.</li>
<li>I currently see 5 ADDs and 4 DELs but some of these names are different from what we had last time (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-tdiv-dec-24-5-adds-4-dels-likely-us-1-38bn-one-way" target="_blank" rel="noopener">link</a>).</li>
<li>The current estimate for one-way flow in December 2024 is US$1.54bn.</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2024 index rebal event.
I currently see 5 ADDs and 4 DELs but some of these names are different from what we had last time (link).
The current estimate for one-way flow in December 2024 is US$1.54bn.


Quiddity Leaderboard TDIV Dec 24: Trade Successful; +9.5% in Three Weeks; More Upside Possible.

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 25th which has an aggregated holding worth USD1,046.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,128mln. We tabulate the league table 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 Industry, Wistron, Quanta Computer, Evergreen Marine Corp Taiwan, United Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 25th which has an aggregated holding worth USD1,046.5bn.
We estimate that foreign flows to be inflows of USD1,128mln. We tabulate the league table 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 Industry, Wistron, Quanta Computer, Evergreen Marine Corp Taiwan, United Microelectronics.


TWSE Foreign Holding Weekly (Oct 25th): TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer

Taiwan

KGI Financial Holding Co. Ltd. operates a publicly listed financial holding company in Taiwan. The Company initially focuses on venture capital investments evolving comprehensive financial institutions. KGI Financial Holding, though its subsidiaries, maintains solid capital positions and offers a full spectrum of financial services, especially venture capital and private equity services.

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KGI Financial Holding (2883 TT)

Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

There are a couple of changes to our expected ADDs list. Expected DELs remain unchanged. We see an interesting sector-neutral trade involving...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Jun25: US$2.5bn One-Way; Several High-Impact Flow Names

Multiple inflow and outflow names have more than 5x ADV to trade. However, the shares to trade estimates can change until the base date 26th May 2025.

Janaghan Jeyakumar, CFA

Shin Kong (2888 TT) / Taishin (2887 TT) - Waiting on the FSC

The FSC is considering the merger case for Shin Kong and Taishin according to local press reports. The timing of the articles suggest approval...

Travis Lundy

Quiddity Leaderboard TDIV Dec 24: Trade Successful; +9.5% in Three Weeks; More Upside Possible.

The base date for the TDIV Dec24 rebal is 25th December 2024 (next Monday). The trade suggested in this insight has been performing very well and...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Oct 25th): TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer

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

Ke Yan, CFA, FRM

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