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>There could be 5 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF and 1 deletion for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/hon-precision-inc" target="_blank" data-smartkarma-citation="entities:44938:1" rel="noopener">Hon Precision (7769 TT)</a> is an inclusion to a global index at the end of February, and this inclusion will add to the flow and impact for the stock.  </li>
<li>There has been a big uptick in short interest in the forecast deletes and there will be short covering on a drop in the stock prices.</li>
</ul>


There could be 5 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF and 1 deletion for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in March.

Hon Precision (7769 TT) is an inclusion to a global index at the end of February, and this inclusion will add to the flow and impact for the stock.  
There has been a big uptick in short interest in the forecast deletes and there will be short covering on a drop in the stock prices.


Taiwan Top 50 / Yuanta Div+ ETF Rebalance Preview: Big Flow for the Adds; Big Impact for Deletes

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 Feb 13th. The aggregated short interest was USD29.7bn.</li>
<li>We tabulate league tables 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 Unimicron Technology, UMC, Gigabyte Technology, King Yuan Electronics, Jentech Precision Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 13th. The aggregated short interest was USD29.7bn.
We tabulate league tables 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 Unimicron Technology, UMC, Gigabyte Technology, King Yuan Electronics, Jentech Precision Industrial.


TWSE Short Interest Weekly (Feb 13th): Unimicron Technology, UMC, Gigabyte Technology

<ul>
<li>There could be 5 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in March. With one stock very close to entering inclusion zone, that could increase to 6.</li>
<li>
<a href="https://www.smartkarma.com/entities/hon-precision-inc" target="_blank" data-smartkarma-citation="entities:44938:1" rel="noopener">Hon Precision (7769 TT)</a> is a potential inclusion to a global index at the end of February, and this ETF inclusion comes a few weeks later.</li>
<li>The forecast adds have outperformed the forecast deletes by a very wide margin as short interest has surged in some of the forecast deletions.</li>
</ul>


There could be 5 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in March. With one stock very close to entering inclusion zone, that could increase to 6.

Hon Precision (7769 TT) is a potential inclusion to a global index at the end of February, and this ETF inclusion comes a few weeks later.
The forecast adds have outperformed the forecast deletes by a very wide margin as short interest has surged in some of the forecast deletions.


Taiwan Top 50 ETF Rebalance Preview: 5 Changes a Side Could Increase to 6

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Feb 6th. The aggregated holding was USD1,584.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,162mln. We tabulate the league tables 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, Unimicron Technology, Asia Vital Components, MediaTek, Nanya Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Feb 6th. The aggregated holding was USD1,584.4bn.
We estimate that foreign flows to be outflows of USD3,162mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Unimicron Technology, Asia Vital Components, MediaTek, Nanya Technology.


TWSE Foreign Holding Weekly (Feb 6th): TSMC, Unimicron Technology, Asia Vital Components, MediaTek

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>1Q26 Outlook Both ATM and EMS better than past seasonality; overall revenue -5~-7% QoQ, GM down 0.5-1pts QoQ. ATM revenue down mid-single digits.</li>
<li>Expect ATM to outgrow EMS in 2026. ATM revenue/profit share to rise further. ATM 2026 LEAP at least doubles YoY (to $3.2B USD), demand far exceeds supply.</li>
<li>Foundries have wafer-level priority, but as volumes scale, customers need second sources.</li>
</ul>


1Q26 Outlook Both ATM and EMS better than past seasonality; overall revenue -5~-7% QoQ, GM down 0.5-1pts QoQ. ATM revenue down mid-single digits.
Expect ATM to outgrow EMS in 2026. ATM revenue/profit share to rise further. ATM 2026 LEAP at least doubles YoY (to $3.2B USD), demand far exceeds supply.
Foundries have wafer-level priority, but as volumes scale, customers need second sources.


ASEH (3711.TT; ASX.US): Both ATM and EMS Better than past Seasonality in 1Q26.

Taiwan

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

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King Yuan Electronics Co, Ltd. (2449 TT)

Taiwan Top 50 / Yuanta Div+ ETF Rebalance Preview: Big Flow for the Adds; Big Impact for Deletes

There could be 5 changes for the Top50 ETF and 1 deletion for the TWDP ETF. There is big flow for the forecast adds and big impact for the forecast...

Brian Freitas

TWSE Short Interest Weekly (Feb 13th): Unimicron Technology, UMC, Gigabyte Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, UMC, Gigabyte Technology,...

Ke Yan, CFA, FRM

Taiwan Top 50 ETF Rebalance Preview: 5 Changes a Side Could Increase to 6

There could be 5 changes for the ETF in March. With one stock close to rank 40, that could increase to 6 changes. Only 3 trading days to cutoff....

Brian Freitas

TWSE Foreign Holding Weekly (Feb 6th): TSMC, Unimicron Technology, Asia Vital Components, MediaTek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Unimicron Technology, Asia Vital...

Ke Yan, CFA, FRM

ASEH (3711.TT; ASX.US): Both ATM and EMS Better than past Seasonality in 1Q26.

2026 outlook shows ATM outperforming EMS, with revenue down but profit share rising. Foundries prioritizing wafer production, but demand exceeds...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Top 50 / Yuanta Div+ ETF Rebalance Preview: Big Flow for the Adds; Big Impact for Deletes

There could be 5 changes for the Top50 ETF and 1 deletion for the TWDP ETF. There is big flow for the forecast adds and big impact for the forecast...

Brian Freitas

TWSE Short Interest Weekly (Feb 13th): Unimicron Technology, UMC, Gigabyte Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, UMC, Gigabyte Technology,...

Ke Yan, CFA, FRM

Taiwan Top 50 ETF Rebalance Preview: 5 Changes a Side Could Increase to 6

There could be 5 changes for the ETF in March. With one stock close to rank 40, that could increase to 6 changes. Only 3 trading days to cutoff....

Brian Freitas

TWSE Foreign Holding Weekly (Feb 6th): TSMC, Unimicron Technology, Asia Vital Components, MediaTek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Unimicron Technology, Asia Vital...

Ke Yan, CFA, FRM

ASEH (3711.TT; ASX.US): Both ATM and EMS Better than past Seasonality in 1Q26.

​2026 outlook shows ATM outperforming EMS, with revenue down but profit share rising. Foundries prioritizing wafer production, but demand exceeds...

Patrick Liao

2026 outlook shows ATM outperforming EMS, with revenue down but profit share rising. Foundries prioritizing wafer production, but demand exceeds...