Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>'s TOPIX inclusion is this week. And the Real World Float has gotten smaller since the offering. And some of those people aren't going to sell near-term.</li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a>'s P/B is back down to 0.31x as <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a> tackles alleged language bias by flight attendants. </li>
<li>Understanding real money demand on the <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> story is key. If there is any, that makes deal overhang smaller than it looks. </li>
</ul>



Rakuten Bank (5838 JP)'s TOPIX inclusion is this week. And the Real World Float has gotten smaller since the offering. And some of those people aren't going to sell near-term.

Swire Pacific (A) (19 HK)'s P/B is back down to 0.31x as Cathay Pacific Airways (293 HK) tackles alleged language bias by flight attendants. 
Understanding real money demand on the Rakuten (4755 JP) story is key. If there is any, that makes deal overhang smaller than it looks. 


Last Week In Event SPACE: Rakuten Bank/Group, Cathay/Swire Pacific, Japan Post

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

<ul>
<li>In this insight, we take a look at Quiddity's flow expectations for the June 2023 index rebalance.</li>
<li>I currently see 5 ADDs/DELs. Some of these names are different from the ones I specified in my previous insight.</li>
<li>I have also discussed some long-short trading ideas involving names with significant flow implications.</li>
</ul>


In this insight, we take a look at Quiddity's flow expectations for the June 2023 index rebalance.
I currently see 5 ADDs/DELs. Some of these names are different from the ones I specified in my previous insight.
I have also discussed some long-short trading ideas involving names with significant flow implications.


Quiddity Leaderboard TDIV Jun 23: Five Changes and US$922mn One-Way Flows

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

<ul>
<li>With two weeks left to the cutoff, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.</li>
<li>Apart from the adds/deletes, there will also be capping and funding flows that will lead to an estimated one-way turnover of 13.5% and a one-way trade of US$886m.</li>
<li>There are 9 stocks with at least 5 days ADV to trade from passive trackers and another 12 stocks that have at least 1 day ADV to trade.</li>
</ul>


With two weeks left to the cutoff, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
Apart from the adds/deletes, there will also be capping and funding flows that will lead to an estimated one-way turnover of 13.5% and a one-way trade of US$886m.
There are 9 stocks with at least 5 days ADV to trade from passive trackers and another 12 stocks that have at least 1 day ADV to trade.


Yuanta/​​P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

<ul>
<li>There have been some changes to my expectations for the TWSE Div+ index June 2023 index changes and capping flows.</li>
<li>I currently see 5 ADDs/DELs. Some of these names are different from the ones I specified in my previous insight.</li>
<li>In this insight, we take a look at my latest flow expectations.</li>
</ul>


There have been some changes to my expectations for the TWSE Div+ index June 2023 index changes and capping flows.
I currently see 5 ADDs/DELs. Some of these names are different from the ones I specified in my previous insight.
In this insight, we take a look at my latest flow expectations.


Quiddity Leaderboard TWSE Div+ Jun 23: New Potential Index Changes and Flow Expectations Update

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>The past three quarters have seen memory revenues collapse by 60%</li>
<li>DRAM and NAND prices have reach cost, and the business should remain profitless for an indefinite time</li>
<li>Management appears to have no idea when this situation will end</li>
</ul>


The past three quarters have seen memory revenues collapse by 60%
DRAM and NAND prices have reach cost, and the business should remain profitless for an indefinite time
Management appears to have no idea when this situation will end


Taiwan

Macronix International Co., Ltd. designs, manufactures, and markets integrated circuits (ICs) as well as memory products.  The Company's products include nonvolatile memory integrated circuits, mask ROM (Read Only Memory), EPROM (Erasable Programmable ROM), and flash memory products.  Macronix also produces logic ICs for audio, clock generators, and graphic application devices.

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Macronix International (2337 TT)

Last Week In Event SPACE: Rakuten Bank/Group, Cathay/Swire Pacific, Japan Post

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard TDIV Jun 23: Five Changes and US$922mn One-Way Flows

I see 35 inflow names including the five Expected ADDs and 20 outflow names including the five Expected DELs. My latest estimation for one-way flow...

Janaghan Jeyakumar, CFA

Yuanta/P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

With 2 weeks to cutoff, we see 5 changes in June. The deletions are fairly clear, but there are a lot of non-constituents crowded around similar...

Brian Freitas

Quiddity Leaderboard TWSE Div+ Jun 23: New Potential Index Changes and Flow Expectations Update

At present, I see 28 inflow names including the five Expected ADDs and 27 outflow names including the five DELs. My latest estimation for one-way...

Janaghan Jeyakumar, CFA

Memory Downturn: No End in Sight

Semiconductor memories have collapsed - when will they turn around? After a revenue drop of 60%, memory maker management still have no concrete...

Jim Handy

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52-week Range

Market Cap (USDm)

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Last Week In Event SPACE: Rakuten Bank/Group, Cathay/Swire Pacific, Japan Post

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard TDIV Jun 23: Five Changes and US$922mn One-Way Flows

I see 35 inflow names including the five Expected ADDs and 20 outflow names including the five Expected DELs. My latest estimation for one-way flow...

Janaghan Jeyakumar, CFA

Yuanta/​​P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

With 2 weeks to cutoff, we see 5 changes in June. The deletions are fairly clear, but there are a lot of non-constituents crowded around similar...

Brian Freitas

Quiddity Leaderboard TWSE Div+ Jun 23: New Potential Index Changes and Flow Expectations Update

At present, I see 28 inflow names including the five Expected ADDs and 27 outflow names including the five DELs. My latest estimation for one-way...

Janaghan Jeyakumar, CFA

Memory Downturn: No End in Sight

Semiconductor memories have collapsed - when will they turn around? After a revenue drop of 60%, memory maker management still have no concrete...

Jim Handy

Yuanta/P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff