Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 2.5 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 2.5 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 30th which has an aggregated short interest worth USD12.1bn.</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 China Steel, Taiwan Cement, Cathay Financial, Yang Ming Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 30th which has an aggregated short interest worth USD12.1bn.
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 China Steel, Taiwan Cement, Cathay Financial, Yang Ming Marine.


TWSE Short Interest Weekly (Dec 30th): Biggest Short Covers in a Year

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>GEM funds reduce exposure to Taiwanese Semiconductors, switching from overweight to their largest underweight in over a decade.</li>
<li>Absolute positioning levels still high, with Taiwanese Semiconductors the largest country/industry allocation for 61% of the managers in our analysis and a top 3 allocation for 78%.</li>
<li>Value investors moved first, switching from near equal weight in early 2020 to -1.95% underweight today.  All Style groups are now positioned underweight the MSCI EM benchmark, on average.</li>
</ul>


GEM funds reduce exposure to Taiwanese Semiconductors, switching from overweight to their largest underweight in over a decade.
Absolute positioning levels still high, with Taiwanese Semiconductors the largest country/industry allocation for 61% of the managers in our analysis and a top 3 allocation for 78%.
Value investors moved first, switching from near equal weight in early 2020 to -1.95% underweight today.  All Style groups are now positioned underweight the MSCI EM benchmark, on average.


Taiwan Semiconductors: Value Funds Drive Underweight

<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 Dec 16th which has an aggregated short interest worth USD14.0bn.</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>Overall short interests decreased by 1.5% WOW. We highlight short interest changes in Wiwynn Corp.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 16th which has an aggregated short interest worth USD14.0bn.
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.
Overall short interests decreased by 1.5% WOW. We highlight short interest changes in Wiwynn Corp.


TWSE Short Interest Weekly (Dec 16th): Wiwynn Corp

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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Mediatek Inc (2454 TT)

Screening for GEMs: January 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

TWSE Short Interest Weekly (Dec 30th): Biggest Short Covers in a Year

We analyzed TWSE short interest report for the past week and highlight short interest changes in China Steel, Taiwan Cement, Cathay Financial, Yang...

Ke Yan, CFA, FRM

Taiwan Semiconductors: Value Funds Drive Underweight

Taiwanese Semiconductor allocations among GEM active funds are well off the highs of 2021 as more funds scale back holdings and many move to an...

Steven Holden

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 (Dec 16th): Wiwynn Corp

We analyzed TWSE short interest report for the past week (as of Dec 16th) and highlight short interest changes in Wiwynn Corp.

Ke Yan, CFA, FRM

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