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 Jun 5th. The aggregated short interest was USD49.0bn.</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 Shin Kong Financial, TSMC, Compal Electronics, Catcher Technology, Fubon Financial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 5th. The aggregated short interest was USD49.0bn.
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 Shin Kong Financial, TSMC, Compal Electronics, Catcher Technology, Fubon Financial.


TWSE Short Interest Weekly (Jun 5th): Shin Kong Financial, TSMC, Compal Electronics, Fubon Financial

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 are 18 adds and 18 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$16.9bn.</li>
<li>The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.</li>
<li>The adds are outperforming the deletes today and that trend could continue for the next few days as the ETF trades the stocks.</li>
</ul>


There are 18 adds and 18 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$16.9bn.
The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.
The adds are outperforming the deletes today and that trend could continue for the next few days as the ETF trades the stocks.


TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

In today’s report we highlight the follow themes:<ul><li>As a whole, Europe continues to lag, but we like the price patterns—mostly multi-year bases. Recent weakness presents a buying opportunity, especially in leading countries, like Germany, and leading Sectors and Groups, such as software stocks. </li><li>Japan recently broke out above a key resistance level, making the current pullback all the more attractive. Add exposure.</li><li>EM remains unchallenged this year from a performance standpoint. While a pullback/pause wouldn’t surprise us, we expect EM to continue to lead, especially in light of the bottom pattern visible in the EM/ACWI ratio.</li><li>Today’s report includes actionable ideas across the developed and EM universe, and across multiple sectors.</li></ul>

In today’s report we highlight the follow themes:As a whole, Europe continues to lag, but we like the price patterns—mostly multi-year bases. Recent weakness presents a buying opportunity, especially in leading countries, like Germany, and leading Sectors and Groups, such as software stocks. Japan recently broke out above a key resistance level, making the current pullback all the more attractive. Add exposure.EM remains unchallenged this year from a performance standpoint. While a pullback/pause wouldn’t surprise us, we expect EM to continue to lead, especially in light of the bottom pattern visible in the EM/ACWI ratio.Today’s report includes actionable ideas across the developed and EM universe, and across multiple sectors.

Global Equity Pullback = Buying Opportunity

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

China’s online entertainment market continues to evolve. There is a greater focus on complex mobile game play whilst the introduction of innovative video formats (live broadcasting, short-form video) further drives  engagement and monetization. <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent (700 HK)</a> remains the unrivaled mobile traffic gateway in China with 48% of user time spent and five of the top ten mobile apps, underscoring our positive thesis on the company. WeChat monthly active users now over 900m! <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/035/246/original/we%20chat%20monthly%20users.jpg?1507531949" class="editor-image img-responsive" data-smartkarma-image-id="35246"></figure>

China’s online entertainment market continues to evolve. There is a greater focus on complex mobile game play whilst the introduction of innovative video formats (live broadcasting, short-form video) further drives  engagement and monetization. Tencent (700 HK) remains the unrivaled mobile traffic gateway in China with 48% of user time spent and five of the top ten mobile apps, underscoring our positive thesis on the company. WeChat monthly active users now over 900m! 

China Internet: Strong Trends in Online Entertainment Show Tencent's Dominance.

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

Cross Asset Strategy

<span data-lucid-type="application/vnd.lucid.text" data-lucid-content='{"t":"In this report we highlight the rise of technology allocations in global EM funds, with average holdings in tech companies surpassing those in financial companies for the first time on record this month. The latest filings show an average tech weight of 23.73%, which represents an all time high.","m":[{"s":0,"n":"a","v":"justified"},{"s":0,"n":"mb","v":5},{"s":0,"n":"p","v":1.3},{"s":0,"n":"c","v":"#666666ff","e":297},{"s":0,"n":"f","v":"Droid Serif","e":297}]}'>In this report we highlight the rise of technology allocations in global EM funds, with average holdings in tech companies surpassing those in financial companies for the first time on record this month. The latest filings show average tech weights hitting an all-time high of 23.7%.

In this report we highlight the rise of technology allocations in global EM funds, with average holdings in tech companies surpassing those in financial companies for the first time on record this month. The latest filings show average tech weights hitting an all-time high of 23.7%.

EM Tech:  Fund Allocations Hit All-Time High

Taiwan

Momo.com Inc is an e-commerce services company. The Company offers TV shopping and Internet shopping services, including beauty products, clothing, leather goods and food shops.

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Momo.Com Inc (8454 TT)

TWSE Short Interest Weekly (Jun 5th): Shin Kong Financial, TSMC, Compal Electronics, Fubon Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, TSMC, Compal Electronics,...

Ke Yan, CFA, FRM

TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

There are 18 adds and 18 deletes for the index. Estimated one-way turnover is 40.6% resulting in a round-trip trade of US$13.6bn. Adds are...

Brian Freitas

Global Equity Pullback = Buying Opportunity

In today’s report we highlight the follow themes: As a whole, Europe continues to lag, but we like the price patterns—mostly multi-year bases....

Vermilion Research

China Internet: Strong Trends in Online Entertainment Show Tencent's Dominance.

China’s online entertainment market continues to evolve. There is a greater focus on complex mobile game play whilst the introduction of innovative...

New Street Research

EM Tech: Fund Allocations Hit All-Time High

In this report we highlight the rise of technology allocations in global EM funds, with average holdings in tech companies surpassing those in...

Steven Holden

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