Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.</li>
<li>Since my last insight, my index change expectations and flow expectations have changed significantly.</li>
<li>My latest estimate for one-way flow in June 2024 is US$1.06bn (down from US$1.22bn a month ago).</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.
Since my last insight, my index change expectations and flow expectations have changed significantly.
My latest estimate for one-way flow in June 2024 is US$1.06bn (down from US$1.22bn a month ago).


Quiddity Leaderboard TDIV Jun 24: LONGs up 6% Vs SHORTs in a Month; Time to Update

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 19th which has an aggregated short interest worth USD79.3bn.</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 TSMC, Wiwynn, Tatung, Umc, Teco Elec &amp; Mach, Quanta Computer, Wt, Bora Pharma.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 19th which has an aggregated short interest worth USD79.3bn.
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 TSMC, Wiwynn, Tatung, Umc, Teco Elec &amp; Mach, Quanta Computer, Wt, Bora Pharma.


TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>'s pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread widened from a low of 3.1% on 14 March to 7.0%. </li>
<li>The widening spread can be attributed to China SAMR approval timing, earnings risk, <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a>’s material underperformance lowering the break price and a large fund liquidating positions. </li>
<li>The deal break risks remain low with the timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add. </li>
</ul>



Shinko Electric Industries (6967 JP)'s pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread widened from a low of 3.1% on 14 March to 7.0%. 
The widening spread can be attributed to China SAMR approval timing, earnings risk, Ibiden Co Ltd (4062 JP)’s material underperformance lowering the break price and a large fund liquidating positions. 
The deal break risks remain low with the timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add. 


Shinko Electric (6967 JP): Widening Spread Is an Opportunity

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.</li>
<li>I currently see 5 ADDs and 5 DELs but there are several names close to the border and expectations could change before the base date as prices move around.</li>
<li>The estimate for one-way flow in June 2024 is US$1.22bn.</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.
I currently see 5 ADDs and 5 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
The estimate for one-way flow in June 2024 is US$1.22bn.


Quiddity Leaderboard TDIV Jun 24: 5 Changes; US$1.2bn One-Way

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread has narrowed from a high of 10.4% to the current 4.2%. </li>
<li>The narrowing spread can be attributed to the <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> tender launch, which suggests likely China SAMR approval, and <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP) </a>giving up recent gains. </li>
<li>Like JSR, we expect China SAMR to allow JIC to withdraw its Shinko merger control filing. There is a good chance the tender launches before the guided late August start.</li>
</ul>



Shinko Electric Industries (6967 JP) pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread has narrowed from a high of 10.4% to the current 4.2%. 
The narrowing spread can be attributed to the JSR Corp (4185 JP) tender launch, which suggests likely China SAMR approval, and Ibiden Co Ltd (4062 JP) giving up recent gains. 
Like JSR, we expect China SAMR to allow JIC to withdraw its Shinko merger control filing. There is a good chance the tender launches before the guided late August start.


Shinko Electric (6967 JP): Tender State of Play

Taiwan

Nan Ya Printed Circuit Board Corporation manufactures and markets printed circuit boards (PCBs) and integrated circuit (IC) substrates.

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Nan Ya Printed Circuit Board (8046 TT)

Quiddity Leaderboard TDIV Jun 24: LONGs up 6% Vs SHORTs in a Month; Time to Update

I expect the Top 5 inflow names to outperform the Top 5 outflow names over the next few weeks. The base date for the June 2024 review is 27th May...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach,...

Ke Yan, CFA, FRM

Shinko Electric (6967 JP): Widening Spread Is an Opportunity

The deal break risks remain low, with the China SAMR timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add.

Arun George

Quiddity Leaderboard TDIV Jun 24: 5 Changes; US$1.2bn One-Way

The Top 5 Expected Inflow names could outperform the Top 5 Expected outflow names over the next few weeks. The final index changes will be based on...

Janaghan Jeyakumar, CFA

Shinko Electric (6967 JP): Tender State of Play

The JSR tender launch materially lowers the China approval risk. The gross spread was narrowed from a high of 10.4% to the current 4.2%. The tender...

Arun George

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