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 26th. The aggregated short interest was USD45.1bn.</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, King Yuan Electronics, Powerchip Semiconductor Manufacturing, Innolux, China Steel.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 26th. The aggregated short interest was USD45.1bn.
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, King Yuan Electronics, Powerchip Semiconductor Manufacturing, Innolux, China Steel.


TWSE Short Interest Weekly (Jun 26th): Shin Kong Financial, King Yuan Electronics, Innolux

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.</li>
<li>The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.</li>
<li>Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.</li>
</ul>


COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.
The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.
Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.


Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 5th. The aggregated holding was USD2,282.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,589mln. 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, UMC, Quanta Computer, MediaTek, Winbond Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 5th. The aggregated holding was USD2,282.9bn.
We estimate that foreign flows to be outflows of USD3,589mln. 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, UMC, Quanta Computer, MediaTek, Winbond Electronics.


TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

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 4 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in June as AI-related stocks bump (mostly) old-economy stocks from the index. </li>
<li>Following the changes, Information Technology stocks will make up over 91% of the index with Financials next at 6.5%. The Healthcare and Consumer Discretionary sectors will have no representation.</li>
<li>Among stocks with large short interest (in terms of float), shorts have been decreasing in the forecast adds and increasing in the forecast deletes.</li>
</ul>


There could be 4 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in June as AI-related stocks bump (mostly) old-economy stocks from the index. 
Following the changes, Information Technology stocks will make up over 91% of the index with Financials next at 6.5%. The Healthcare and Consumer Discretionary sectors will have no representation.
Among stocks with large short interest (in terms of float), shorts have been decreasing in the forecast adds and increasing in the forecast deletes.


Taiwan Top 50 ETF Rebalance Preview: AI-Related Stocks Taking Over

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 8th. The aggregated holding was USD2,142.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,512mln. 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 Hon Hai Precision, Nanya Technology, Innolux, Unimicron Technology, Lite-On Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 8th. The aggregated holding was USD2,142.6bn.
We estimate that foreign flows to be inflows of USD5,512mln. 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 Hon Hai Precision, Nanya Technology, Innolux, Unimicron Technology, Lite-On Technology.


TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

Taiwan

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

Price Gauge
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Nan Ya Printed Circuit Board (8046 TT)

TWSE Short Interest Weekly (Jun 26th): Shin Kong Financial, King Yuan Electronics, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), King Yuan...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Quanta Computer, MediaTek, Winbond...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision, Nanya Technology, Innolux,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Jun 26th): Shin Kong Financial, King Yuan Electronics, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), King Yuan...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

​COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jun 5th): TSMC, UMC, Quanta Computer, MediaTek, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Quanta Computer, MediaTek, Winbond...

Ke Yan, CFA, FRM

Taiwan Top 50 ETF Rebalance Preview: AI-Related Stocks Taking Over

There could be 4 changes for the Top50 ETF. There is big flow for the forecast adds and big impact for the forecast deletes. Some of the stocks...

Brian Freitas

TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision, Nanya Technology, Innolux,...

Ke Yan, CFA, FRM

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...