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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> will replace <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> in the Yuanta/P-Shares Taiwan Top 50 ETF at the close of trading on 20 September.</li>
<li>Shorts have been covering positions in <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> while there has been a surge in new short positions in <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a>. </li>
<li>Cumulative excess volume in <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> has flattened out as momentum has stalled while there has been a surge in cumulative excess volume for <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a>.</li>
</ul>



Pharmaessentia Corp (6446 TT) will replace Nanya Technology (2408 TT) in the Yuanta/P-Shares Taiwan Top 50 ETF at the close of trading on 20 September.
Shorts have been covering positions in Pharmaessentia Corp (6446 TT) while there has been a surge in new short positions in Nanya Technology (2408 TT). 
Cumulative excess volume in Pharmaessentia Corp (6446 TT) has flattened out as momentum has stalled while there has been a surge in cumulative excess volume for Nanya Technology (2408 TT).


Taiwan Top 50 ETF Rebalance: Rallying PharmaEssentia To Replace Sliding Nanya Tech

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Nvidia, Dell, Marvell results coming out this week.. Apple iPhone 16 Reveal September 9th?</li>
<li>Micron progressing on potential Taiwan capacity expansion due to strong HBM DRAM demand</li>
<li>AMD acquires a key U.S. server systems integrator, expanding its enterprise server opportunity in a market including Taiwan's server ODM players such as Hon Hai, Wiwynn, Inventec, Quanta, and Compal.</li>
</ul>


Nvidia, Dell, Marvell results coming out this week.. Apple iPhone 16 Reveal September 9th?
Micron progressing on potential Taiwan capacity expansion due to strong HBM DRAM demand
AMD acquires a key U.S. server systems integrator, expanding its enterprise server opportunity in a market including Taiwan's server ODM players such as Hon Hai, Wiwynn, Inventec, Quanta, and Compal.


Taiwan Tech Weekly: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

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>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>Today is the base date for the September 2024 index rebal event and the expected ADDs/DELs  discussed in this insight are our final index change expectations.</li>
<li>Separately, we also have a look at the T50/100 index implications of the <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> - <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> merger situation.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
Today is the base date for the September 2024 index rebal event and the expected ADDs/DELs  discussed in this insight are our final index change expectations.
Separately, we also have a look at the T50/100 index implications of the Shin Kong Financial Holding (2888 TT) - Taishin Financial Holding (2887 TT) merger situation.


Quiddity Leaderboard T50/​​​100 Sep 24: Nuvoton Tech TDIV DEL Likely; Shin Kong M&A Consequences

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> could replace <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> in the Taiwan Top 50 ETF in September. <a href="https://www.smartkarma.com/entities/airtac-international-group" target="_blank" data-smartkarma-citation="entities:20538:1" rel="noopener">Airtac International (1590 TT)</a> has possibly just avoided deletion.</li>
<li>Short interest has been dropping in <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> as the stock has rallied, while cumulative excess volume has continued to increase steadily.</li>
<li>Shorts have increased in <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> as the stock price dropped. There has been no increase in volume on the recent upmove indicating a possibility of further downside.</li>
</ul>



Pharmaessentia Corp (6446 TT) could replace Nanya Technology (2408 TT) in the Taiwan Top 50 ETF in September. Airtac International (1590 TT) has possibly just avoided deletion.
Short interest has been dropping in Pharmaessentia Corp (6446 TT) as the stock has rallied, while cumulative excess volume has continued to increase steadily.
Shorts have increased in Nanya Technology (2408 TT) as the stock price dropped. There has been no increase in volume on the recent upmove indicating a possibility of further downside.


Taiwan Top 50 ETF Rebalance Preview: One Change Expected in Sep

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.</li>
<li>In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.</li>
<li>Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment </li>
</ul>


DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.
In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.
Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment 


Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

Taiwan

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

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Nanya Technology (2408 TT)

Taiwan Top 50 ETF Rebalance: Rallying PharmaEssentia To Replace Sliding Nanya Tech

Pharmaessentia will replace Nanya Tech in the Top 50 ETF at the close of trading on 20 Sep. Passives need to trade around 1x ADV in both stocks....

Brian Freitas

Taiwan Tech Weekly: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

Nvidia, Dell, and Marvell to soon release results, while Micron considers Taiwan expansion and AMD acquires U.S. server integrator in industry of...

Vincent Fernando, CFA

Quiddity Leaderboard T50/100 Sep 24: Nuvoton Tech TDIV DEL Likely; Shin Kong M&A Consequences

We expect Nuvoton Technology (4919 TT) to be deleted from the T100 index in September 2024. Since this name is a TDIV member, it is likely to be...

Janaghan Jeyakumar, CFA

Taiwan Top 50 ETF Rebalance Preview: One Change Expected in Sep

PharmaEssentia could replace Nanya Tech in the Taiwan Top50 ETF. Shorts have been covering Pharmaessentia and building positions in Nanya Tech....

Brian Freitas

Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

Q224 DRAM $23.3 billion in Q224, +28.3% QoQ & +110.5% YoY. Q224 NAND $16.5 billion, +17% QoQ & +83% YoY. Multiple mounting tailwinds bode well for...

William Keating

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Taiwan Top 50 ETF Rebalance: Rallying PharmaEssentia To Replace Sliding Nanya Tech

Pharmaessentia will replace Nanya Tech in the Top 50 ETF at the close of trading on 20 Sep. Passives need to trade around 1x ADV in both stocks....

Brian Freitas

Taiwan Tech Weekly: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

Nvidia, Dell, and Marvell to soon release results, while Micron considers Taiwan expansion and AMD acquires U.S. server integrator in industry of...

Vincent Fernando, CFA

Quiddity Leaderboard T50/​​​100 Sep 24: Nuvoton Tech TDIV DEL Likely; Shin Kong M&A Consequences

We expect Nuvoton Technology (4919 TT) to be deleted from the T100 index in September 2024. Since this name is a TDIV member, it is likely to be...

Janaghan Jeyakumar, CFA

Taiwan Top 50 ETF Rebalance Preview: One Change Expected in Sep

PharmaEssentia could replace Nanya Tech in the Taiwan Top50 ETF. Shorts have been covering Pharmaessentia and building positions in Nanya Tech....

Brian Freitas

Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

Q224 DRAM $23.3 billion in Q224, +28.3% QoQ & +110.5% YoY. Q224 NAND $16.5 billion, +17% QoQ & +83% YoY. Multiple mounting tailwinds bode well for...

William Keating

Quiddity Leaderboard T50/100 Sep 24: Nuvoton Tech TDIV DEL Likely; Shin Kong M&A Consequences