Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The September 2026 index review results for the T50, T100, and TDIV indices were confirmed after market close on Friday 4th September 2026.</li>
<li>There will be 1 ADD/DEL for T50 and 3 separate ADDs/DELs for T100.</li>
<li>We correctly predicted all of these changes except for one.</li>
</ul>


The September 2026 index review results for the T50, T100, and TDIV indices were confirmed after market close on Friday 4th September 2026.
There will be 1 ADD/DEL for T50 and 3 separate ADDs/DELs for T100.
We correctly predicted all of these changes except for one.


Quiddity T50/100/TDIV Sep26 Results: All Changes in Line with Expectations Except for One

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization on the Taiwan Stock Exchange. The T100 index represents the <em>next</em> largest 100 names (51-150 ranks).</li>
<li>Today is the base date for the September 2026 index rebal event. The expected ADDs/DELs discussed in this insight are our final index change expectations.</li>
<li>We expect one ADD/DEL for T50 and three separate ADDs/DELs for the T100 index for the September 2026 rebal.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization on the Taiwan Stock Exchange. The T100 index represents the next largest 100 names (51-150 ranks).
Today is the base date for the September 2026 index rebal event. The expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect one ADD/DEL for T50 and three separate ADDs/DELs for the T100 index for the September 2026 rebal.


Quiddity Leaderboard T50/​​​100 Sep26: Final Expectations

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> reported 2Q26 results, with accelerated double-digit revenue growth and significant improvement in profitability. Revenue marks the 15th consecutive quarter of record-high figure with 90% YoY growth.</li>
<li>Pharmaessentia has launched Besremi Pen in the U.S. The company expects Besremi Pen to become a key driver of its continued growth, going ahead.  </li>
<li>Last October, Pharmaessentia filed for the indication expansion of Besremi for the treatment of essential thrombocythemia to the FDA. The agency has set an action date of August 30, 2026.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported 2Q26 results, with accelerated double-digit revenue growth and significant improvement in profitability. Revenue marks the 15th consecutive quarter of record-high figure with 90% YoY growth.
Pharmaessentia has launched Besremi Pen in the U.S. The company expects Besremi Pen to become a key driver of its continued growth, going ahead.  
Last October, Pharmaessentia filed for the indication expansion of Besremi for the treatment of essential thrombocythemia to the FDA. The agency has set an action date of August 30, 2026.


Pharmaessentia Corp (6446 TT): Stellar 2Q Performance; Eye on Imminent Label Expansion of Besremi

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

<ul>
<li>There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - one is high probability and the other is right at the cusp.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> is being added to a global index this month, so the ETF inclusion will come hot on the heels of that.</li>
<li>The impact on the stocks is pretty big with passive trackers needing to buy between 1.3-5.5x ADV in the adds and sell between 3.4-6.4x ADV in the deletes.</li>
</ul>


There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - one is high probability and the other is right at the cusp.

King Slide Works (2059 TT) is being added to a global index this month, so the ETF inclusion will come hot on the heels of that.
The impact on the stocks is pretty big with passive trackers needing to buy between 1.3-5.5x ADV in the adds and sell between 3.4-6.4x ADV in the deletes.


Taiwan Top 50 ETF Rebalance Preview: Another Inclusion for King Slide

<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> reported 66% QoQ increase in operating profit in 3Q24. Scale expansion coupled with tight control over expenses led to such strong performance.  </li>
<li>3Q24 marks the six consecutive quarters of sequential revenue increase. Revenue for the first three quarters of 2024 already exceeded full-year 2023 revenue.</li>
<li>Geography expansion of the sole marketed drug Besremi, indication expansion, and pipeline progress will remain the main growth engines. Pharmaessentia is eyeing on Besremi’s indication expansion in US by 2026.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported 66% QoQ increase in operating profit in 3Q24. Scale expansion coupled with tight control over expenses led to such strong performance.  
3Q24 marks the six consecutive quarters of sequential revenue increase. Revenue for the first three quarters of 2024 already exceeded full-year 2023 revenue.
Geography expansion of the sole marketed drug Besremi, indication expansion, and pipeline progress will remain the main growth engines. Pharmaessentia is eyeing on Besremi’s indication expansion in US by 2026.


Pharmaessentia Corp (6446 TT): Third Consecutive Quarters for Operating Profit; Pipeline Raises Hope

Taiwan

PharmaEssentia Corporation develops and distributes therapeutic products for treatment in human disease. The Company develops drugs to treat hepatitis, chronic myeloid leukemia (CML), essential thrombocythemia (ET), myeloid fibrosis (MF), polycythemia vera (PV), hepatitis and cancer.

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Pharmaessentia Corp (6446 TT)

Quiddity T50/100/TDIV Sep26 Results: All Changes in Line with Expectations Except for One

We expected King Yuan Electronics Co, Ltd. (2449 TT) to get deleted from T50. However, the next-in-line potential DEL Alchip Technologies (3661 TT)...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Sep26: Final Expectations

We expect PharmaEssentia Corp (6446 TT) to replace King Yuan Electronics Co, Ltd. (2449 TT) in the T50 index in September 2026.

Janaghan Jeyakumar, CFA