Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Tung Ho Steel Enterprise / 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>In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.</li>
<li>Currently, we see no changes for T50 and one change for T100 in September.</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).
In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.
Currently, we see no changes for T50 and one change for T100 in September.


Quiddity Leaderboard T50/​​​100 Sep25: Shin Kong Replacement + One Dark Horse TDIV Potential DEL

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 foreign holdings of TWSE Stocks as of Jun 13th. The aggregated holding was USD1,057.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD392mln. 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, Mediatek, Asia Vital Components, United Integrated Services, Eva Airways, Cathay Financial, Fubon Financial, Yang Ming Marine, Chicony Electronics, Ctbc Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 13th. The aggregated holding was USD1,057.0bn.
We estimate that foreign flows to be inflows of USD392mln. 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, Mediatek, Asia Vital Components, United Integrated Services, Eva Airways, Cathay Financial, Fubon Financial, Yang Ming Marine, Chicony Electronics, Ctbc Financial.


TWSE Foreign Holding Weekly (Jun 13th): TSMC, Mediatek, Asia Vital Components

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 record-high revenue, operating, and net profits in 1Q25. Revenue hit new highs for eight consecutive quarters, with revenue CQGR standing at 18% during 1Q23–1Q25.</li>
<li>Continued sequential improvement in profitability is one of the key highlights of 1Q25 result. Pharmaessentia has turned profitable at both operating and net level for the first time in 2024.</li>
<li>Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported record-high revenue, operating, and net profits in 1Q25. Revenue hit new highs for eight consecutive quarters, with revenue CQGR standing at 18% during 1Q23–1Q25.
Continued sequential improvement in profitability is one of the key highlights of 1Q25 result. Pharmaessentia has turned profitable at both operating and net level for the first time in 2024.
Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.


Pharmaessentia Corp (6446 TT): Strong Start of 2025; Growth Momentum to Continue

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 25th which has an aggregated short interest worth USD19.5bn.</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 Nanya Technology, Pharmaessentia, Micro-Star International.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 25th which has an aggregated short interest worth USD19.5bn.
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 Nanya Technology, Pharmaessentia, Micro-Star International.


TWSE Short Interest Weekly (Apr 25th): Nanya Technology, Pharmaessentia, MSI

<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> shares nosedived nearly 30% since February 17 after an unfavorable ruling from the ICC regarding an arbitration with AOP Orphan Pharmaceuticals.</li>
<li>Pharmaessentia ended 2024 on a high note, with 91% YoY revenue growth to NT$9.7B and turned profitable at both operating and net level for the first time.</li>
<li>Going ahead, geography expansion of Besremi, indication expansion, and pipeline progress will remain the main growth engines. Ongoing global shortage of a competing drug should be positive for Besremi.</li>
</ul>



Pharmaessentia Corp (6446 TT) shares nosedived nearly 30% since February 17 after an unfavorable ruling from the ICC regarding an arbitration with AOP Orphan Pharmaceuticals.
Pharmaessentia ended 2024 on a high note, with 91% YoY revenue growth to NT$9.7B and turned profitable at both operating and net level for the first time.
Going ahead, geography expansion of Besremi, indication expansion, and pipeline progress will remain the main growth engines. Ongoing global shortage of a competing drug should be positive for Besremi.


Pharmaessentia Corp (6446 TT): Arbitration Reaction Is Overdone; Time to Re-Focus on Fundamentals

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 Leaderboard T50/100 Sep25: Shin Kong Replacement + One Dark Horse TDIV Potential DEL

T100 and TDIV member Tung Ho Steel (2006 TT) is ranked 157th in the T100 selection process and could get deleted from T100 and TDIV if it...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jun 13th): TSMC, Mediatek, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT), Asia Vital...

Ke Yan, CFA, FRM