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 Aug 9th which has an aggregated holding worth USD914.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,693mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in TSMC, Hon Hai, Quanta Computer, Unimicron Tech, Mediatek, Wiwynn.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 9th which has an aggregated holding worth USD914.4bn.
We estimate that foreign flows to be outflows of USD1,693mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in TSMC, Hon Hai, Quanta Computer, Unimicron Tech, Mediatek, Wiwynn.


TWSE Foreign Holding Weekly (Aug 9th): TSMC, Hon Hai, Quanta Computer, Unimicron Tech, Mediatek

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>Using the last close, there could be one change for the Taiwan Top 50 ETF in September with <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> replacing <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>There is one other constituent that is close to deletion zone while there are a couple of non-constituents that could move into inclusion zone over the next couple of weeks.</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> and increasing 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> over the last few weeks.</li>
</ul>


Using the last close, there could be one change for the Taiwan Top 50 ETF in September with Pharmaessentia Corp (6446 TT) replacing Nanya Technology (2408 TT). 
There is one other constituent that is close to deletion zone while there are a couple of non-constituents that could move into inclusion zone over the next couple of weeks.
Short interest has been dropping in Pharmaessentia Corp (6446 TT) and increasing in Nanya Technology (2408 TT) over the last few weeks.


Taiwan Top 50 ETF Rebalance Preview: One Change Right at the Cusp

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 2nd which has an aggregated holding worth USD902.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,923mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 2nd which has an aggregated holding worth USD902.6bn.
We estimate that foreign flows to be outflows of USD2,923mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech.


TWSE Foreign Holding Weekly (Aug 2nd): Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 19th which has an aggregated holding worth USD965.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,489mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 19th which has an aggregated holding worth USD965.9bn.
We estimate that foreign flows to be outflows of USD3,489mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech.


TWSE Foreign Holding Weekly (Jul 19th): Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech

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 strong 1Q24 result, with increasing revenue and declining operating expenses. Revenue increased 86% YoY, gross margin (88%) improved, and operating expenses declined 3% YoY.</li>
<li>The company achieved operating profit (NT$18M) for the first time in 1Q24. Net profit reached NT$330M in 1Q24, versus net profit of NT$315M for 1H23.</li>
<li>Approval of Besremi in additional countries, especially China, data readouts from late-stage ET trials, and accelerating  revenue as well as improving profitability remain the near-term catalysts.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported strong 1Q24 result, with increasing revenue and declining operating expenses. Revenue increased 86% YoY, gross margin (88%) improved, and operating expenses declined 3% YoY.
The company achieved operating profit (NT$18M) for the first time in 1Q24. Net profit reached NT$330M in 1Q24, versus net profit of NT$315M for 1H23.
Approval of Besremi in additional countries, especially China, data readouts from late-stage ET trials, and accelerating  revenue as well as improving profitability remain the near-term catalysts.


Pharmaessentia Corp (6446 TT): Starts 2024 on Strong Note; Reports First Operating Profit in 1Q24

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)

TWSE Foreign Holding Weekly (Aug 9th): TSMC, Hon Hai, Quanta Computer, Unimicron Tech, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai, Quanta Computer, Unimicron Tech,...

Ke Yan, CFA, FRM

Taiwan Top 50 ETF Rebalance Preview: One Change Right at the Cusp

There could be one change for the Taiwan Top 50 ETF in September. Review cutoff is two weeks away and there are some stocks that are close to the...

Brian Freitas

TWSE Foreign Holding Weekly (Aug 2nd): Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Umc, TSMC, Hon Hai, Mediatek, Quanta Computer,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jul 19th): Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, TSMC, Quanta Computer, Mediatek,...

Ke Yan, CFA, FRM