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>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).</li>
<li>We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.</li>
<li>The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).
We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.
The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.


TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

<ul>
<li>The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.</li>
<li>The changes at the October rebalance were announced after market close on 6 October with implementation scheduled at the close on 15 October.</li>
<li>There are 217 adds and 224 deletes for the index with an estimated round-trip trade of US$2.3bn. There are many stocks with over 2x ADV to trade.</li>
</ul>


The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.
The changes at the October rebalance were announced after market close on 6 October with implementation scheduled at the close on 15 October.
There are 217 adds and 224 deletes for the index with an estimated round-trip trade of US$2.3bn. There are many stocks with over 2x ADV to trade.


WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 5th. The aggregated holding was USD1,364.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD819mln. 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 MediaTek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components, Mediatek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 5th. The aggregated holding was USD1,364.0bn.
We estimate that foreign flows to be inflows of USD819mln. 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 MediaTek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components, Mediatek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components.


TWSE Foreign Holding Weekly (Dec 5th): MediaTek, Quanta Computer, Unimicron Technology, UMC

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.</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 WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.
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 WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.


TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.</li>
<li>Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.</li>
<li>The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.</li>
</ul>


3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.
Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.
The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.


Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

Taiwan

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

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Quanta Computer (2382 TT)

TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn....

Brian Freitas

WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

There are 217 adds/224 deletes for the WisdomTree Emerging Markets High Dividend Index. The round-trip trade is around US$2.3bn and there are a...

Brian Freitas

TWSE Foreign Holding Weekly (Dec 5th): MediaTek, Quanta Computer, Unimicron Technology, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...

Nicolas Baratte

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn....

Brian Freitas

WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

There are 217 adds/224 deletes for the WisdomTree Emerging Markets High Dividend Index. The round-trip trade is around US$2.3bn and there are a...

Brian Freitas

TWSE Foreign Holding Weekly (Dec 5th): MediaTek, Quanta Computer, Unimicron Technology, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

​Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...

Nicolas Baratte

Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...