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

Shenton Research

Shenton 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 Oct 8th. The aggregated holding was USD2,409.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,235mln. 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 Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 8th. The aggregated holding was USD2,409.2bn.
We estimate that foreign flows to be inflows of USD6,235mln. 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 Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.


TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

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

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market has recovered from its drawdown during the Iran war and is now trading above its long-term support levels.  Energy remains the top-performing sector YTD.</li>
<li>Value and dividend factors continue to provide the best returns in Hong Kong; momentum has returned since the beginning of April.
</li>
<li>
<a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> had a reversal breakout technical pattern from a U-shaped bottom.  The company is benefiting from growth in both the AI and data center industries.  
</li>
</ul>


The Hong Kong market has recovered from its drawdown during the Iran war and is now trading above its long-term support levels.  Energy remains the top-performing sector YTD.
Value and dividend factors continue to provide the best returns in Hong Kong; momentum has returned since the beginning of April.


Lenovo (992 HK) had a reversal breakout technical pattern from a U-shaped bottom.  The company is benefiting from growth in both the AI and data center industries.  



Technically Speaking Breakouts & Breakdowns - HONG KONG (April 2026)

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 2nd. The aggregated holding was USD2,366.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD839mln. 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, TSMC, Zhen Ding Technology, Winbond Electronics, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 2nd. The aggregated holding was USD2,366.8bn.
We estimate that foreign flows to be outflows of USD839mln. 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, TSMC, Zhen Ding Technology, Winbond Electronics, Delta Electronics.


TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

<ul>
<li>We analysed the earning revision of component stocks of MS-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics, Wiwynn, Formosa Plastics.</li>
</ul>


We analysed the earning revision of component stocks of MS-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics, Wiwynn, Formosa Plastics.


MS-Taiwan Index Earning Revision (Sep): TSMC, UMC, Nanya Technology, Quanta Computer, Wiwynn

Taiwan

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

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Quanta Computer (2382 TT)

TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, MediaTek, TSMC, Unimicron Technology,...

Ke Yan, CFA, FRM

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

Technically Speaking Breakouts & Breakdowns - HONG KONG (April 2026)

We highlighted Lenovo's significant technical breakout pattern in our April insight, and the shares have more than doubled since the report....

David Mudd

TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, TSMC, Zhen Ding Technology, Winbond...

Ke Yan, CFA, FRM

MS-Taiwan Index Earning Revision (Sep): TSMC, UMC, Nanya Technology, Quanta Computer, Wiwynn

We analyzed MS-Taiwan's consensus for Sep 2026 and highlighted changes of EPS in TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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