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 short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.</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 Shin Kong Financial, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.
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 Shin Kong Financial, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.


TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. We outline important technical levels across markets and highlight actionable set ups within Technology, Health care and Staples.

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. We outline important technical levels across markets and highlight actionable set ups within Technology, Health care and Staples.

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.</li>
<li>
 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.</li>
<li>
 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.</li>
</ul>



 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.

 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.

 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.


Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

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>There are 18 adds and 18 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$16.9bn.</li>
<li>The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.</li>
<li>The adds are outperforming the deletes today and that trend could continue for the next few days as the ETF trades the stocks.</li>
</ul>


There are 18 adds and 18 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$16.9bn.
The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.
The adds are outperforming the deletes today and that trend could continue for the next few days as the ETF trades the stocks.


TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

MSCI Emerging Markets Index / Technical Analysis

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain immune to the disruption occurring elsewhere.  Price and relative strength uptrends intact remain, and we reiterate our overweight recommendation.  In today’s report we provide a collection of the better looking company charts across the emerging markets universe.

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain immune to the disruption occurring elsewhere.  Price and relative strength uptrends intact remain, and we reiterate our overweight recommendation.  In today’s report we provide a collection of the better looking company charts across the emerging markets universe.

Taiwan

Synnex Technology International Corporation markets personal computers, computer peripherals, multi-media products, network products, computer application software, electronic parts, and telecommunication products.

Synnex Technology International (2347 TT)

Price Gauge
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Synnex Technology International (2347 TT)

TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI...

Vermilion Research

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

There are 18 adds and 18 deletes for the index. Estimated one-way turnover is 40.6% resulting in a round-trip trade of US$13.6bn. Adds are...

Brian Freitas

Attractive EM Charts

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI...

Vermilion Research

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

​Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

There are 18 adds and 18 deletes for the index. Estimated one-way turnover is 40.6% resulting in a round-trip trade of US$13.6bn. Adds are...

Brian Freitas

Attractive EM Charts

Emerging markets remain leadership. While many of the world's developed markets in correction or consolidation mode, EM markets continue to remain...

Vermilion Research

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...