Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2024 index rebal event.</li>
<li>I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.</li>
<li>The current estimate for one-way flow in December 2024 is US$1.38bn.</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the December 2024 index rebal event.
I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
The current estimate for one-way flow in December 2024 is US$1.38bn.


Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way

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 short interest of TWSE Stocks as of Sep 6th which has an aggregated short interest worth USD19.8bn.</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 TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux, Formosa Petrochemical, Ctbc Financial, Shin Kong Financial, Alchip Technologies.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 6th which has an aggregated short interest worth USD19.8bn.
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 TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux, Formosa Petrochemical, Ctbc Financial, Shin Kong Financial, Alchip Technologies.


TWSE Short Interest Weekly (Sep 6th): TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>CoSAI is a collaboration between tech giants like Intel, Google, and IBM to drive innovation in the automotive industry.</li><li>Knobs and buttons are making a comeback in car interfaces, reflecting a trend in automotive design for more tactile controls.</li><li>Apple opposes Tata-Vivo partnership as Vivo marks its 10th anniversary in India, while Biden admin shows support for CHIPS Act to boost packaging and testing industry.</li></ul>

CoSAI is a collaboration between tech giants like Intel, Google, and IBM to drive innovation in the automotive industry.Knobs and buttons are making a comeback in car interfaces, reflecting a trend in automotive design for more tactile controls.Apple opposes Tata-Vivo partnership as Vivo marks its 10th anniversary in India, while Biden admin shows support for CHIPS Act to boost packaging and testing industry.

Tech Supply Chain Tracker (01-Aug-2024): Top tech firms join CoSAI.

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jun 14th which has an aggregated short interest worth USD102.4bn.</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 Hon Hai, Ctbc Financial, Realtek Semi, TSMC, Lite-On Tech, Asmedia Tech, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 14th which has an aggregated short interest worth USD102.4bn.
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 Hon Hai, Ctbc Financial, Realtek Semi, TSMC, Lite-On Tech, Asmedia Tech, Asustek Computer.


TWSE Short Interest Weekly (Jun 14th): Hon Hai, Ctbc Financial, Realtek Semi, TSMC, Lite-On Tech

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

Vanguard Intl Semiconductor / Index Rebalance

<ul>
<li>There are 13 changes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF (00919 TW) has an AUM of US$6.4bn.</li>
<li>One-Way turnover is estimated at 41% and that will result in a round-trip trade of TWD 168.8bn (US$5.2bn). There are 16 stocks that could have over 4x ADV to trade.</li>
<li>The rebalance will be implemented over 8 trading days and the ETF has started trading the stocks last week.</li>
</ul>


There are 13 changes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF (00919 TW) has an AUM of US$6.4bn.
One-Way turnover is estimated at 41% and that will result in a round-trip trade of TWD 168.8bn (US$5.2bn). There are 16 stocks that could have over 4x ADV to trade.
The rebalance will be implemented over 8 trading days and the ETF has started trading the stocks last week.


TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

Taiwan

Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers.  The Company predominately sells its products in Taiwan.

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Taiwan Fertilizer (1722 TT)

Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way

The top 5 expected Inflow and Outflow names have more than 5x ADV to buy. However, the inflow names have been underperforming the outflow names for...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Sep 6th): TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Cathay Financial, Visual Photonics...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (01-Aug-2024): Top tech firms join CoSAI.

CoSAI partners with tech giants, car interfaces embrace knobs, Apple opposes Tata-Vivo, Biden supports CHIPS Act, Micron ships 9th-gen NAND, Taiwan...

Tech Supply Chain Tracker

TWSE Short Interest Weekly (Jun 14th): Hon Hai, Ctbc Financial, Realtek Semi, TSMC, Lite-On Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai, Ctbc Financial, Realtek Semi, TSMC,...

Ke Yan, CFA, FRM

TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

There are 13 changes for the index in June. One-way turnover is estimated at 41% resulting in a round-trip trade of TWD 168.8bn (US$5.2bn). There...

Brian Freitas

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