Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/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 June 2024 index rebal event.</li>
<li>I currently see 5 ADDs and 5 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 estimate for one-way flow in June 2024 is US$1.22bn.</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.
I currently see 5 ADDs and 5 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
The estimate for one-way flow in June 2024 is US$1.22bn.


Quiddity Leaderboard TDIV Jun 24: 5 Changes; US$1.2bn One-Way

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 May 26th which has an aggregated short interest worth USD14.1bn.</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 Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 26th which has an aggregated short interest worth USD14.1bn.
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 Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.


TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 5th which has an aggregated short interest worth USD13.0bn.</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 Evergreen Marine, Mediatek, Wistron, Yang Ming Marine, Unimicron Tech, Largan Precision, Powerchip Semico, Taiwan Mobile.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 5th which has an aggregated short interest worth USD13.0bn.
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 Evergreen Marine, Mediatek, Wistron, Yang Ming Marine, Unimicron Tech, Largan Precision, Powerchip Semico, Taiwan Mobile.


TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

<ul>
<li>On Friday, <a href="https://www.smartkarma.com/entities/far-eastone-telecomm-co-ltd" target="_blank" data-smartkarma-citation="entities:19488:1" rel="noopener">Far Eastone Telecomm (4904 TT)</a> announced in a Taiwan Stock Exchange filing that it would merge with long-suffering <a href="https://www.smartkarma.com/entities/asia-pacific-telecom-co-ltd" target="_blank" data-smartkarma-citation="entities:19657:1" rel="noopener">Asia Pacific Telecom (3682 TT)</a> in a scrip merger.</li>
<li>The ratio chosen is a takeunder vs Friday's closing price terms. An 18.8% hit for APT shareholders. </li>
<li>Shareholder structure suggests it gets done IF the FTC and NCC approve the deal, which would go against their approval last August of the FET capital injection into APT.</li>
</ul>


On Friday, Far Eastone Telecomm (4904 TT) announced in a Taiwan Stock Exchange filing that it would merge with long-suffering Asia Pacific Telecom (3682 TT) in a scrip merger.
The ratio chosen is a takeunder vs Friday's closing price terms. An 18.8% hit for APT shareholders. 
Shareholder structure suggests it gets done IF the FTC and NCC approve the deal, which would go against their approval last August of the FET capital injection into APT.


Asia Pacific Telecom in Taiwan Takeunder by Far EasTone - Sector Remake Needs FTC+NCC Approval

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Scanning through the Taiwan equity universe, we find three pairs that satisfy the following criteria:<ul>
<li>price ratio of the stocks is trading near the highs/lows</li>
<li>stock returns have relatively high correlations</li>
<li>valuations are supportive of selling the outperformer and buying the underperformer</li>
<li>short interest has been increasing on the outperformer and decreasing on the underperformer, indicative of positions being built up</li>
</ul>We categorise these pairs as trades that offer high risk/reward opportunities.There are other pairs that meet some, but not all, of the criteria and we place them in a lower risk/reward bucket.In this Insight, we highlight the pairs that could perform well and lay out our reasoning for the trade.

Scanning through the Taiwan equity universe, we find three pairs that satisfy the following criteria:
price ratio of the stocks is trading near the highs/lows
stock returns have relatively high correlations
valuations are supportive of selling the outperformer and buying the underperformer
short interest has been increasing on the outperformer and decreasing on the underperformer, indicative of positions being built up
We categorise these pairs as trades that offer high risk/reward opportunities.There are other pairs that meet some, but not all, of the criteria and we place them in a lower risk/reward bucket.In this Insight, we highlight the pairs that could perform well and lay out our reasoning for the trade.

Taiwan Long/Short Trades: Relative Performance, Shorts & Valuations

Taiwan

Taiwan Mobile Co., Ltd. provides cellular telecommunication services in Taiwan. The Company also sells and leases cellular phones.

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Taiwan Mobile (3045 TT)

Quiddity Leaderboard TDIV Jun 24: 5 Changes; US$1.2bn One-Way

The Top 5 Expected Inflow names could outperform the Top 5 Expected outflow names over the next few weeks. The final index changes will be based on...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Mediatek, Wistron, Yang Ming...

Ke Yan, CFA, FRM

Asia Pacific Telecom in Taiwan Takeunder by Far EasTone - Sector Remake Needs FTC+NCC Approval

On Friday, Asia Pacific Telecom and Far EasTone Telecom announced a takeunder merger, barely 2mos after the Taiwan Mobile/Star merger, and 6mos...

Travis Lundy

Taiwan Long/Short Trades: Relative Performance, Shorts & Valuations

We identify three pairs in Taiwan that are correlated, where the price ratio is trading near a high/low, valuations are supportive and short...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)