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 could be 4 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in December as positioning for buying by one set of index trackers pushes stocks into other indices.</li>
<li>There will be passive inflows in some of the forecast adds week after next and the flows from these index trackers will come a few weeks later.</li>
<li>With large AUMs tracking the dividend indices, stocks that have moved up a lot now have low dividend yields and there could be opposite flows from those index trackers.</li>
</ul>


There could be 4 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in December as positioning for buying by one set of index trackers pushes stocks into other indices.
There will be passive inflows in some of the forecast adds week after next and the flows from these index trackers will come a few weeks later.
With large AUMs tracking the dividend indices, stocks that have moved up a lot now have low dividend yields and there could be opposite flows from those index trackers.


Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.</li>
<li>Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.</li>
<li>Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.</li>
</ul>


AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.


AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Silicon valley startup Substrate made waves two weeks ago when they emerged from stealth mode to announce a revolutionary new tool they claim will rival ASML’s EUV lithography capability</li>
<li>Substrate simultaneously plans to build next-generation semiconductor fabs to return America to dominance in semiconductor production and will use their technology—a new form of advanced X-ray lithography—to power them.</li>
<li>For a three year old startup, whos CEO has zero documented experience of semiconductors or lithography, these are bold claims indeed. This should be interesting!</li>
</ul>


Silicon valley startup Substrate made waves two weeks ago when they emerged from stealth mode to announce a revolutionary new tool they claim will rival ASML’s EUV lithography capability
Substrate simultaneously plans to build next-generation semiconductor fabs to return America to dominance in semiconductor production and will use their technology—a new form of advanced X-ray lithography—to power them.
For a three year old startup, whos CEO has zero documented experience of semiconductors or lithography, these are bold claims indeed. This should be interesting!


Substrate. ASML, TSMC Slayer Or Ideological Pipe Dream?

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges</li>
<li>Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?</li>
<li>Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E</li>
</ul>


Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges
Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?
Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E


Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.</li>
<li>Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.</li>
<li>Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.</li>
</ul>


Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.
Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.
Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.


Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Price Gauge
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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up

We currently forecast 4 changes for the ETF in Dec. That could increase to 5. Multiple stocks will have same-way flow from other index trackers...

Brian Freitas

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

Substrate. ASML, TSMC Slayer Or Ideological Pipe Dream?

For a three year old startup, whos CEO has zero documented experience of semiconductors or lithography, these are bold claims indeed. This should...

William Keating

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up

We currently forecast 4 changes for the ETF in Dec. That could increase to 5. Multiple stocks will have same-way flow from other index trackers...

Brian Freitas

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

​AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

Substrate. ASML, TSMC Slayer Or Ideological Pipe Dream?

For a three year old startup, whos CEO has zero documented experience of semiconductors or lithography, these are bold claims indeed. This should...

William Keating

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

​Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

​18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...