Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> and <a href="https://www.smartkarma.com/entities/teco-electric-machinery" target="_blank" data-smartkarma-citation="entities:1866:1" rel="noopener">Teco Electric &amp; Machinery (1504 TT)</a> held a joint press conference this afternoon to announce the formation of alliance through a share swap.</li>
<li>
<a href="https://www.smartkarma.com/entities/teco-electric-machinery" target="_blank" data-smartkarma-citation="entities:1866:1" rel="noopener">Teco (1504) TT</a> and <a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai (2317 TT)</a> stated their target markets extend beyond Taiwan and Asia, to include substantial business opportunities in the U.S. and the Middle East.</li>
<li>Foxconn Chairman Mr. Young Liu also noted that as AI data centers scale up rapidly and demand surges, modular design is increasingly favored.  </li>
</ul>



Hon Hai Precision Industry (2317 TT) and Teco Electric &amp; Machinery (1504 TT) held a joint press conference this afternoon to announce the formation of alliance through a share swap.

Teco (1504) TT and Hon Hai (2317 TT) stated their target markets extend beyond Taiwan and Asia, to include substantial business opportunities in the U.S. and the Middle East.
Foxconn Chairman Mr. Young Liu also noted that as AI data centers scale up rapidly and demand surges, modular design is increasingly favored.  


Hon Hai(2317.TT): Form Strategic Alliance Via Share Swap with TECO (1504) For Global AI Data Center

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.</li>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.</li>
<li>Currently, we expect no changes for the TDIV index for the September 2025 review and we estimate the one-way capping flow to be US$662mn.</li>
</ul>


The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.
Currently, we expect no changes for the TDIV index for the September 2025 review and we estimate the one-way capping flow to be US$662mn.


Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names

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 4th. The aggregated short interest was USD26.4bn.</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 Hon Hai Precision, Fubon Financial, Yuanta Financial, Chicony Electronics, Wistron, Yang Ming Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 4th. The aggregated short interest was USD26.4bn.
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 Hon Hai Precision, Fubon Financial, Yuanta Financial, Chicony Electronics, Wistron, Yang Ming Marine.


TWSE Short Interest Weekly (Jul 4th): Hon Hai Precision, Fubon Financial, Yuanta Financial

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 27th which has an aggregated short interest worth USD21.7bn.</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, Yang Ming Marine, Shanghai Commercial &amp; Savings Bank, Asia Vital Components, Alchip Technologies, Far Eastern New Century, Wiwynn, Walsin Lihwa.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 27th which has an aggregated short interest worth USD21.7bn.
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, Yang Ming Marine, Shanghai Commercial &amp; Savings Bank, Asia Vital Components, Alchip Technologies, Far Eastern New Century, Wiwynn, Walsin Lihwa.


TWSE Short Interest Weekly (Dec 27th): Evergreen Marine, Yang Ming Marine, SCSB, Asia Vital

Hua Nan Financial Holdings Co Ltd. / Index Rebalance

Hua Nan Financial Holdings Co Ltd. (2880 TT)

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.</li>
<li>There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. </li>
<li>In this insight, we take a look at Quiddity's final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.
There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. 
In this insight, we take a look at Quiddity's final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.


Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

Taiwan

Teco Electric & Machinery Co., Ltd. manufactures household appliances, industrial motors, and smart cards.  The Company produces air conditioners, refrigerators, washing machines, televisions, dryers, single-phase motors, three-phase motors, inverters, rotary compressors, stepping motors, gear motors, and generators.

Price Gauge
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Teco Electric & Machinery (1504 TT)

Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names

Assuming no index changes take place in September 2025, we estimate one-way capping flows of US$662mn. Some of these names have fairly high impacts.

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Jul 4th): Hon Hai Precision, Fubon Financial, Yuanta Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision, Fubon Financial, Yuanta...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 27th): Evergreen Marine, Yang Ming Marine, SCSB, Asia Vital

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Yang Ming Marine, SCSB, Asia...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

The TDIV Inclusions/Exclusions will be equally-distributed over five trading days from 20th December 2024 to 26th December 2024. It is a good time...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hon Hai(2317.TT): Form Strategic Alliance Via Share Swap with TECO (1504) For Global AI Data Center

​Hon Hai and Teco announced an alliance, targeting markets beyond Taiwan and Asia, including the U.S. and the Middle East. Foxconn the growing...

Patrick Liao

Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names

Assuming no index changes take place in September 2025, we estimate one-way capping flows of US$662mn. Some of these names have fairly high impacts.

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Jul 4th): Hon Hai Precision, Fubon Financial, Yuanta Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision, Fubon Financial, Yuanta...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 27th): Evergreen Marine, Yang Ming Marine, SCSB, Asia Vital

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Yang Ming Marine, SCSB, Asia...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

The TDIV Inclusions/Exclusions will be equally-distributed over five trading days from 20th December 2024 to 26th December 2024. It is a good time...

Janaghan Jeyakumar, CFA

Hon Hai and Teco announced an alliance, targeting markets beyond Taiwan and Asia, including the U.S. and the Middle East. Foxconn the growing...