Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

The Shanghai Commerical & Sa / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.</li>
<li>We currently see three changes for T50 and three other changes for T100 in December 2025.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.
We currently see three changes for T50 and three other changes for T100 in December 2025.


Quiddity Leaderboard T50/​​​100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

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 Dec 12th. The aggregated short interest was USD28.2bn.</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, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.
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, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.


TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

The Shanghai Commerical & Sa / Equity Bottom-Up

<ul>
<li>Wildly improving credit metrics, with NPL coverage now at 1,144% in 1Q23</li>
<li>Core net interest income is strong for past 3 quarters, now at +31% YoY</li>
<li>Key line item deltas can continue, suggesting ROA to surpass 1.0% soon</li>
</ul>


Wildly improving credit metrics, with NPL coverage now at 1,144% in 1Q23
Core net interest income is strong for past 3 quarters, now at +31% YoY
Key line item deltas can continue, suggesting ROA to surpass 1.0% soon


The Shanghai Commercial & Savings Bank - Far Stronger Credit Metrics, 31% Net Interest Income Growth

<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 June 2025 index rebal event.</li>
<li>We expect five changes for the TDIV index. On top of that, there will be capping flows too.</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 June 2025 index rebal event.
We expect five changes for the TDIV index. On top of that, there will be capping flows too.


Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.</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 WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.
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 WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.


TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

Taiwan

The Shanghai Commercial & Savings Bank, Ltd. provides commercial banking services with a global presence. The Bank attracts deposits from the general public and uses those funds to originate a variety of loans. SCSB supports businesses by providing trade financing and foreign exchange services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

The Shanghai Commerical & Sa (5876 TT)

Quiddity Leaderboard T50/100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

There could be ~19x ADV of net passive selling for Shanghai Commerical (5876 TT). Separately, Tung Ho Steel (2006 TT) could get deleted from T100...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

The Shanghai Commercial & Savings Bank - Far Stronger Credit Metrics, 31% Net Interest Income Growth

Shanghai Commercial & Savings Bank shows 31% net interest income growth YoY in 1Q23 and dramatically lower credit costs. It is likely to see ROA...

Daniel Tabbush

Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

We expect one-way flows of 2.1bn which translates to a turnover of 17%. There are multiple names with 10x ADV or more to trade. Some of the outflow...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard T50/​​​100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

There could be ~19x ADV of net passive selling for Shanghai Commerical (5876 TT). Separately, Tung Ho Steel (2006 TT) could get deleted from T100...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

The Shanghai Commercial & Savings Bank - Far Stronger Credit Metrics, 31% Net Interest Income Growth

Shanghai Commercial & Savings Bank shows 31% net interest income growth YoY in 1Q23 and dramatically lower credit costs. It is likely to see ROA...

Daniel Tabbush

Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

We expect one-way flows of 2.1bn which translates to a turnover of 17%. There are multiple names with 10x ADV or more to trade. Some of the outflow...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)