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 Mar 21st which has an aggregated short interest worth USD21.1bn.</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 Ctbc Financial, Asustek Computer, Mediatek, Alchip Technologies, Innolux, Elite Advanced Laser.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 21st which has an aggregated short interest worth USD21.1bn.
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 Ctbc Financial, Asustek Computer, Mediatek, Alchip Technologies, Innolux, Elite Advanced Laser.


TWSE Short Interest Weekly (Mar 21st): Ctbc Financial, Asustek Computer, Mediatek, Alchip

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Cheng Shin Rubber Ind Co., Ltd. / Index Rebalance

Cheng Shin Rubber Ind Co., Ltd. (2105 TT)

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 7th March 2025.</li>
<li>There will be one change for T50 and two other changes for T100. There will be no changes for the TDIV index but there will be capping flows.</li>
<li>In this insight, we will take a look at our final flow expectations for the March 2025 index rebal event.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 7th March 2025.
There will be one change for T50 and two other changes for T100. There will be no changes for the TDIV index but there will be capping flows.
In this insight, we will take a look at our final flow expectations for the March 2025 index rebal event.


Quiddity TDIV/50/100 Mar25 Results: US$500Mn+ One-Way Flows Collectively; Only One Surprise

<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 March 2025 index rebal event.</li>
<li>We expect no changes for the TDIV index for March 2025 rebal and we estimate the one-way capping flow to be US$448mn.</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 March 2025 index rebal event.
We expect no changes for the TDIV index for March 2025 rebal and we estimate the one-way capping flow to be US$448mn.


Quiddity Leaderboard TDIV Mar25: US$448mn One-Way Flows; High-Impact for Cheng Shin Rubber

<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>Today is the base date for the March 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.</li>
<li>We expect one change for T50 and two changes for T100 index for the March 2025 rebalance.</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).
Today is the base date for the March 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect one change for T50 and two changes for T100 index for the March 2025 rebalance.


Quiddity Leaderboard T50/​​​100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

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 March 2025 index rebal event.</li>
<li>Currently, we expect no deletions (but one is pretty close) and we estimate the one-way capping flow to be US$208mn.</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 March 2025 index rebal event.
Currently, we expect no deletions (but one is pretty close) and we estimate the one-way capping flow to be US$208mn.


Quiddity Leaderboard TDIV Mar 25: US$208mn Capping Flows One-Way; New Trade Idea

Taiwan

Tung Ho Steel Enterprise Corporation manufactures and markets steel rods, H-shaped steel frames, steel plates, and reinforcements.

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

Tung Ho Steel Enterprise (2006 TT)

TWSE Short Interest Weekly (Mar 21st): Ctbc Financial, Asustek Computer, Mediatek, Alchip

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial, Asustek Computer, Mediatek,...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Mar25 Results: US$500Mn+ One-Way Flows Collectively; Only One Surprise

Many TDIV members have more than 2x ADV to trade. Cheng Shin Rubber is the highest-impact name with 7.4x ADV to sell. We expect this name to...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Mar25: US$448mn One-Way Flows; High-Impact for Cheng Shin Rubber

There could be 7.2x ADV to sell for Cheng Shin Rubber during the TDIV March 2025 index rebalance event and the stock could underperform the index...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

TDIV member Tung Ho Steel (2006 TT) was previously close to T100 deletion and TDIV deletion but based on the current data, the stock might be safe...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Mar 25: US$208mn Capping Flows One-Way; New Trade Idea

Tung Ho Steel (2006 TT) is very close to T100 and TDIV deletions in March 2025. If the deletion takes place there could be 38.9mn shares to sell...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Mar 21st): Ctbc Financial, Asustek Computer, Mediatek, Alchip

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial, Asustek Computer, Mediatek,...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Mar25 Results: US$500Mn+ One-Way Flows Collectively; Only One Surprise

Many TDIV members have more than 2x ADV to trade. Cheng Shin Rubber is the highest-impact name with 7.4x ADV to sell. We expect this name to...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Mar25: US$448mn One-Way Flows; High-Impact for Cheng Shin Rubber

There could be 7.2x ADV to sell for Cheng Shin Rubber during the TDIV March 2025 index rebalance event and the stock could underperform the index...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

TDIV member Tung Ho Steel (2006 TT) was previously close to T100 deletion and TDIV deletion but based on the current data, the stock might be safe...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Mar 25: US$208mn Capping Flows One-Way; New Trade Idea

Tung Ho Steel (2006 TT) is very close to T100 and TDIV deletions in March 2025. If the deletion takes place there could be 38.9mn shares to sell...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion