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 Aug 23rd which has an aggregated short interest worth USD20.4bn.</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 Holding, Micro-Star International, United Microelectronics Corporation, Wistron, Asia Vital Components, Evergreen Marine Corp Taiwan, Mega Financial Holding.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 23rd which has an aggregated short interest worth USD20.4bn.
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 Holding, Micro-Star International, United Microelectronics Corporation, Wistron, Asia Vital Components, Evergreen Marine Corp Taiwan, Mega Financial Holding.


TWSE Short Interest Weekly (Aug 23rd): Ctbc Financial Holding, Micro-Star International

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

Event-Driven

Taiwan Stock Exchange Weighted Index / Event-Driven

Taiwan Stock Exchange Weighted Index (TWSE INDEX)

<ul>
<li>The <a href="https://www.smartkarma.com/entities/taiwan-stock-exchange-weighted-index" target="_blank" data-smartkarma-citation="entities:26056:1" rel="noopener">Taiwan Stock Exchange Weighted Index (TWSE INDEX)</a> has surged this year as the Artificial Intelligence <s>hype</s> boom has taken over.</li>
<li>Short notional has risen too, more due to higher stock prices than due to increased shorting. However, there are stocks that have seen big changes in short interest YTD.</li>
<li>The largest YTD increase in shorts have been in <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics</a>, <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</a>, <a href="https://www.smartkarma.com/entities/lite-on-technology-corp" target="_blank" data-smartkarma-citation="entities:14591:1" rel="noopener">Lite On Technology</a>, <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer</a>, <a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp</a>, <a href="https://www.smartkarma.com/entities/china-steel-corp" target="_blank" data-smartkarma-citation="entities:962:1" rel="noopener">China Steel</a>, <a href="https://www.smartkarma.com/entities/zhen-ding-technology-holding-ltd" target="_blank" data-smartkarma-citation="entities:16830:1" rel="noopener">Zhen Ding Technology Holding</a> and <a href="https://www.smartkarma.com/entities/chailease-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:6579:1" rel="noopener">Chailease Holding</a>.</li>
</ul>


The Taiwan Stock Exchange Weighted Index (TWSE INDEX) has surged this year as the Artificial Intelligence hype boom has taken over.
Short notional has risen too, more due to higher stock prices than due to increased shorting. However, there are stocks that have seen big changes in short interest YTD.
The largest YTD increase in shorts have been in Novatek Microelectronics, Hon Hai Precision Industry, Lite On Technology, Acer, Wistron Corp, China Steel, Zhen Ding Technology Holding and Chailease Holding.


<ul>
<li>With the review period now complete, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.</li>
<li>Price changes and changes to dividend estimates have led to names dropping off the list of potential adds and deletes over the last week.</li>
<li>Constituent changes, capping and funding flows will lead to a one-way turnover of 12.7% and a one-way trade of US$1.17bn. There are 12 stocks with over 4x ADV to trade.</li>
</ul>


With the review period now complete, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
Price changes and changes to dividend estimates have led to names dropping off the list of potential adds and deletes over the last week.
Constituent changes, capping and funding flows will lead to a one-way turnover of 12.7% and a one-way trade of US$1.17bn. There are 12 stocks with over 4x ADV to trade.


Yuanta Taiwan Div+ ETF Rebalance Preview: 5 Changes as Names Move Around; US$2.35bn Round-Trip Trade

<ul>
<li>Using data from the close on 17 May, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.</li>
<li>There will also be capping and funding flows that will lead to a one-way turnover of 12.6% and a one-way trade of US$1.13bn.</li>
<li>Shorts have increased on the potential adds and potential deletes and covering will lead to rally in some stocks while providing support in others at rebalance implementation.</li>
</ul>


Using data from the close on 17 May, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
There will also be capping and funding flows that will lead to a one-way turnover of 12.6% and a one-way trade of US$1.13bn.
Shorts have increased on the potential adds and potential deletes and covering will lead to rally in some stocks while providing support in others at rebalance implementation.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 13% One-Way Turnover & US$2.27bn Trade

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 15th which has an aggregated holding worth USD701.6bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD2,114mln and highlight foreign changes in TSMC, Largan Precision, Evergreen Marine, Far Eastone Telecom.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 15th which has an aggregated holding worth USD701.6bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD2,114mln and highlight foreign changes in TSMC, Largan Precision, Evergreen Marine, Far Eastone Telecom.


TWSE Foreign Holding Weekly (Dec 15th): TSMC, Largan Precision, Evergreen Marine

Taiwan

Via Technologies Inc. designs, manufactures, and markets integrated chipsets for PC (Personal Computer) motherboards.  The Company's products include core logic and peripheral controller chips.

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

Via Technologies (2388 TT)

TWSE Short Interest Weekly (Aug 23rd): Ctbc Financial Holding, Micro-Star International

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial Holding, Micro-Star...

Ke Yan, CFA, FRM

Taiwan: YTD Short Interest Moves

The TWSE has surged this year as semis and AI-linked stocks have rallied. The market crash could lead to covering in stocks with large shorts as...

Brian Freitas

Yuanta Taiwan Div+ ETF Rebalance Preview: 5 Changes as Names Move Around; US$2.35bn Round-Trip Trade

There should be 5 changes in June. Constituent changes, capping and funding flows will lead to a 1-way turnover of 12.7% and a 1-way trade of...

Brian Freitas

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 13% One-Way Turnover & US$2.27bn Trade

The ETF could have 5 constituent changes in June. There will also be capping and funding flows that will lead to a one-way turnover of 12.6% and a...

Brian Freitas

TWSE Foreign Holding Weekly (Dec 15th): TSMC, Largan Precision, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Largan Precision, Evergreen Marine, Far...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Aug 23rd): Ctbc Financial Holding, Micro-Star International

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial Holding, Micro-Star...

Ke Yan, CFA, FRM

Taiwan: YTD Short Interest Moves

The TWSE has surged this year as semis and AI-linked stocks have rallied. The market crash could lead to covering in stocks with large shorts as...

Brian Freitas

Yuanta Taiwan Div+ ETF Rebalance Preview: 5 Changes as Names Move Around; US$2.35bn Round-Trip Trade

There should be 5 changes in June. Constituent changes, capping and funding flows will lead to a 1-way turnover of 12.7% and a 1-way trade of...

Brian Freitas

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 13% One-Way Turnover & US$2.27bn Trade

The ETF could have 5 constituent changes in June. There will also be capping and funding flows that will lead to a one-way turnover of 12.6% and a...

Brian Freitas

TWSE Foreign Holding Weekly (Dec 15th): TSMC, Largan Precision, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Largan Precision, Evergreen Marine, Far...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 13% One-Way Turnover & US$2.27bn Trade