Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

We take a look at the latest TWSE data released Friday evening on short position balances in Taiwan for the week ended 23 August.Total short notional in Taiwan stocks is TWD 258,415 mm (~US$8.225 bn) and is up sharply over the last few weeks.Over the last week, the largest short positions were built in <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:10904:1">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:4509:1">Innolux Corp (3481 TT)</a>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9632:1">Genius Electronic Optical (3406 TT)</a> and <a href="https://www.smartkarma.com/entities/china-steel-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:962:1">China Steel (2002 TT)</a>  and shorts were covered in <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:12852:1">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/cmc-magnetics-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:2881:1">Cmc Magnetics (2323 TT)</a>, <a href="https://www.smartkarma.com/entities/gigabyte-technology-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:17486:1">Gigabyte Technology (2376 TT)</a> and <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3269:1">Nanya Technology (2408 TT)</a>.   The largest short positions as a percentage of free float are <a href="https://www.smartkarma.com/entities/young-optics-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7295:1">Young Optics (3504 TT)</a>, <a href="https://www.smartkarma.com/entities/precision-silicon-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18158:1">Precision Silicon (3016 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:11084:1">Walsin Technology (2492 TT)</a> and <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9632:1">Genius Electronic Optical (3406 TT)</a> while the large cap stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/hotai-motor-company-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:12006:1">Hotai Motor Company (2207 TT)</a>, <a href="https://www.smartkarma.com/entities/far-eastone-telecomm-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:19488:1">Far Eastone Telecomm (4904 TT)</a>, <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" rel="noopener" data-smartkarma-citation="entities:15351:1">Shin Kong Financial Holding (2888 TT)</a> and <a href="https://www.smartkarma.com/entities/cheng-shin-rubber-ind-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2868:1">Cheng Shin Rubber Ind Co., Ltd. (2105 TT)</a>.

We take a look at the latest TWSE data released Friday evening on short position balances in Taiwan for the week ended 23 August.Total short notional in Taiwan stocks is TWD 258,415 mm (~US$8.225 bn) and is up sharply over the last few weeks.Over the last week, the largest short positions were built in Novatek Microelectronics Corp (3034 TT), Innolux Corp (3481 TT), Genius Electronic Optical (3406 TT) and China Steel (2002 TT)  and shorts were covered in Pegatron Corp (4938 TT), Cmc Magnetics (2323 TT), Gigabyte Technology (2376 TT) and Nanya Technology (2408 TT).   The largest short positions as a percentage of free float are Young Optics (3504 TT), Precision Silicon (3016 TT), Walsin Technology (2492 TT) and Genius Electronic Optical (3406 TT) while the large cap stocks with the highest days to cover are Hotai Motor Company (2207 TT), Far Eastone Telecomm (4904 TT), Shin Kong Financial Holding (2888 TT) and Cheng Shin Rubber Ind Co., Ltd. (2105 TT).

Taiwan Short Interest - Recent Jump in Positioning

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

Quarterly data from the six largest MLCC makers shows that the move to LTE-Advanced handsets did indeed drive up sales of MLCCs in the 2H 2017 period. While this had been much promulgated, the evidence up until 3Q 2017 was scant; although the arrival of high end handsets like the iPhone X in the 2H of 2017 has changed that. Furthermore, whereas early in 2017 the impact of increased demand was felt most noticeably on the mid-market, more recently the squeeze has moved to the high end…

Quarterly data from the six largest MLCC makers shows that the move to LTE-Advanced handsets did indeed drive up sales of MLCCs in the 2H 2017 period. While this had been much promulgated, the evidence up until 3Q 2017 was scant; although the arrival of high end handsets like the iPhone X in the 2H of 2017 has changed that. Furthermore, whereas early in 2017 the impact of increased demand was felt most noticeably on the mid-market, more recently the squeeze has moved to the high end…

Taiwan

Walsin Technology Corporation researches, develops, manufactures, and markets ceramic electronic components for electronic and electrical industries.  The main products are surface mount multi-layer chip capacitors (MLCCs), positive temperature coefficient resistors (PTCRs), chip resistors, multi-layer chip inductors (MLCIs) and beads, chip arrays, and zinc oxide varistors.

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Walsin Technology (2492 TT)

Taiwan Short Interest - Recent Jump in Positioning

We take a look at the latest TWSE data released Friday evening on short position balances in Taiwan for the week ended 23 August.Total short...

Brian Freitas

Murata (6981) - MLCC Growth Accelerating

Quarterly data from the six largest MLCC makers shows that the move to LTE-Advanced handsets did indeed drive up sales of MLCCs in the 2H 2017...

Pelham Smithers Associates

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