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 foreign holdings of TWSE Stocks as of Jul 4th. The aggregated holding was USD1,128.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,856mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Mediatek, Ase Industrial, Quanta Computer, Delta Electronics, Fubon Financial, Compal Electronics, Yang Ming Marine, Novatek Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 4th. The aggregated holding was USD1,128.9bn.
We estimate that foreign flows to be inflows of USD2,856mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Mediatek, Ase Industrial, Quanta Computer, Delta Electronics, Fubon Financial, Compal Electronics, Yang Ming Marine, Novatek Microelectronics.


TWSE Foreign Holding Weekly (Jul 4th): TSMC, Mediatek, Ase Industrial, Quanta Computer

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 27th. The aggregated holding was USD1,126.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD16,805mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Jinan Acetate Chemical, TSMC, Elite Material, Evergreen Marine, UMC, China Development Financial, Cathay Financial, Asustek Computer, Quanta Computer, Uni-President Enterprises.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 27th. The aggregated holding was USD1,126.4bn.
We estimate that foreign flows to be inflows of USD16,805mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Jinan Acetate Chemical, TSMC, Elite Material, Evergreen Marine, UMC, China Development Financial, Cathay Financial, Asustek Computer, Quanta Computer, Uni-President Enterprises.


TWSE Foreign Holding Weekly (Jun 27th): Jinan Acetate Chemical, TSMC, Elite Material

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

Index Rebalance

Yang Ming Marine Transport / Index Rebalance

<ul>
<li>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 363bn (US$12.1bn).</li>
<li>Following a change in methodology, there could be 16 adds and 6 deletes in June with an estimated one-way turnover of 39% and a round-trip trade of US$9bn.</li>
<li>We expect the adds to outperform the deletes over the next few days, following which reversion could set in.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 363bn (US$12.1bn).
Following a change in methodology, there could be 16 adds and 6 deletes in June with an estimated one-way turnover of 39% and a round-trip trade of US$9bn.
We expect the adds to outperform the deletes over the next few days, following which reversion could set in.


TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 11th which has an aggregated holding worth USD842.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,406mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Quanta Computer, TSMC, Ctbc Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 11th which has an aggregated holding worth USD842.1bn.
We estimate that foreign flows to be outflows of USD1,406mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Quanta Computer, TSMC, Ctbc Financial.


TWSE Foreign Holding Weekly (Apr 11th): Quanta Computer, TSMC, Ctbc Financial

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

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

Taiwan

Yuanta Financial Holding Co., Ltd. is a holding company. Its main businesses include brokerage, margin financing, domestic and overseas issuance, financial and M&A advisory, primary listings, corporate financial, securities underwriting and placements, etc. The company also holds the leading position in the derivatives business.

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Yuanta Financial Holding Co (2885 TT)

TWSE Foreign Holding Weekly (Jul 4th): TSMC, Mediatek, Ase Industrial, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT), Ase...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 27th): Jinan Acetate Chemical, TSMC, Elite Material

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Jinan Acetate Chemical (4763 TT), TSMC (2330...

Ke Yan, CFA, FRM

TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

A change in methodology could result in 16 adds and 6 deletes in June leading to one-way turnover of 39% and a round-trip trade of US$9bn. The adds...

Brian Freitas

TWSE Foreign Holding Weekly (Apr 11th): Quanta Computer, TSMC, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, TSMC, Ctbc Financial.

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

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