Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Nuvoton Technology Corp. manudfactures a wide range of semiconductor products. The Company's products lines are Consumer Electronics integrated Circuits (IC) and Computer IC.

<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 September 2024 index rebal event.</li>
<li>We expect one deletion and we estimate the one-way capping flow to be US$289mn.</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 September 2024 index rebal event.
We expect one deletion and we estimate the one-way capping flow to be US$289mn.


Quiddity TDIV Sep 24 Flow Expectations: One Deletion Possible; US$289mn One-Way Capping Flows

<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 <em>next</em> 100 largest names (51-150 ranks).</li>
<li>These indices are rebalanced quarterly. In this insight, we take a look at the names leading the race to become ADDs/DELs for the September 2024 index rebal event.</li>
<li>T50/100 index changes can also trigger TDIV index changes. <a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a> could be involved in such a move in September 2024.</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).
These indices are rebalanced quarterly. In this insight, we take a look at the names leading the race to become ADDs/DELs for the September 2024 index rebal event.
T50/100 index changes can also trigger TDIV index changes. Nuvoton Technology (4919 TT) could be involved in such a move in September 2024.


Quiddity Leaderboard T50/​​​100 Sep 24: Nuvoton Tech TDIV Deletion Is the Talking Point

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector</li>
<li>Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies</li>
<li>We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up </li>
</ul>


Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector
Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies
We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up 


Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

<ul>
<li>TSMC guided Q324 revenues of $22.8 billion at the midpoint, up 9.5% QoQ and up 32% YoY</li>
<li>Increased full year guidance to be above mid-20% YoY growth in US dollar terms</li>
<li>Share price has declined ~14% from its 52 week high but still up &gt;2x from its 52 week low. Many will view this pullback as a gift, we certainly do...</li>
</ul>


TSMC guided Q324 revenues of $22.8 billion at the midpoint, up 9.5% QoQ and up 32% YoY
Increased full year guidance to be above mid-20% YoY growth in US dollar terms
Share price has declined ~14% from its 52 week high but still up &gt;2x from its 52 week low. Many will view this pullback as a gift, we certainly do...


Top 10 Mega Caps | Artificial Intelligence, Mint Finance

Uttkarsh Kohli

Top 10 Mega Caps | Artificial Intelligence

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>TSMC's Q2 revenue hits NT$673.51 billion, exceeding expectations amid strong demand for advanced chips.</li>
<li>TSMC to grapple with tight supply through 2025, striving to meet soaring global demand across various sectors.</li>
<li>TSMC on track for 2025 mass production of 2nm chips, enhancing capabilities for more powerful and efficient technologies.</li>
</ul>


TSMC's Q2 revenue hits NT$673.51 billion, exceeding expectations amid strong demand for advanced chips.
TSMC to grapple with tight supply through 2025, striving to meet soaring global demand across various sectors.
TSMC on track for 2025 mass production of 2nm chips, enhancing capabilities for more powerful and efficient technologies.


TSMC Shatters Q2 Expectations Bolstered by Strong AI Chip Demand