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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

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<p>Total short notional in Taiwan stocks is TWD 255,286 mm (~US$8.39 bn) as of 6 December.</p>
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<p>Over the week, the largest short positions were put on in <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:6450:1">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/bizlink-holding-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:6779:1">Bizlink Holding (3665 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" rel="noopener" data-smartkarma-citation="entities:13212:1">Yageo Corporation (2327 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/walsin-technology-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:11084:1">Walsin Technology (2492 TT)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company-tsmc" target="_blank" rel="noopener" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Manufacturing Company (TSMC) (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:6704:1">Au Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/cathay-financial-holding-co" target="_blank" rel="noopener" data-smartkarma-citation="entities:17677:1">Cathay Financial Holding Co (2882 TT)</a>, <a href="https://www.smartkarma.com/entities/merry-electronics-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15538:1">Merry Electronics (2439 TT)</a> and <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>.   </p>
<p>We take a look at stocks that are most shorted as a percentage of free float. <a href="https://www.smartkarma.com/entities/taisol-electronics-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:7383:1">Taisol Electronics (3338 TT)</a> and <a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20219:1">Alchip Technologies (3661 TT)</a> have surged this year and the short interest has increased as well. <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> is up a bit for the year as short interest gradually tapers off. <a href="https://www.smartkarma.com/entities/jmc-electronics-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:28188:1">JMC Electronics Co Ltd (6552 TT)</a> is a rare stock that is down for the year and short interest continues to rise.</p>
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Total short notional in Taiwan stocks is TWD 255,286 mm (~US$8.39 bn) as of 6 December.


Over the week, the largest short positions were put on in United Microelectronics Corp (2303 TT), Bizlink Holding (3665 TT), Yageo Corporation (2327 TT), Genius Electronic Optical (3406 TT) and Walsin Technology (2492 TT) while shorts were covered in Taiwan Semiconductor Manufacturing Company (TSMC) (2330 TT), Au Optronics (2409 TT), Cathay Financial Holding Co (2882 TT), Merry Electronics (2439 TT) and Novatek Microelectronics Corp (3034 TT).   
We take a look at stocks that are most shorted as a percentage of free float. Taisol Electronics (3338 TT) and Alchip Technologies (3661 TT) have surged this year and the short interest has increased as well. Young Optics (3504 TT) is up a bit for the year as short interest gradually tapers off. JMC Electronics Co Ltd (6552 TT) is a rare stock that is down for the year and short interest continues to rise.


Taiwan - UMC, BizLink, Yageo Most Shorted

<div><p>Total short notional in Taiwan stocks is TWD 254,881 mm (~US$8.35 bn) as of 29 November.</p></div><div><p>Over the week, the largest short positions were put on in <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18778:1">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:6450:1">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/bizlink-holding-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:6779:1">Bizlink Holding (3665 TT)</a>, <a href="https://www.smartkarma.com/entities/accton-technology-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:4424:1">Accton Technology (2345 TT)</a> and <a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20219:1">Alchip Technologies (3661 TT)</a> and shorts were covered in <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" rel="noopener" data-smartkarma-citation="entities:13212:1">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/macronix-international" target="_blank" rel="noopener" data-smartkarma-citation="entities:3247:1">Macronix International (2337 TT)</a>, <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/taiwan-semiconductor-manufacturing-company-tsmc" target="_blank" rel="noopener" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Manufacturing Company (TSMC) (2330 TT)</a> and <a href="https://www.smartkarma.com/entities/chunghwa-telecom-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9181:1">Chunghwa Telecom (2412 TT)</a>.   <a href="https://www.smartkarma.com/entities/macronix-international" target="_blank" rel="noopener" data-smartkarma-citation="entities:3247:1"></a></p></div><div>
<p>The largest short positions as a percentage of free float are <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/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/taisol-electronics-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:7383:1">Taisol Electronics (3338 TT)</a> and <a href="https://www.smartkarma.com/entities/jmc-electronics-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:28188:1">JMC Electronics Co Ltd (6552 TT)</a> <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:11084:1"></a>while the large cap stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/yulon-motor-company" target="_blank" rel="noopener" data-smartkarma-citation="entities:18249:1">Yulon Motor Company (2201 TT)</a>, <a href="https://www.smartkarma.com/entities/china-synthetic-rubber" target="_blank" rel="noopener" data-smartkarma-citation="entities:2403:1">China Synthetic Rubber (2104 TT)</a>, <a href="https://www.smartkarma.com/entities/highwealth-construction-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:6739:1">Highwealth Construction (2542 TT)</a> and <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:6704:1">Au Optronics (2409 TT)</a>. </p>
<p><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/yageo-corporation" target="_blank" rel="noopener" data-smartkarma-citation="entities:13212:1">Yageo Corporation (2327 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> saw the most shorts covered over the last six months, while the shorts increased the most 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> and <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" rel="noopener" data-smartkarma-citation="entities:19736:1">Taiwan Cement (1101 TT)</a>.  </p>
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Total short notional in Taiwan stocks is TWD 254,881 mm (~US$8.35 bn) as of 29 November.Over the week, the largest short positions were put on in Unimicron Technology (3037 TT), United Microelectronics Corp (2303 TT), Bizlink Holding (3665 TT), Accton Technology (2345 TT) and Alchip Technologies (3661 TT) and shorts were covered in Yageo Corporation (2327 TT), Macronix International (2337 TT), Novatek Microelectronics Corp (3034 TT), Taiwan Semiconductor Manufacturing Company (TSMC) (2330 TT) and Chunghwa Telecom (2412 TT).   
The largest short positions as a percentage of free float are Precision Silicon (3016 TT), Young Optics (3504 TT), Taisol Electronics (3338 TT) and JMC Electronics Co Ltd (6552 TT) while the large cap stocks with the highest days to cover are Yulon Motor Company (2201 TT), China Synthetic Rubber (2104 TT), Highwealth Construction (2542 TT) and Au Optronics (2409 TT). 
Pegatron Corp (4938 TT), Yageo Corporation (2327 TT) and Nanya Technology (2408 TT) saw the most shorts covered over the last six months, while the shorts increased the most in Novatek Microelectronics Corp (3034 TT) and Taiwan Cement (1101 TT).  


Taiwan - Pegatron, Yageo, Nanya Tech Shorts Covered

Taiwan

eMemory Technology, Inc. develops and provides logic non-volatile memory (LogicNVM) technology. The company licenses its intellectual property to semiconductor foundries, integrated devices manufacturers (IDMs), and fabless design houses around the world.

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

Global Unichip Corporation designs and produces a wide variety of silicon chips.

ASPEED Technology Inc. is a fabless IC-design house that specializes in server management, PC/AV extensions solution, desktop virtualization and security enhancement. The Company's products range from silicon chips, IPs to software products that enable sophisticated SOC- centric multimedia, praphics and new work applications.

Powertech Technology Inc. tests, packages, and assembles integrated circuits (ICS).  The Company's products and services include memory product test and various kinds of IC package services, such as thin small-outline package (TSOP) services.

Asmedia Technology Inc designs mulitmedia integrated control(IC) chip and high frequency mixed mode IC chip. The company's products inlcude high speed digit switch, nand flash controller and super speed USB controller.

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

Globalwafers Co., Ltd. specializes in silicon wafer manufacturing and also provides solar wafers and crystal rods. The Company possesses a complete production line from ingot growth, slicing, etching, diffusion, polishing to epitaxy. Their products include Epi wafers, polished wafers, etched wafers, ultra thin wafers and deep diffusion wafers.

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

Axcelis Technologies, Inc. manufactures components for the semiconductor industry. The Company designs, manufactures and services ion implantation, dry strip, thermal processing and curing equipment used in the fabrication of semiconductor chips. Axcelis Technologies sells their products to semiconductor chip manufacturers worldwide.

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

Sanan Optoelectronics Co., Ltd. operates in the business of researching, producing and selling of LED epitaxial wafers and wafers.

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

MKS Instruments, Inc. develops, manufactures, and supplies instruments and components used to control and analyze gases in semiconductor manufacturing and similar industrial manufacturing processes. The Company's products are used to manufacture flat panel displays, magnetic and optical storage devices and media, solar cells, fiber optic cables, and diamond thin films.

Tianjin Zhonghuan Semiconductor Co., Ltd. manufactures discrete semiconductor devices. The Company's main products are High Voltage Diode, Silicon Rectifier Diode, Silicon Bridge Rectifier, MWO High Voltage Silicon Diode and special High Voltage Silicon Diode .

Tianjin Zhonghuan Semiconductor (002129 CH)

Hua Hong Semiconductor Limited manufactures semiconductors on 200mm wafers for specialty applications. The Company's products are used in the consumer electronic, communication, computing and industrial, and automotive industries.

Rambus Inc. designs, develops, licenses, and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of consumer electronics, computer systems, and other electronic systems.  The Company licenses semiconductor companies to manufacture and sell memory and logic ICs incorporating Rambus interface technology.

Alchip Technologies Ltd. provides silicon design and manufacturing services. The Company offers a range of system on chip (SoC) design solutions for low power, high performance, and cost considerations. Alchip produces SoC solutions for products including consumer electronics, optical networking, and medical imaging equipment. Alchip serves customers worldwide.

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Alchip Technologies (3661 TT)

Taiwan - UMC, BizLink, Yageo Most Shorted

Total short notional in Taiwan stocks is TWD 255,286 mm (~US$8.39 bn) as of 6 December. Over the week, the largest short positions were put on...

Brian Freitas

Taiwan - Pegatron, Yageo, Nanya Tech Shorts Covered

Total short notional in Taiwan stocks is TWD 254,881 mm (~US$8.35 bn) as of 29 November.Over the week, the largest short positions were put on in...

Brian Freitas

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