Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>The CSRC has announced five capital market cooperation measures for the Hong Kong Southbound Connect programs including  RMB dual counters and REITs. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s current implied stub value and simple ratio are both highly elevated.</li>
<li>A simple <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>model says "this doesn't present me with enough upside to warrant it unless I am also really bullish <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>."</li>
</ul>


The CSRC has announced five capital market cooperation measures for the Hong Kong Southbound Connect programs including  RMB dual counters and REITs. 

Jardine Cycle &amp; Carriage (JCNC SP)'s current implied stub value and simple ratio are both highly elevated.
A simple Keisei Electric Railway Co (9009 JP)model says "this doesn't present me with enough upside to warrant it unless I am also really bullish Oriental Land (4661 JP)."


Last Week in Event SPACE: HK Southbound, Jardine Cycle, Keisei/Oriental Land, BHP/Anglo American

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.</li>
<li>Since my last insight, my index change expectations and flow expectations have changed significantly.</li>
<li>My latest estimate for one-way flow in June 2024 is US$1.06bn (down from US$1.22bn a month ago).</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.
Since my last insight, my index change expectations and flow expectations have changed significantly.
My latest estimate for one-way flow in June 2024 is US$1.06bn (down from US$1.22bn a month ago).


Quiddity Leaderboard TDIV Jun 24: LONGs up 6% Vs SHORTs in a Month; Time to Update

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.</li>
<li>I currently see 5 ADDs and 5 DELs but there are several names close to the border and expectations could change before the base date as prices move around.</li>
<li>The estimate for one-way flow in June 2024 is US$1.22bn.</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.
I currently see 5 ADDs and 5 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
The estimate for one-way flow in June 2024 is US$1.22bn.


Quiddity Leaderboard TDIV Jun 24: 5 Changes; US$1.2bn One-Way

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 15th which has an aggregated short interest worth USD70.1bn.</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 Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn, Mediatek.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 15th which has an aggregated short interest worth USD70.1bn.
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 Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn, Mediatek.


TWSE Short Interest Weekly (Mar 15th): Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 8th which has an aggregated short interest worth USD69.7bn.</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 TSMC, ASE, Mediatek, Yageo, Faraday Tech, Chung-Hsin, Momo.Com.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 8th which has an aggregated short interest worth USD69.7bn.
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 TSMC, ASE, Mediatek, Yageo, Faraday Tech, Chung-Hsin, Momo.Com.


TWSE Short Interest Weekly (Mar 8th): TSMC, ASE, Mediatek, Yageo, Faraday Tech, Chung-Hsin, Momo.Com

Taiwan

Chicony Power Technology Co Ltd., is a manufacturer and marketer of power supplies and LED lighting products.  The Company is based in Taiwan.

Allis Electric Co., Ltd. manufactures and markets electric distributors, electronics products, voltage regulating transformers and electrical machinery materials.  The Company mainly sells its products in Taiwan.

Ta Ya Electric Wire & Cable Co., Ltd. manufactures electrical wires and cables. The Company produces enameled wires, bare copper wires, cross-linked power electric (PE) cables, telecommunication cables, as well as plastic wires and cables.

Teco Electric & Machinery Co., Ltd. manufactures household appliances, industrial motors, and smart cards.  The Company produces air conditioners, refrigerators, washing machines, televisions, dryers, single-phase motors, three-phase motors, inverters, rotary compressors, stepping motors, gear motors, and generators.

AcBel Polytech Inc. designs and manufactures standard and custom switching power supplies (SPS) and power system products.  The Company's products include personal computer (PC) power supplies, web server power supplies, telecom power supplies, low voltage switching regulators, and direct current (DC)/DC converters.

Phihong Technology Co., Ltd. manufactures power supply equipment.  The Company's main products are universal adaptors, battery chargers, direct current (DC) converters, open frame switchers, chassis mount switchers, computer power supplies, and switching game power supplies.

Longwell Company manufactures power cords. The Company's products include power cord sets, power supply cords, cable assemblies, wires and cables, connectors, micro heat sinks and heat pipes, as well as tubing.

Hua Eng Wire & Cable Co., Ltd. manufactures and markets electrical cables, telecommunication cables, and copper wires.

FSP Technology Inc. designs and produces switching power supplies, inverters, open frames, adapters, and other related products. The Company mainly exports its products to other Asian countries, Europe, and North America.

Hong Tai Electric Industrial Co., Ltd. manufactures and markets electric cables, telecommunication cables, and copper wires.

Hong Tai Electric Industrial Co, Ltd. (1612 TT)

V-Guard Industries Limited produces and manufacturers stabilizers, pumps, cables, fans, and electrical and solar water heaters.

Furukawa Electric Co., Ltd. manufactures wires, cables, and metal products. The Company holds patents in optical fiber coating technology and produces optical fiber cables in the United States.  Furukawa Electric's metal products include aluminum cans, air conditioner parts, and shape memory alloys.

Xi'an Shaangu Power Co., Ltd. provides solutions and services to turbomachinery systems.  The Company's products include turbine compressers, industrial process energy recovery systems, and turbo blower units.

HBL Power Systems Ltd. manufactures power systems consisting of batteries and related power electronic products.  The Company makes nickel cadmium pocket plate batteries and thyristor control power convertors.  HBL's products are used in defense, railways, petrochemical, steel, power generation and telecommunication industries.

Titan Wind Energy (Suzhou) Company Limited produces and sells wind towers and wind tower parts.

Xiangtan Electric Manufacturing Company Ltd. manufactures electrical machinery. The Company produces wind turbines, pumps, electrical wheel trucks, electric mining locomotives, industrial locomotives, light rail cars, elevators, hydraulic presses, and ball mills.

Xiangtan Electric Manufacturing Co,Ltd. (600416 CH)

GS Yuasa Corporation is a holding company established through the merger of Yuasa Corp. and Japan Storage Battery Co., Ltd.  The Company manages financial operations for its subsidiaries, which manufactures storage batteries used for automobiles, motorcycles, computers, and lighting equipment.

Voltamp Transformers Ltd. manufactures industrial electricity transformers.

Xinjiang Goldwind Science & Technology Co., Ltd. manufactures wind generator sets, provides consulting service in building and operating wind generating plants, builds and operates middle-sized wind generating plants.

Xinjiang Goldwind Science & Technology (2208 HK)

Guangdong HuaSheng Electrical Appliances Company Limited develops, produces and sells wiring components for household appliances. The Company's main products include air-conditioning components and power input components for household appliances.

Guangdong Huasheng Elctrcl Aplncs (002670 CH)

Bizlink Holding Inc., manufactures connectors, cable assemblies, as well as wire harnesses. Their main products include HDMI connectors, display port connectors, solar cables, as well as halogen-free power cords.

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Bizlink Holding (3665 TT)

Last Week in Event SPACE: HK Southbound, Jardine Cycle, Keisei/Oriental Land, BHP/Anglo American

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard TDIV Jun 24: LONGs up 6% Vs SHORTs in a Month; Time to Update

I expect the Top 5 inflow names to outperform the Top 5 outflow names over the next few weeks. The base date for the June 2024 review is 27th May...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Jun 24: 5 Changes; US$1.2bn One-Way

The Top 5 Expected Inflow names could outperform the Top 5 Expected outflow names over the next few weeks. The final index changes will be based on...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Mar 15th): Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 8th): TSMC, ASE, Mediatek, Yageo, Faraday Tech, Chung-Hsin, Momo.Com

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, ASE, Mediatek, Yageo, Faraday Tech, Chung...

Ke Yan, CFA, FRM

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