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

Event-Driven

<ul>
<li>Using data from the close on 25 October, there could be 6 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.</li>
<li>There will also be capping and funding flows that will lead to a one-way turnover of 19.5% and a one-way trade of US$1.39bn.</li>
<li>A long adds/ short deletes trade is up double digits over the last three weeks and there are a few trade adjustments based on the new rankings.</li>
</ul>


Using data from the close on 25 October, there could be 6 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
There will also be capping and funding flows that will lead to a one-way turnover of 19.5% and a one-way trade of US$1.39bn.
A long adds/ short deletes trade is up double digits over the last three weeks and there are a few trade adjustments based on the new rankings.


Yuanta/​P-Shares Taiwan Div Plus ETF Rebalance Preview: In-The-Money; Turnover & Trade Remain High

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

Thematic (Sector/Industry)

<ul>
<li>It's probably not a good idea to chase the AI mania surge by buying the likes of NVIDIA, AMD, Micron etc at their currently highly elevated share prices</li>
<li>Taiwan has a large ecosystem of semiconductor companies many of which are critical to the AI hardware supply chain</li>
<li>We present a range of options with exposure to AI hardware for your consideration including foundry, fabless IC design, server BMC &amp; Copper Clad Laminate</li>
</ul>


It's probably not a good idea to chase the AI mania surge by buying the likes of NVIDIA, AMD, Micron etc at their currently highly elevated share prices
Taiwan has a large ecosystem of semiconductor companies many of which are critical to the AI hardware supply chain
We present a range of options with exposure to AI hardware for your consideration including foundry, fabless IC design, server BMC &amp; Copper Clad Laminate


Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<ul>
<li>TSMC's manufacturing value only accounts for 1/4 of H100 HGX bill of materials but HBM3 accounts for more than half;</li>
<li>ABF substrate, SXM5 module, UBB and CCL vendors should be benefited, especially for Ibiden Co Ltd (4062 JP) on ABF substrate/OAM and Elite Material (2383 TT) on OAM/UBB CCL;</li>
<li>Nvidia AI GPU likely doubling each year in next two years; Our estimates on Nvidia 2025 AI GPU EPS contribution are exceeding Bloomberg consensus earnings estimates, suggesting room to raise.</li>
</ul>


TSMC's manufacturing value only accounts for 1/4 of H100 HGX bill of materials but HBM3 accounts for more than half;
ABF substrate, SXM5 module, UBB and CCL vendors should be benefited, especially for Ibiden Co Ltd (4062 JP) on ABF substrate/OAM and Elite Material (2383 TT) on OAM/UBB CCL;
Nvidia AI GPU likely doubling each year in next two years; Our estimates on Nvidia 2025 AI GPU EPS contribution are exceeding Bloomberg consensus earnings estimates, suggesting room to raise.


BOM Cost and CoWoS Demand Analysis on Nvidia AI GPU HGX for 2023-2025, Room to Raise Estimates

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 Aug 9th which has an aggregated short interest worth USD18.6bn.</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 Hon Hai, Quanta Computer, TSMC, Elite Material, Asia Vital, Gigabyte Tech, Zhen Ding Tech, Tcc Group Holdin, Global Unichip.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 9th which has an aggregated short interest worth USD18.6bn.
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 Hon Hai, Quanta Computer, TSMC, Elite Material, Asia Vital, Gigabyte Tech, Zhen Ding Tech, Tcc Group Holdin, Global Unichip.


TWSE Short Interest Weekly (Aug 9th): Hon Hai, Quanta Computer, TSMC, Elite Material, Asia Vital

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 2nd which has an aggregated short interest worth USD19.4bn.</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 Quanta Computer, Evergreen Marine, TSMC, Elite Material, Wiwynn, Gigabyte Tech, Chunghwa Telecom, Global Unichip, Innolux.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 2nd which has an aggregated short interest worth USD19.4bn.
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 Quanta Computer, Evergreen Marine, TSMC, Elite Material, Wiwynn, Gigabyte Tech, Chunghwa Telecom, Global Unichip, Innolux.


TWSE Short Interest Weekly (Aug 2nd): Quanta Computer, Evergreen Marine, TSMC, Elite Material

Taiwan

Elite Material Co., Ltd manufactures and markets prepared laminated cover claddings for double-sided and multi-layer printed circuit boards.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Elite Material (2383 TT)

Yuanta/P-Shares Taiwan Div Plus ETF Rebalance Preview: In-The-Money; Turnover & Trade Remain High

The Yuanta/P-Shares Taiwan Dividend Plus ETF may see 6 adds and 5 deletes in Dec, with a 1-way turnover of 19.5% and 1-way trade of US$1.39bn. Adds...

Brian Freitas

Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

NVIDIA et al no longer make sense to invest in at current levels. We present a range of options with exposure to AI hardware including foundry,...

William Keating

BOM Cost and CoWoS Demand Analysis on Nvidia AI GPU HGX for 2023-2025, Room to Raise Estimates

After conducting our in depth bill of materials and CoWoS demand analysis on Nvidia H100 AI GPU HGX for 2023-2025, we conclude Bloomberg estimates...

Andrew Lu

TWSE Short Interest Weekly (Aug 9th): Hon Hai, Quanta Computer, TSMC, Elite Material, Asia Vital

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai, Quanta Computer, TSMC, Elite Material,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 2nd): Quanta Computer, Evergreen Marine, TSMC, Elite Material

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Quanta Computer, Evergreen Marine, TSMC, Elite...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yuanta/​P-Shares Taiwan Div Plus ETF Rebalance Preview: In-The-Money; Turnover & Trade Remain High

The Yuanta/P-Shares Taiwan Dividend Plus ETF may see 6 adds and 5 deletes in Dec, with a 1-way turnover of 19.5% and 1-way trade of US$1.39bn. Adds...

Brian Freitas

Missed The AI Mania Surge? Here's A Few Options Still Worth Considering

NVIDIA et al no longer make sense to invest in at current levels. We present a range of options with exposure to AI hardware including foundry,...

William Keating

BOM Cost and CoWoS Demand Analysis on Nvidia AI GPU HGX for 2023-2025, Room to Raise Estimates

After conducting our in depth bill of materials and CoWoS demand analysis on Nvidia H100 AI GPU HGX for 2023-2025, we conclude Bloomberg estimates...

Andrew Lu

TWSE Short Interest Weekly (Aug 9th): Hon Hai, Quanta Computer, TSMC, Elite Material, Asia Vital

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai, Quanta Computer, TSMC, Elite Material,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 2nd): Quanta Computer, Evergreen Marine, TSMC, Elite Material

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Quanta Computer, Evergreen Marine, TSMC, Elite...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div Plus ETF Rebalance Preview: In-The-Money; Turnover & Trade Remain High