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>There are 12 additions to the S&amp;P Global Clean Energy Index for Asia. The changes were announced on 8 April and will be implemented at the close on 22 April.</li>
<li>Largest inflows are on <a href="https://www.smartkarma.com/entities/chubu-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:14574:1" rel="noopener">Chubu Electric Power</a>, <a href="https://www.smartkarma.com/entities/china-yangtze-power-co-ltd" target="_blank" data-smartkarma-citation="entities:3210:1" rel="noopener">China Yangtze Power</a>, <a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:29012:1" rel="noopener">Adani Green Energy</a>, <a href="https://www.smartkarma.com/entities/energy-absolute-pcl" target="_blank" data-smartkarma-citation="entities:10377:1" rel="noopener">Energy Absolute</a>, <a href="https://www.smartkarma.com/entities/longi-green-energy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:12703:1" rel="noopener">LONGi Green Energy Technology</a>, <a href="https://www.smartkarma.com/entities/ja-solar-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:16597:1" rel="noopener">JA Solar Technology</a>, <a href="https://www.smartkarma.com/entities/tianjin-zhonghuan-semiconductor-co-ltd" target="_blank" data-smartkarma-citation="entities:6791:1" rel="noopener">Tianjin Zhonghuan Semiconductor</a> and <a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power Supply</a>.</li>
<li>The largest outflows are expected on <a href="https://www.smartkarma.com/entities/meridian-ener-partly-paid-sh" target="_blank" data-smartkarma-citation="entities:4327:1" rel="noopener">Meridian Energy (MEL NZ)</a>, <a href="https://www.smartkarma.com/entities/contact-energy-ltd" target="_blank" data-smartkarma-citation="entities:13136:1" rel="noopener">Contact Energy (CEN NZ)</a> and <a href="https://www.smartkarma.com/entities/xinyi-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27808:1" rel="noopener">Xinyi Energy Holdings Ltd (3868 HK)</a>. </li>
</ul>


There are 12 additions to the S&amp;P Global Clean Energy Index for Asia. The changes were announced on 8 April and will be implemented at the close on 22 April.
Largest inflows are on Chubu Electric Power, China Yangtze Power, Adani Green Energy, Energy Absolute, LONGi Green Energy Technology, JA Solar Technology, Tianjin Zhonghuan Semiconductor and Sungrow Power Supply.
The largest outflows are expected on Meridian Energy (MEL NZ), Contact Energy (CEN NZ) and Xinyi Energy Holdings Ltd (3868 HK). 


S&P Global Clean Energy Index: Changes for Asia & Impact

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

It is always fun to see which names outperform or underperform running up to the year end. We looked for names that have consistently done well in December or have consistently underperformed in December.We first looked at the large-cap space (mkt-cap greater than 1.5bn USD). We screened for names with average and median performance in December greater than 4% with a greater than 80% success rate over the last 15 years. <a href="https://www.smartkarma.com/entities/10740" target="_blank" data-smartkarma-citation="entities:10740:1">Nan Ya Plastics Corp (1303 TT)</a> is the largest names to make the list. Nan Ya…

It is always fun to see which names outperform or underperform running up to the year end. We looked for names that have consistently done well in December or have consistently underperformed in December.We first looked at the large-cap space (mkt-cap greater than 1.5bn USD). We screened for names with average and median performance in December greater than 4% with a greater than 80% success rate over the last 15 years. Nan Ya Plastics Corp (1303 TT) is the largest names to make the list. Nan Ya…

Who in Asia Consistently Outperforms Going into the Year End.....

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Last month three of Taiwan's photovoltaic cell (PV cell) manufacturers -- <a href="https://www.smartkarma.com/entities/19988" target="_blank" data-smartkarma-citation="entities:19988:1">Gintech Energy Corp (3514 TT)</a>, <a href="https://www.smartkarma.com/entities/7267" target="_blank" data-smartkarma-citation="entities:7267:1">Neo Solar Power Corp (3576 TT)</a>, and <a href="https://www.smartkarma.com/entities/7714" target="_blank" data-smartkarma-citation="entities:7714:1">Solartech Energy Corp (3561 TT)</a> -- announced their intention to merge. Should the merger be completed on schedule by Q318, it should create a more competitive Taiwanese PV cell manufacturer that is much better positioned to take on larger rivals in Mainland China than any of the Taiwanese names are on their own. But can it create a true industry leader with superior levels of profitability?In this note we provide an overview of the proposed merger, a review of why it's necessary, and then an evaluation of the merger's odds of creating a globally competitive player. We also offer a brief update on the cycle as it's affecting the Taiwanese PV cell makers, plus the potential impacts of the proposed merger on Taiwanese competitors (and local raw materials suppliers). Even though the merged company may not ultimately match the competitiveness of its Chinese rivals, we believe the companies involved in the proposed merger -- whose combined market capitalization is about US$1 bn -- could warrant a re-rating on anticipated scale benefits and a near-term improvement in sector profitability. Meanwhile, rival PV cell makers in Taiwan and certain raw materials vendors could come under pressure from the creation of a larger, more competitive player on the island.

Last month three of Taiwan's photovoltaic cell (PV cell) manufacturers -- Gintech Energy Corp (3514 TT), Neo Solar Power Corp (3576 TT), and Solartech Energy Corp (3561 TT) -- announced their intention to merge. Should the merger be completed on schedule by Q318, it should create a more competitive Taiwanese PV cell manufacturer that is much better positioned to take on larger rivals in Mainland China than any of the Taiwanese names are on their own. But can it create a true industry leader with superior levels of profitability?In this note we provide an overview of the proposed merger, a review of why it's necessary, and then an evaluation of the merger's odds of creating a globally competitive player. We also offer a brief update on the cycle as it's affecting the Taiwanese PV cell makers, plus the potential impacts of the proposed merger on Taiwanese competitors (and local raw materials suppliers). Even though the merged company may not ultimately match the competitiveness of its Chinese rivals, we believe the companies involved in the proposed merger -- whose combined market capitalization is about US$1 bn -- could warrant a re-rating on anticipated scale benefits and a near-term improvement in sector profitability. Meanwhile, rival PV cell makers in Taiwan and certain raw materials vendors could come under pressure from the creation of a larger, more competitive player on the island.

Taiwan Solar Industry: 3-Way Merger Will Create a US$1 Bn Survivor -- But Will It Create a Winner?

Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>Summary</h2><ul>
<li>Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> Watch 2 production built, open market smartphones in emerging countries, and <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191:1">Samsung Electronics Co Ltd (005930 KS)</a> Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  </li>
<li>
On…</li>
</ul>

Summary
Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, Apple Inc (AAPL US) Watch 2 production built, open market smartphones in emerging countries, and Samsung Electronics Co Ltd (005930 KS) Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  

On…


Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech July sales are somehow below seasonal and below our expectations. If analysts start to factor in 3-4% appreciation on NT$ against US starting July, earnings prospects in 2H16 for semi and tech companies might not be as strong as market estimated earlier. In conclusion, we believe not much sales momentum left over before we see a seasonal semiconductor…

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech July sales are somehow below seasonal and below our expectations. If analysts start to factor in 3-4% appreciation on NT$ against US starting July, earnings prospects in 2H16 for semi and tech companies might not be as strong as market estimated earlier. In conclusion, we believe not much sales momentum left over before we see a seasonal semiconductor…

Insights from Taiwan Semi/Tech July Sales

Taiwan

Gigasolar Materials Corp. manufactures solar conductive paste to provide solar energy.

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Gigasolar Materials (3691 TT)

S&P Global Clean Energy Index: Changes for Asia & Impact

There are 12 adds for Asia as a part of the S&P Global Clean Energy Index rebal, plus other changes. There have not been any big price moves since...

Brian Freitas

Who in Asia Consistently Outperforms Going into the Year End.....

It is always fun to see which names outperform or underperform running up to the year end. We looked for names that have consistently done well in...

Custom Products Group

Taiwan Solar Industry: 3-Way Merger Will Create a US$1 Bn Survivor -- But Will It Create a Winner?

Last month three of Taiwan's photovoltaic cell (PV cell) manufacturers -- Gintech Energy Corp (3514 TT), Neo Solar Power Corp (3576 TT), and...

Daniel Hellberg

Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Summary Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings...

Andrew Lu

Insights from Taiwan Semi/Tech July Sales

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech...

Andrew Lu

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