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

<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>Today is the base date for the June 2024 index review. We expect five changes and some of these names are different from our previous set of expected ADDs/DELs.</li>
<li>We estimate one-way flow to be around US$1.3bn which translates to a turnover of around 20%.</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.
Today is the base date for the June 2024 index review. We expect five changes and some of these names are different from our previous set of expected ADDs/DELs.
We estimate one-way flow to be around US$1.3bn which translates to a turnover of around 20%.


Quiddity Leaderboard TDIV Jun 24: Five Changes Likely; US$1.3bn 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 foreign holdings of TWSE Stocks as of Jun 28th which has an aggregated holding worth USD4,832.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD11,267mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC, Novatek, Mediatek, Chailease, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 28th which has an aggregated holding worth USD4,832.6bn.
We estimate that foreign flows to be outflows of USD11,267mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC, Novatek, Mediatek, Chailease, Umc.


TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jun 28th which has an aggregated short interest worth USD100.9bn.</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 Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech, Wistron, Highwealth, Hon Hai, Synnex Tech Intl, Inventec.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 28th which has an aggregated short interest worth USD100.9bn.
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 Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech, Wistron, Highwealth, Hon Hai, Synnex Tech Intl, Inventec.


TWSE Short Interest Weekly (Jun 28th): Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech

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

Nan Ya Printed Circuit Board / Event-Driven

<ul>
<li>There are 5 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation taking place from 21-27 June.</li>
<li>The constituent changes and capping changes result in an estimated one-way turnover of 12.8% and in a one-way trade of TWD 37.2bn (US$1.15bn).</li>
<li>The changes are in line with our forecasts with one exception. <a href="https://www.smartkarma.com/entities/uni-president-enterprises-corp" target="_blank" data-smartkarma-citation="entities:7973:1" rel="noopener">Uni President Enterprises (1216 TT)</a> was not added and Yulon Finance (9941 TT) was added instead.</li>
</ul>


There are 5 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation taking place from 21-27 June.
The constituent changes and capping changes result in an estimated one-way turnover of 12.8% and in a one-way trade of TWD 37.2bn (US$1.15bn).
The changes are in line with our forecasts with one exception. Uni President Enterprises (1216 TT) was not added and Yulon Finance (9941 TT) was added instead.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

<ul>
<li>With the review period now complete, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.</li>
<li>Price changes and changes to dividend estimates have led to names dropping off the list of potential adds and deletes over the last week.</li>
<li>Constituent changes, capping and funding flows will lead to a one-way turnover of 12.7% and a one-way trade of US$1.17bn. There are 12 stocks with over 4x ADV to trade.</li>
</ul>


With the review period now complete, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
Price changes and changes to dividend estimates have led to names dropping off the list of potential adds and deletes over the last week.
Constituent changes, capping and funding flows will lead to a one-way turnover of 12.7% and a one-way trade of US$1.17bn. There are 12 stocks with over 4x ADV to trade.


Yuanta Taiwan Div+ ETF Rebalance Preview: 5 Changes as Names Move Around; US$2.35bn Round-Trip Trade

Taiwan

Highwealth Construction Corp. develops and sells residential and commercial buildings which are constructed by independent construction contractors.

Price Gauge
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Highwealth Construction (2542 TT)

Quiddity Leaderboard TDIV Jun 24: Five Changes Likely; US$1.3bn One-Way

Based on current estimates, there could be five inflow names and six outflow names with more than five days of volume to trade during the June 2024...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Highwealth, Acer, King Yuan Elec, Bora Pharma,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jun 28th): Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Innolux, Evergreen Marine, Largan Precision, Ap...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

The ETF starts rebalancing at the close today and that will continue over the next 4 trading days. Excluding BizLink, the adds have outperformed...

Brian Freitas

Yuanta Taiwan Div+ ETF Rebalance Preview: 5 Changes as Names Move Around; US$2.35bn Round-Trip Trade

There should be 5 changes in June. Constituent changes, capping and funding flows will lead to a 1-way turnover of 12.7% and a 1-way trade of...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard TDIV Jun 24: Five Changes Likely; US$1.3bn One-Way

Based on current estimates, there could be five inflow names and six outflow names with more than five days of volume to trade during the June 2024...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Highwealth, Acer, King Yuan Elec, Bora Pharma,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jun 28th): Innolux, Evergreen Marine, Largan Precision, Ap Memory Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Innolux, Evergreen Marine, Largan Precision, Ap...

Ke Yan, CFA, FRM

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

The ETF starts rebalancing at the close today and that will continue over the next 4 trading days. Excluding BizLink, the adds have outperformed...

Brian Freitas

Yuanta Taiwan Div+ ETF Rebalance Preview: 5 Changes as Names Move Around; US$2.35bn Round-Trip Trade

There should be 5 changes in June. Constituent changes, capping and funding flows will lead to a 1-way turnover of 12.7% and a 1-way trade of...

Brian Freitas

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn