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>
<a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a> will be deleted from the Yuanta/​P-Shares Taiwan Dividend Plus ETF at the close on 20 September. That was expected.</li>
<li>Passive trackers will need to sell 20.3m shares of <a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a>. That is 7x ADV, 4.8% of shares outstanding and 10.4% of float.</li>
<li>With no change in cumulative excess volume over the last few weeks and only a tiny increase in short interest, there could be more positioning in the stock near-term.</li>
</ul>



Nuvoton Technology (4919 TT) will be deleted from the Yuanta/​P-Shares Taiwan Dividend Plus ETF at the close on 20 September. That was expected.
Passive trackers will need to sell 20.3m shares of Nuvoton Technology (4919 TT). That is 7x ADV, 4.8% of shares outstanding and 10.4% of float.
With no change in cumulative excess volume over the last few weeks and only a tiny increase in short interest, there could be more positioning in the stock near-term.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: Nuvoton Could Take Another Leg Lower

<ul>
<li>With the review period complete, <a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a> is a near certain deletion from the Yuanta/​P-Shares Taiwan Dividend Plus ETF in September.</li>
<li>Passive trackers will need to sell 20m shares in <a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a>. That is over 10% of float and the stock could continue to remain under pressure. </li>
<li>The potential deletion still appears to be under positioned. There could be renewed selling in the stock over the next few weeks.</li>
</ul>


With the review period complete, Nuvoton Technology (4919 TT) is a near certain deletion from the Yuanta/​P-Shares Taiwan Dividend Plus ETF in September.
Passive trackers will need to sell 20m shares in Nuvoton Technology (4919 TT). That is over 10% of float and the stock could continue to remain under pressure. 
The potential deletion still appears to be under positioned. There could be renewed selling in the stock over the next few weeks.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: Nuvoton Could Drop Some More

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Shinko Electric Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The tender start has been delayed from late August to around late January 2025.</li>
<li>The delay was due to outstanding China SAMR and Vietnam regulatory approvals. The stretched timeline suggests that SAMR will likely conditionally approve the deal. </li>
<li>While <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a>’s underperformance lowers the deal’s break price, timing, not break risk, remains the key concern. At the last close, the gross/annualised spread was 3.7%/7.5%. </li>
</ul>



Shinko Electric Industries (6967 JP) pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The tender start has been delayed from late August to around late January 2025.
The delay was due to outstanding China SAMR and Vietnam regulatory approvals. The stretched timeline suggests that SAMR will likely conditionally approve the deal. 
While Ibiden Co Ltd (4062 JP)’s underperformance lowers the deal’s break price, timing, not break risk, remains the key concern. At the last close, the gross/annualised spread was 3.7%/7.5%. 


Shinko Electric (6967 JP): Tender Start Timelines Delayed

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a> should be deleted from the Yuanta/​P-Shares Taiwan Dividend Plus ETF in September and that will trigger selling of over 4 days of ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a> has underperformed most of its peers since the start of the calendar year and shorts have started to increase in the stock.</li>
<li>Positioning appears light and the recent deletion from an index has increased the real float of the stock. Recent semiconductor weakness could further pressure the stock.</li>
</ul>



Nuvoton Technology (4919 TT) should be deleted from the Yuanta/​P-Shares Taiwan Dividend Plus ETF in September and that will trigger selling of over 4 days of ADV.

Nuvoton Technology (4919 TT) has underperformed most of its peers since the start of the calendar year and shorts have started to increase in the stock.
Positioning appears light and the recent deletion from an index has increased the real float of the stock. Recent semiconductor weakness could further pressure the stock.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: Nuvoton Deletion & Positioning

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 Jul 12th which has an aggregated short interest worth USD22.0bn.</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 Acer, Hon Hai, Evergreen Marine, Mediatek, Silicon Integrat, Yang Ming Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 12th which has an aggregated short interest worth USD22.0bn.
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 Acer, Hon Hai, Evergreen Marine, Mediatek, Silicon Integrat, Yang Ming Marine.


TWSE Short Interest Weekly (Jul 12th): Acer, Hon Hai, Evergreen Marine, Mediatek, Silicon Integrat

Taiwan

Kinsus Interconnect Technology Corp. manufactures BGA (Ball Grid Array) boards. The Company's products include PBGA (Plastic BGA), MCM (Multi Chip Module) BGA, Mini BGA, TEBGA (Thermal Enhanced BGA), and flip chip substrate boards.

Price Gauge
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Kinsus Interconnect Tech (3189 TT)

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: Nuvoton Could Take Another Leg Lower

Nuvoton Technology will be deleted from the Yuanta/P-Shares Taiwan Div Plus ETF at the close on 20 Sep. Passives need to sell over 20m shares -...

Brian Freitas

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Nuvoton Could Drop Some More

Nuvoton Tech should be deleted from the Yuanta/P-Shares Taiwan Div+ ETF in Sep. Passives need to sell over 20m shares - that is over 10% of float....

Brian Freitas

Shinko Electric (6967 JP): Tender Start Timelines Delayed

The stretched timeline suggests that SAMR will likely conditionally approve the deal. Timing, not break risk, remains the key concern. At the last...

Arun George

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Nuvoton Deletion & Positioning

Nuvoton Tech should be deleted from the Yuanta/P-Shares Taiwan Div Plus ETF in September and that will trigger selling of over 4x ADV. Positioning...

Brian Freitas

TWSE Short Interest Weekly (Jul 12th): Acer, Hon Hai, Evergreen Marine, Mediatek, Silicon Integrat

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Acer, Hon Hai, Evergreen Marine, Mediatek,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: Nuvoton Could Take Another Leg Lower

Nuvoton Technology will be deleted from the Yuanta/​P-Shares Taiwan Div Plus ETF at the close on 20 Sep. Passives need to sell over 20m shares -...

Brian Freitas

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: Nuvoton Could Drop Some More

Nuvoton Tech should be deleted from the Yuanta/​P-Shares Taiwan Div+ ETF in Sep. Passives need to sell over 20m shares - that is over 10% of float....

Brian Freitas

Shinko Electric (6967 JP): Tender Start Timelines Delayed

The stretched timeline suggests that SAMR will likely conditionally approve the deal. Timing, not break risk, remains the key concern. At the last...

Arun George

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: Nuvoton Deletion & Positioning

Nuvoton Tech should be deleted from the Yuanta/​P-Shares Taiwan Div Plus ETF in September and that will trigger selling of over 4x ADV. Positioning...

Brian Freitas

TWSE Short Interest Weekly (Jul 12th): Acer, Hon Hai, Evergreen Marine, Mediatek, Silicon Integrat

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Acer, Hon Hai, Evergreen Marine, Mediatek,...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: Nuvoton Could Take Another Leg Lower

Nuvoton Technology will be deleted from the Yuanta/P-Shares Taiwan Div Plus ETF at the close on 20 Sep. Passives need to sell over 20m shares -...

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Nuvoton Could Drop Some More

Nuvoton Tech should be deleted from the Yuanta/P-Shares Taiwan Div+ ETF in Sep. Passives need to sell over 20m shares - that is over 10% of float....

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Nuvoton Deletion & Positioning

Nuvoton Tech should be deleted from the Yuanta/P-Shares Taiwan Div Plus ETF in September and that will trigger selling of over 4x ADV. Positioning...