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>The capping for the Hang Seng family of indices will use closing prices from 28 November while implementation will take place at the close on 1 December.</li>
<li>The changes for the next <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> rebalance will be announced after the close of trading on 1 December.</li>
<li>It was another week of inflows for the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets (EMXC US)</a> to take units outstanding to a new high.</li>
</ul>


The capping for the Hang Seng family of indices will use closing prices from 28 November while implementation will take place at the close on 1 December.
The changes for the next S&amp;P/ASX 200 (AS51 INDEX) rebalance will be announced after the close of trading on 1 December.
It was another week of inflows for the iShares Emerging Markets (EMXC US) to take units outstanding to a new high.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

<ul>
<li>Using data from the close on 20 November, 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 17.8% and a one-way trade of US$1.37bn.</li>
<li>There are 16 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1-day ADV to trade.</li>
</ul>


Using data from the close on 20 November, 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 17.8% and a one-way trade of US$1.37bn.
There are 16 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1-day ADV to trade.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 18% One-Way Turnover & US$2.74bn Trade

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 Nov 17th which has an aggregated holding worth USD664.7bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD2,654mln and highlight foreign changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 17th which has an aggregated holding worth USD664.7bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD2,654mln and highlight foreign changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta Computer.


TWSE Foreign Holding Weekly (Nov 17th): TSMC, WT, Evergreen Marine, Via Tech, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Nov 17th which has an aggregated short interest worth USD14.9bn.</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 Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech, Compal Elec, Mediatek, Accton Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 17th which has an aggregated short interest worth USD14.9bn.
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 Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech, Compal Elec, Mediatek, Accton Tech.


TWSE Short Interest Weekly (Nov 17th): Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Earnings season wrapping up -- Hon Hai &amp; Asustek recently reported... Some AI names rallied hard but our Nvidia L/S trade still working</li>
<li>Hon Hai’s margin expansion story is finally starting to be realized. Stock's perceived political risk could be an opportunity.</li>
<li>How Asustek plans to take the lead globally in AI PCs; Gaming PCs will be the first key battleground. MSI could be an interesting play on Asustek's recent strong performance.</li>
</ul>


Earnings season wrapping up -- Hon Hai &amp; Asustek recently reported... Some AI names rallied hard but our Nvidia L/S trade still working
Hon Hai’s margin expansion story is finally starting to be realized. Stock's perceived political risk could be an opportunity.
How Asustek plans to take the lead globally in AI PCs; Gaming PCs will be the first key battleground. MSI could be an interesting play on Asustek's recent strong performance.


Taiwan Tech Weekly: AI Names Rally But Nvidia Long/Short Still Working; Hon Hai & Asustek Take-Aways

Taiwan

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

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Quanta Computer (2382 TT)

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 18% One-Way Turnover & US$2.74bn Trade

There should be 6 adds, 5 deletes and capping changes leading to 1-way turnover of 17.8% and 1-way trade of US$1.37bn. 16 stocks could have over 3x...

Brian Freitas

TWSE Foreign Holding Weekly (Nov 17th): TSMC, WT, Evergreen Marine, Via Tech, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Nov 17th): Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Asustek Computer, TSMC, Via Tech, Wistron,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: AI Names Rally But Nvidia Long/Short Still Working; Hon Hai & Asustek Take-Aways

Also how Asustek plans to take the lead globally in AI PCs; Gaming PCs will be the first key battleground. MSI could be an interesting play on...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 18% One-Way Turnover & US$2.74bn Trade

There should be 6 adds, 5 deletes and capping changes leading to 1-way turnover of 17.8% and 1-way trade of US$1.37bn. 16 stocks could have over 3x...

Brian Freitas

TWSE Foreign Holding Weekly (Nov 17th): TSMC, WT, Evergreen Marine, Via Tech, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Nov 17th): Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Asustek Computer, TSMC, Via Tech, Wistron,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: AI Names Rally But Nvidia Long/Short Still Working; Hon Hai & Asustek Take-Aways

Also how Asustek plans to take the lead globally in AI PCs; Gaming PCs will be the first key battleground. MSI could be an interesting play on...

Vincent Fernando, CFA

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 18% One-Way Turnover & US$2.74bn Trade