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> 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

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 5th which has an aggregated short interest worth USD22.2bn.</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 Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&amp;K Engineering, Evergreen Marine, ASE, Hon Hai, Asia Vital.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 5th which has an aggregated short interest worth USD22.2bn.
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 Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&amp;K Engineering, Evergreen Marine, ASE, Hon Hai, Asia Vital.


TWSE Short Interest Weekly (Jul 5th): Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&K Engineering

Index Rebalance

Vanguard Intl Semiconductor / Index Rebalance

<ul>
<li>There are 12 changes for the TIP Taiwan Technology Dividend Highlight Index in June/July. The Fuh Hwa Taiwan Technology Dividend Highlight ETF (00929 TW) has an AUM of US$7.16bn.</li>
<li>One-Way turnover is estimated at 35% and that will result in a round-trip trade of TWD 134.7bn (US$4.1bn). There are 8 stocks that could have over 5x ADV to trade.</li>
<li>The ETF started rebalancing their portfolio on Friday and will continue to trade the stock over the next 7 trading days.</li>
</ul>


There are 12 changes for the TIP Taiwan Technology Dividend Highlight Index in June/July. The Fuh Hwa Taiwan Technology Dividend Highlight ETF (00929 TW) has an AUM of US$7.16bn.
One-Way turnover is estimated at 35% and that will result in a round-trip trade of TWD 134.7bn (US$4.1bn). There are 8 stocks that could have over 5x ADV to trade.
The ETF started rebalancing their portfolio on Friday and will continue to trade the stock over the next 7 trading days.


TIP Taiwan Technology Dividend Highlight Index Rebalance: 12 Changes & US$4bn Round-Trip Trade

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Apple shares have fallen recently, nearing 52-week lows as analysts have been cutting share targets on China production uncertainty and weak consumer end-market demand.</li>
<li>Key Apple suppliers Quanta and Pegatron, in particular, appear to have not yet reacted to the declining market sentiment towards Apple.</li>
<li>Investors can consider Shorting Quanta and Pegatron vs. a Long position in Apple. We see limited potential for positive news flow for the stocks through January.</li>
</ul>


Apple shares have fallen recently, nearing 52-week lows as analysts have been cutting share targets on China production uncertainty and weak consumer end-market demand.
Key Apple suppliers Quanta and Pegatron, in particular, appear to have not yet reacted to the declining market sentiment towards Apple.
Investors can consider Shorting Quanta and Pegatron vs. a Long position in Apple. We see limited potential for positive news flow for the stocks through January.


Taiwan Apple Ecosystem Monitor: Quanta and Pegatron Shares Lagging Apple Decline?

Taiwan

Taiwan Surface Mounting Technology Corp assembles printed circuit boards (PCBs).

Taiwan Surface Mounting Tech Corp. (6278 TT)

Price Gauge
52-week Range	0.00 - 0.00
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Taiwan Surface Mounting Tech Corp. (6278 TT)

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

TWSE Short Interest Weekly (Jul 5th): Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&K Engineering

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taiwan Mobile, Lite-On Tech, Far Eastone Tele,...

Ke Yan, CFA, FRM

TIP Taiwan Technology Dividend Highlight Index Rebalance: 12 Changes & US$4bn Round-Trip Trade

There are 12 changes for the index in June. One-way turnover is estimated at 35% resulting in a round-trip trade of TWD 134bn (US$4.1bn). There are...

Brian Freitas

Taiwan Apple Ecosystem Monitor: Quanta and Pegatron Shares Lagging Apple Decline?

Apple shares have fallen most recently, nearing 52-week lows as analysts have been cutting share targets on China production uncertainty.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

TWSE Short Interest Weekly (Jul 5th): Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&K Engineering

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taiwan Mobile, Lite-On Tech, Far Eastone Tele,...

Ke Yan, CFA, FRM

TIP Taiwan Technology Dividend Highlight Index Rebalance: 12 Changes & US$4bn Round-Trip Trade

There are 12 changes for the index in June. One-way turnover is estimated at 35% resulting in a round-trip trade of TWD 134bn (US$4.1bn). There are...

Brian Freitas

Taiwan Apple Ecosystem Monitor: Quanta and Pegatron Shares Lagging Apple Decline?

Apple shares have fallen most recently, nearing 52-week lows as analysts have been cutting share targets on China production uncertainty.

Vincent Fernando, CFA

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...