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

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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Grape King Bio has one of the most remarkable consistency in profit margins among all Asian F&amp;B companies. Its net margins ranged from 13% to 15% in the past decade.</li>
<li>The company's dividend yield increased from 3.8% in 2021 to 4.1% in 2022, and 4.4% in 2023. Its annual dividend payout averaged 69.6% from 2019 to 2023. </li>
<li>Established in 1969, Grape King Bio is one of the leading health food, drink, and supplement products manufacturers in Taiwan.</li>
</ul>


Grape King Bio has one of the most remarkable consistency in profit margins among all Asian F&amp;B companies. Its net margins ranged from 13% to 15% in the past decade.
The company's dividend yield increased from 3.8% in 2021 to 4.1% in 2022, and 4.4% in 2023. Its annual dividend payout averaged 69.6% from 2019 to 2023. 
Established in 1969, Grape King Bio is one of the leading health food, drink, and supplement products manufacturers in Taiwan.


<ul>
<li>Using data from the close on 17 May, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.</li>
<li>There will also be capping and funding flows that will lead to a one-way turnover of 12.6% and a one-way trade of US$1.13bn.</li>
<li>Shorts have increased on the potential adds and potential deletes and covering will lead to rally in some stocks while providing support in others at rebalance implementation.</li>
</ul>


Using data from the close on 17 May, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
There will also be capping and funding flows that will lead to a one-way turnover of 12.6% and a one-way trade of US$1.13bn.
Shorts have increased on the potential adds and potential deletes and covering will lead to rally in some stocks while providing support in others at rebalance implementation.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 13% One-Way Turnover & US$2.27bn Trade

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stock remains, nine stocks added to our portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stock remains, nine stocks added to our portfolio
Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%


Taiwan

Uni-President Enterprises Corp. manufactures, processes, and markets instant noodles, dairy products, frozen foods, soft drinks, soy sauces, canned pickles, meat products, animal feeds, aquatic feeds, edible oils, bread, cakes, and desserts.  The Company also operates vending machines and food distribution centers in Taiwan.

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Uni President Enterprises (1216 TT)

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

Asian Dividend Gems: Grape King Bio

Grape King Bio is one of the leading health food, drink, and supplement manufacturers in Taiwan. It has one of the most remarkable consistency in...

Douglas Kim

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 13% One-Way Turnover & US$2.27bn Trade

The ETF could have 5 constituent changes in June. There will also be capping and funding flows that will lead to a one-way turnover of 12.6% and a...

Brian Freitas

The Stocks to Own in Asia – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stock remains, nine stocks added...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Asian Dividend Gems: Grape King Bio

Grape King Bio is one of the leading health food, drink, and supplement manufacturers in Taiwan. It has one of the most remarkable consistency in...

Douglas Kim

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: 13% One-Way Turnover & US$2.27bn Trade

The ETF could have 5 constituent changes in June. There will also be capping and funding flows that will lead to a one-way turnover of 12.6% and a...

Brian Freitas

The Stocks to Own in Asia – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stock remains, nine stocks added...

A. Stotz Investment Research

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

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 13% One-Way Turnover & US$2.27bn Trade