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>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the December 2024 index rebal event.</li>
<li>Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations can change until then.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the December 2024 index rebal event.
Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations can change until then.


Quiddity Leaderboard T50/​​​100 Dec 24: An Alternate Possibility for Formosa Sumco TDIV Deletion

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

ZIM Integrated Shipping Services / Equity Bottom-Up

<ul>
<li>Price momentum in August eased slightly vs July, the first M/M dip since March</li>
<li>In the next two months, seasonality will moderate and Y/Y comps will get tougher</li>
<li>If Q4 momentum wanes, we feel continued strong share performance less likely</li>
</ul>


Price momentum in August eased slightly vs July, the first M/M dip since March
In the next two months, seasonality will moderate and Y/Y comps will get tougher
If Q4 momentum wanes, we feel continued strong share performance less likely


Monthly Container Shipping Tracker: Strong Price Momentum Likely to Moderate in Q4

<ul>
<li>Workers at US East/Gulf Coast ports could strike without new contract by Oct 1st</li>
<li>But data suggest importers have been boosting inventory over past few months</li>
<li>Although US West Coast port workers support ILA, they're unlikely to strike</li>
</ul>


Workers at US East/Gulf Coast ports could strike without new contract by Oct 1st
But data suggest importers have been boosting inventory over past few months
Although US West Coast port workers support ILA, they're unlikely to strike


A Potential October Strike at US East & Gulf Coast Container Ports Is Unlikely to Be Impactful

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> could replace <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> in the Taiwan Top 50 ETF in September. <a href="https://www.smartkarma.com/entities/airtac-international-group" target="_blank" data-smartkarma-citation="entities:20538:1" rel="noopener">Airtac International (1590 TT)</a> has possibly just avoided deletion.</li>
<li>Short interest has been dropping in <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> as the stock has rallied, while cumulative excess volume has continued to increase steadily.</li>
<li>Shorts have increased in <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> as the stock price dropped. There has been no increase in volume on the recent upmove indicating a possibility of further downside.</li>
</ul>



Pharmaessentia Corp (6446 TT) could replace Nanya Technology (2408 TT) in the Taiwan Top 50 ETF in September. Airtac International (1590 TT) has possibly just avoided deletion.
Short interest has been dropping in Pharmaessentia Corp (6446 TT) as the stock has rallied, while cumulative excess volume has continued to increase steadily.
Shorts have increased in Nanya Technology (2408 TT) as the stock price dropped. There has been no increase in volume on the recent upmove indicating a possibility of further downside.


Taiwan Top 50 ETF Rebalance Preview: One Change Expected in Sep

<ul>
<li>Evergreen reported strong Q2 results, with revenue and margins both up sharply</li>
<li>Meanwhile, Hapag-Lloyd reported stagnant revenue and lower core profit margins</li>
<li>Divergent carrier performance reinforces our view that management skill matters</li>
</ul>


Evergreen reported strong Q2 results, with revenue and margins both up sharply
Meanwhile, Hapag-Lloyd reported stagnant revenue and lower core profit margins
Divergent carrier performance reinforces our view that management skill matters


More Q224 Container Carrier Results: Evergreen, Hapag-Lloyd Show Sharply Diverging Results

Taiwan

Wan Hai Lines Ltd. provides marine transportation and shipping agent services. The Company also purchases, sells, and leases vessels and containers as well as operates container freight stations.

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Wan Hai Lines (2615 TT)

Quiddity Leaderboard T50/100 Dec 24: An Alternate Possibility for Formosa Sumco TDIV Deletion

T100 and TDIV member Formosa Sumco Technology (3532 TT) is very close to violating a key eligibility requirement for T100 which could see the name...

Janaghan Jeyakumar, CFA

Monthly Container Shipping Tracker: Strong Price Momentum Likely to Moderate in Q4

We believe the strong year-to-date price momentum enjoyed by most container carriers may moderate in Q4, which would make it difficult for some of...

Tracking Traffic

A Potential October Strike at US East & Gulf Coast Container Ports Is Unlikely to Be Impactful

Although workers at US East and Gulf Coast ports could strike in October, for several reasons we believe the impact of a strike will be quite limited.

Tracking Traffic

Taiwan Top 50 ETF Rebalance Preview: One Change Expected in Sep

PharmaEssentia could replace Nanya Tech in the Taiwan Top50 ETF. Shorts have been covering Pharmaessentia and building positions in Nanya Tech....

Brian Freitas

More Q224 Container Carrier Results: Evergreen, Hapag-Lloyd Show Sharply Diverging Results

Evergreen Marine's Q2 results far outpaced the results of both Hapag-Lloyd and Maersk. The Taiwanese carrier's results over the past 2.5 years...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard T50/​​​100 Dec 24: An Alternate Possibility for Formosa Sumco TDIV Deletion

T100 and TDIV member Formosa Sumco Technology (3532 TT) is very close to violating a key eligibility requirement for T100 which could see the name...

Janaghan Jeyakumar, CFA

Monthly Container Shipping Tracker: Strong Price Momentum Likely to Moderate in Q4

We believe the strong year-to-date price momentum enjoyed by most container carriers may moderate in Q4, which would make it difficult for some of...

Tracking Traffic

A Potential October Strike at US East & Gulf Coast Container Ports Is Unlikely to Be Impactful

Although workers at US East and Gulf Coast ports could strike in October, for several reasons we believe the impact of a strike will be quite limited.

Tracking Traffic

Taiwan Top 50 ETF Rebalance Preview: One Change Expected in Sep

PharmaEssentia could replace Nanya Tech in the Taiwan Top50 ETF. Shorts have been covering Pharmaessentia and building positions in Nanya Tech....

Brian Freitas

More Q224 Container Carrier Results: Evergreen, Hapag-Lloyd Show Sharply Diverging Results

Evergreen Marine's Q2 results far outpaced the results of both Hapag-Lloyd and Maersk. The Taiwanese carrier's results over the past 2.5 years...

Tracking Traffic

Quiddity Leaderboard T50/100 Dec 24: An Alternate Possibility for Formosa Sumco TDIV Deletion