Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

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<p>Total short notional in Taiwan stocks is TWD 256,524 mm (~US$8.41 bn) as of 15 November.</p>
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<p>Over the week, the largest short positions were put on in <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" rel="noopener" data-smartkarma-citation="entities:13212:1">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9632:1">Genius Electronic Optical (3406 TT)</a>, <a href="https://www.smartkarma.com/entities/general-interface-solution-holding" target="_blank" rel="noopener" data-smartkarma-citation="entities:23589:1">General Interface Solution Holding (6456 TT)</a> and <a href="https://www.smartkarma.com/entities/tpk-holding-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9499:1">Tpk Holding (3673 TT)</a> and shorts were covered in <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9126:1">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:12852:1">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/cathay-financial-holding-co" target="_blank" rel="noopener" data-smartkarma-citation="entities:17677:1">Cathay Financial Holding Co (2882 TT)</a> and <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" rel="noopener" data-smartkarma-citation="entities:15351:1">Shin Kong Financial Holding (2888 TT)</a>.   <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" rel="noopener" data-smartkarma-citation="entities:13212:1"></a></p>
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<p>The largest short positions as a percentage of free float are <a href="https://www.smartkarma.com/entities/precision-silicon-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18158:1">Precision Silicon (3016 TT)</a>, <a href="https://www.smartkarma.com/entities/young-optics-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7295:1">Young Optics (3504 TT)</a>, <a href="https://www.smartkarma.com/entities/taisol-electronics-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:7383:1">Taisol Electronics (3338 TT)</a> and <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:11084:1">Walsin Technology (2492 TT)</a> while the large cap stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/china-synthetic-rubber" target="_blank" rel="noopener" data-smartkarma-citation="entities:2403:1">China Synthetic Rubber (2104 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:6704:1">Au Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/yulon-motor-company" target="_blank" rel="noopener" data-smartkarma-citation="entities:18249:1">Yulon Motor Company (2201 TT)</a> and <a href="https://www.smartkarma.com/entities/tatung-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:3458:1">Tatung Co Ltd (2371 TT)</a>. </p>
<p>Earlier this week, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" rel="noopener" data-smartkarma-citation="entities:13212:1">Yageo Corporation (2327 TT)</a> made an offer to acquire <a href="https://www.smartkarma.com/entities/kemet-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26251:1">KEMET Corp (KEM US)</a> for US$27.20 per share in cash valuing the acquisition at US$1.8bn. Short interest which had declined by a third since beginning October rose sharply over the last two trading sessions. The stock is still the most shorted name in Taiwan.</p>
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Total short notional in Taiwan stocks is TWD 256,524 mm (~US$8.41 bn) as of 15 November.


Over the week, the largest short positions were put on in Yageo Corporation (2327 TT), Genius Electronic Optical (3406 TT), General Interface Solution Holding (6456 TT) and Tpk Holding (3673 TT) and shorts were covered in Largan Precision (3008 TT), Pegatron Corp (4938 TT), Cathay Financial Holding Co (2882 TT) and Shin Kong Financial Holding (2888 TT).   


The largest short positions as a percentage of free float are Precision Silicon (3016 TT), Young Optics (3504 TT), Taisol Electronics (3338 TT) and Walsin Technology (2492 TT) while the large cap stocks with the highest days to cover are China Synthetic Rubber (2104 TT), Au Optronics (2409 TT), Yulon Motor Company (2201 TT) and Tatung Co Ltd (2371 TT). 
Earlier this week, Yageo Corporation (2327 TT) made an offer to acquire KEMET Corp (KEM US) for US$27.20 per share in cash valuing the acquisition at US$1.8bn. Short interest which had declined by a third since beginning October rose sharply over the last two trading sessions. The stock is still the most shorted name in Taiwan.





Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>This week I briefly look at recent bifurcations in <a href="https://www.smartkarma.com/entities/12219" target="_blank" data-smartkarma-citation="entities:12219:1">Japan Petroleum Exploration (1662 JP)</a>, <a href="https://www.smartkarma.com/entities/52" target="_blank" data-smartkarma-citation="entities:52:1">Wheelock &amp; Co Ltd (20 HK)</a> and <a href="https://www.smartkarma.com/entities/19718" target="_blank" data-smartkarma-citation="entities:19718:1">Jardine Matheson Hldgs Ltd (JM SP)</a>, amongst others. </p><p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.</p><p>A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.</p>

This week I briefly look at recent bifurcations in Japan Petroleum Exploration (1662 JP), Wheelock &amp; Co Ltd (20 HK) and Jardine Matheson Hldgs Ltd (JM SP), amongst others. These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

StubWorld - Set-Up/Unwind Extremes: JAPEX, Wheelock, Jardines (31 Aug 2017)

Taiwan

Yulon Motor Co., Ltd. designs, manufactures, and sells motor vehicles and parts. The Company produces automobiles and trucks in a joint venture with Nissan Motor Company and operates dealerships throughout Taiwan.

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Yulon Motor Company (2201 TT)

Taiwan - Shorts Build Up on Yageo (2327)

Total short notional in Taiwan stocks is TWD 256,524 mm (~US$8.41 bn) as of 15 November. Over the week, the largest short positions were put on...

Brian Freitas

StubWorld - Set-Up/Unwind Extremes: JAPEX, Wheelock, Jardines (31 Aug 2017)

This week I briefly look at recent bifurcations in Japan Petroleum Exploration (1662 JP), Wheelock & Co Ltd (20 HK) and Jardine Matheson Hldgs...

David Blennerhassett

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