Insights
In-depth research and data-driven insights on quantitative finance, factor investing, risk, and ESG from the TEJ research team.
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Fundamental Factor Research: Monthly Revenue Information – part1
The Taiwan equity market possesses a rare institutional advantage globally: under the Securities and Exchange Act, listed companies are required to announce and report their operational results for the preceding month by the 10th of each month (Exception: starting from FY2026, insurance companies and entities with insurance subsidiaries may extend their disclosure deadline to the 15th of each month). This is commonly referred to in the market as "Monthly Revenue".
Factor Strategy – Integrating Broker Consensus to Enhance Foreign Concentration Strategies – QFII Part 2
Boost your quantitative strategy with QFII concentration & broker consensus! Discover how the conc_qfii fusion strategy delivers a 30.12% annualized return in the Taiwan large-cap market.
Factor Research – Tracking Smart Money Footprints via Foreign Institutional Concentration – QFII Part 1
Track QFII ‘smart money’ footprints in Taiwan large-cap stocks! Learn how the Foreign-Institutional Trading Concentration (conc_qfii) factor predicts returns.
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Market Knowledge & Data Guides
2 Common DCF Valuations — FCFF and FCFE
In business, managers need a method to assess the value of every decision or project. Hence, valuation is developed to help stakeholders assess the worth of almost everything. It involves determining the fair market value of an asset, company, or investment opportunity. In this article, we will introduce the concept of valuation (DCF) and some common ways to perform valuation in business.
Market Knowledge & Data Guides
Mastering M&A Valuation: Key Strategies for Accurate Assessments
In business, mergers and acquisitions (M&A) serve as catalysts for growth, transformation, and enhanced capital market dynamics. For a company, M&A is a strategic decision that can create significant value for business by combining complementary assets, expanding market share, or achieving operational efficiencies; in other words, to achieve synergy.
Industry Insights
A New Way of Incorporating ESG Factors into Business Valuation
In 2014, the CFA Institute in the US began discussing the incorporation of ESG (Environmental, Social, and Governance) factors into investment decision-making and business valuation. However, the measurement involved in each rating varies greatly, thus confusing users. Given this, TEJ released the “TESG Rating Index (TESG Rating) ” on March 31, 2022, a tool for reference in investment and credit. What’s more, we use the TESG Rating to explore its correlation with commonly-used valuation multiples, such as the price-to-book (P/B) ratio and price-to-earnings (P/E) ratio.
Market Knowledge & Data Guides
Measure the company’s earnings management
Analyze the relationship between the company’s earnings management and the earnings-price ratio group Preface Investors care about earnings which is one of the key indicators. future earnings trends will affect investors’ willingness to hold stocks. If investors expect an increase in the company’s earnings, they will improve their willingness to hold stocks. Earnings can be […]