A record put/call ratio on CHT — Chunghwa Telecom — is the loudest signal in the market today. Three distinct data streams converged on May 6, the day of the company's earnings release, pointing in the same direction.
The put/call ratio hit 52.0 on May 6. That is the highest reading in 52 weeks. The 20-day mean sits at just 2.6. The z-score reached 4.36 — more than four standard deviations above normal. Options traders were overwhelmingly positioned on the bearish side heading into results. The signal is not subtle.
For context, the PCR had printed at 0.0 on every single session in the prior 20 trading days. Wednesday's spike was a complete break from recent pattern.
Short positions in CHT grew steadily in the weeks before the print. Shares short rose from approximately 603,000 in early April to 1.25 million by May 6 — a 107% increase over one month. The buildup accelerated in the final week before earnings. Short sellers were adding exposure as options traders loaded up on puts. Both streams pointed the same way at the same time.
The short score rose to 38.9 on May 5, up from 34.7 a month ago, reflecting the building pressure on the lending side.
Cost to borrow jumped 78.5% over the past week to 0.95% annually. That is the sharpest weekly move in the data window. Availability remains relatively loose — the lending pool is not squeezed — but the direction of the CTB move confirms demand for borrows picked up sharply ahead of the catalyst. Short sellers were willing to pay more to establish or hold positions.
The ownership base is stable and heavily anchored. Taiwan's Ministry of Transportation and Communications holds 35.3% of shares. BlackRock added 2.9 million shares as of April 30. Vanguard added 3.7 million through March 31. Long-only institutional flows show no sign of retreat — making the options positioning more notable as a divergence from the holder base.
The next scheduled earnings event is August 5, 2026. Whether the current positioning was a pre-earnings hedge or a directional bet will become clearer in the sessions ahead.
See the live data behind this article on ORTEX.
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