Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 19th which has an aggregated holding worth USD714.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,083mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai, Umc, Alchip Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 19th which has an aggregated holding worth USD714.3bn.
We estimate that foreign flows to be outflows of USD1,083mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai, Umc, Alchip Tech.


TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC: Stock Prices Soared After Reporting Earnings, But ADR Rose Higher... Now +12.4% Premium, Shortable Level</li>
<li>ASE: ADR Spread Has Rebounded Substantially, Now +8.6%. Not Yet at Short Levels.</li>
<li>ChipMOS: ADR Spread Drops to -2.2%, Good Level to Go Long.</li>
</ul>


TSMC: Stock Prices Soared After Reporting Earnings, But ADR Rose Higher... Now +12.4% Premium, Shortable Level
ASE: ADR Spread Has Rebounded Substantially, Now +8.6%. Not Yet at Short Levels.
ChipMOS: ADR Spread Drops to -2.2%, Good Level to Go Long.


Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

<ul>
<li>TSMC reported 4Q23 results at the upper end of its guidance. More importantly, the company guided for low/mid 20% 2024E sales growth and reiterated an expected 15-20% multi-year CAGR.</li>
<li>The company provided optimistic guidance for the overall semiconductor industry, forecasting 10% growth in 2024E. TSMC expects to grow much faster than the industry, however.</li>
<li>TSMC is one of our Structural Longs; our NT$760 target implies 29% upside. The latest results make TSMC's Buy case even more clear, in our view.</li>
</ul>


TSMC reported 4Q23 results at the upper end of its guidance. More importantly, the company guided for low/mid 20% 2024E sales growth and reiterated an expected 15-20% multi-year CAGR.
The company provided optimistic guidance for the overall semiconductor industry, forecasting 10% growth in 2024E. TSMC expects to grow much faster than the industry, however.
TSMC is one of our Structural Longs; our NT$760 target implies 29% upside. The latest results make TSMC's Buy case even more clear, in our view.


TSMC Results Make Buy Story Even More Clear; Strong 2024E Guidance & Reiterates Multi-Year Growth

<ul>
<li>TSMC Results Tomorrow, Interest Will Be Elevated After Taiwan's Election Result</li>
<li>AI PC Availability Tight in Taipei? We Visited Taipei's Guanghua Consumer Electronics Market Over the Weekend</li>
<li>Alchip Technologies GDR Offering - Has Been Riding on an Unwavering Momentum Over the Past Year </li>
</ul>


TSMC Results Tomorrow, Interest Will Be Elevated After Taiwan's Election Result
AI PC Availability Tight in Taipei? We Visited Taipei's Guanghua Consumer Electronics Market Over the Weekend
Alchip Technologies GDR Offering - Has Been Riding on an Unwavering Momentum Over the Past Year 


Taiwan Tech Weekly: TSMC Results; AI PC Market Site Visit; Alchip GDR Offering

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>The factor of seasonality will be evolved in 1Q24F, but 2Q24F should be picking up most likely.</li>
<li>The Semiconductor cycle shall be reaching the bottom and no more correction, to our expectation.  </li>
<li>The recent changes of Silergy's management didn't affect the reality.  </li>
</ul>


The factor of seasonality will be evolved in 1Q24F, but 2Q24F should be picking up most likely.
The Semiconductor cycle shall be reaching the bottom and no more correction, to our expectation.  
The recent changes of Silergy's management didn't affect the reality.  


Silergy (6415.TT): Nothing Fundamental Changed in Reality; Semiconductor Cycle Shall Be Bottomed Up.

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

Price Gauge
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Taiwan Semiconductor (TSMC) (2330 TT)

TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Delta Elec, Global...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Vincent Fernando, CFA

TSMC Results Make Buy Story Even More Clear; Strong 2024E Guidance & Reiterates Multi-Year Growth

TSMC reported strong 4Q23 results and expects over 20% 2024E sales growth. The company expects to outperform the semiconductor industry by a wide...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Results; AI PC Market Site Visit; Alchip GDR Offering

TSMC's results tomorrow will attract increased attention following Taiwan's election. AI PCs appear in high demand in Taipei. Alchip Technologies'...

Vincent Fernando, CFA

Silergy (6415.TT): Nothing Fundamental Changed in Reality; Semiconductor Cycle Shall Be Bottomed Up.

The semiconductor cycle is expected to reach the bottom with seasonality evolving in 1Q24F, but a pickup is likely in 2Q24F. Changes in Silergy's...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Delta Elec, Global...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

​Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Vincent Fernando, CFA

TSMC Results Make Buy Story Even More Clear; Strong 2024E Guidance & Reiterates Multi-Year Growth

​TSMC reported strong 4Q23 results and expects over 20% 2024E sales growth. The company expects to outperform the semiconductor industry by a wide...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Results; AI PC Market Site Visit; Alchip GDR Offering

​TSMC's results tomorrow will attract increased attention following Taiwan's election. AI PCs appear in high demand in Taipei. Alchip Technologies'...

Vincent Fernando, CFA

Silergy (6415.TT): Nothing Fundamental Changed in Reality; Semiconductor Cycle Shall Be Bottomed Up.

​The semiconductor cycle is expected to reach the bottom with seasonality evolving in 1Q24F, but a pickup is likely in 2Q24F. Changes in Silergy's...

Patrick Liao

Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

TSMC reported strong 4Q23 results and expects over 20% 2024E sales growth. The company expects to outperform the semiconductor industry by a wide...

TSMC's results tomorrow will attract increased attention following Taiwan's election. AI PCs appear in high demand in Taipei. Alchip Technologies'...

The semiconductor cycle is expected to reach the bottom with seasonality evolving in 1Q24F, but a pickup is likely in 2Q24F. Changes in Silergy's...