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 short interest of TWSE Stocks as of Oct 27th which has an aggregated short interest worth USD13.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 27th which has an aggregated short interest worth USD13.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC.


TWSE Short Interest Weekly (Oct 27th): Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>MediaTek's 4Q23F revenue guidance falls in line with our prior expectation. The general outlook is for double-digit growth in 2024F.</li>
<li>MediaTek believes that the 3nm SoC will certainly perform differently in 2H24F.  </li>
<li>MediaTek will pay NT$24 DPS for 1H23 earnings, and the dividend will be paid on 1/31, 2024F.</li>
</ul>


MediaTek's 4Q23F revenue guidance falls in line with our prior expectation. The general outlook is for double-digit growth in 2024F.
MediaTek believes that the 3nm SoC will certainly perform differently in 2H24F.  
MediaTek will pay NT$24 DPS for 1H23 earnings, and the dividend will be paid on 1/31, 2024F.


MediaTek (2454.TT): 4Q23F Results in Line, 2024F Smartphone Outlook Can Grow a Double Digits.

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

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASE's 3Q23 results came in in-line with analyst estimates, and showed gross margin ticking slightly higher QoQ.</li>
<li>Semiconductor Assembly, Testing, and Manufacturing (ATM) capacity utilization remains low, in the mid-60's percent.</li>
<li>Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC or UMC in their recent results.</li>
</ul>


ASE's 3Q23 results came in in-line with analyst estimates, and showed gross margin ticking slightly higher QoQ.
Semiconductor Assembly, Testing, and Manufacturing (ATM) capacity utilization remains low, in the mid-60's percent.
Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC or UMC in their recent results.


ASE's Results Shows Chip Packaging & Testing Utilization Is Still Low, However Improvement Expected

<ul>
<li>4Q23F demand recovery will be broad-based thanks to customers’ new product launch.</li>
<li>ASEH has observed an increase in rush orders across the board as customers become more cautious about restocking.</li>
<li>The DPS payout ratio for 2023F is projected to be 60-65%.</li>
</ul>


4Q23F demand recovery will be broad-based thanks to customers’ new product launch.
ASEH has observed an increase in rush orders across the board as customers become more cautious about restocking.
The DPS payout ratio for 2023F is projected to be 60-65%.


ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC believes that the early signs indicate the end of inventory correction for smartphones and PCs. </li>
<li>The total wafer loading continues to decrease, but pricing for 12" wafers remains firm. As a result, the average selling price (ASP) continues to increase slightly. </li>
<li>The demand for strength lies in computing, thanks to the LCD controller, codec, Wi-Fi, touch IC controller, and communication applications driven by RFFE and networking IC.</li>
</ul>


UMC believes that the early signs indicate the end of inventory correction for smartphones and PCs. 
The total wafer loading continues to decrease, but pricing for 12" wafers remains firm. As a result, the average selling price (ASP) continues to increase slightly. 
The demand for strength lies in computing, thanks to the LCD controller, codec, Wi-Fi, touch IC controller, and communication applications driven by RFFE and networking IC.


UMC (2303.TT; UMC.US): The Early Signs Indicate the End of Inventory Correction.

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.

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Taiwan Semiconductor (TSMC) (2330 TT)

TWSE Short Interest Weekly (Oct 27th): Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC

We analyzed TWSE short interest report for the past week and highlight short interest changes in Nan Ya Printed, Asmedia Tech, Global Unichip, TSMC.

Ke Yan, CFA, FRM

MediaTek (2454.TT): 4Q23F Results in Line, 2024F Smartphone Outlook Can Grow a Double Digits.

MediaTek's 4Q23F revenue guidance falls in line with our prior expectation. The general outlook is for double-digit growth in 2024F. The 3nm SoC...

Patrick Liao

ASE's Results Shows Chip Packaging & Testing Utilization Is Still Low, However Improvement Expected

Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC...

Vincent Fernando, CFA

ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

4Q23F demand recovery will be broad-based thanks to customers’ new product launch. ASEH has observed an increase in rush orders across the board as...

Patrick Liao

UMC (2303.TT; UMC.US): The Early Signs Indicate the End of Inventory Correction.

The early signs indicate the end of inventory correction for smartphones and PCs. The demand for strength lies in computing, codec, Wi-Fi, touch IC...

Patrick Liao

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