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 KRX stocks as of Oct 11th which has an aggregated short interest worth USD4.7bn.</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 Samsung Electronics, Sk Hynix, Posco, Shinhan Group.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 11th which has an aggregated short interest worth USD4.7bn.
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 Samsung Electronics, Sk Hynix, Posco, Shinhan Group.


KRX Short Interest Weekly (Oct 11th): Samsung Electronics, Sk Hynix, Posco, Shinhan Group

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the recent updates from its filings.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the recent updates from its filings.


Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 11th which has an aggregated holding worth USD532.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD61mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 11th which has an aggregated holding worth USD532.4bn.
We estimate that foreign flows to be inflows of USD61mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 11th): Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)'s </a>outlook for 4Q24 is expected to show a decrease of around -5% QoQ, with a minimum gross margin of 30%.</li>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> moving out of <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a> and has opened up opportunities for UMC.  </li>
<li>UMC is considering selling its 8" Fab, known as 8S, due to its consistently poor performance.  </li>
</ul>



United Microelectron Sp Adr (UMC US)'s outlook for 4Q24 is expected to show a decrease of around -5% QoQ, with a minimum gross margin of 30%.

Qualcomm Inc (QCOM US) moving out of Semiconductor Manufacturing International Corp (SMIC) (981 HK) and has opened up opportunities for UMC.  
UMC is considering selling its 8" Fab, known as 8S, due to its consistently poor performance.  


UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

Tesla first began to equip its Model S with self-driving technology in October 2014 and announced the launch of its "Autopilot" software to take advantage of those sensors exactly one year later. In separating the sensors from the software, and making that software incrementally available via over-the-air (OTA) updates, the company heralded an entirely new approach to autonomous driving that has since come to be both derided and admired in equal measure. Tesla's autopilot capability was widely regarded as ground-breaking when it was first introduced and many would argue that it was the catalyst for its peers and competitors to rapidly accelerate their autonomous driving investments and roadmaps.Since that time, Tesla's self-driving roadmap has seen many twists and turns. Their partnership with MobilEye, upon whose chips their initial autopilot roll-out critically depended, ended abruptly and acrimoniously in the wake of a fatal crash involving one of their Model S vehicles in May 2016. Their backup plan, the development of a custom ASIC chip to replicate MobilEye's functionality, was still in its infancy, forcing Tesla to turn to NVIDIA for its DRIVE PX platform. That same fatal crash was the impetus for a total redesign of their sensor suite. The new hardware platform was launched in October 2016 with the announcement that all future Tesla cars would be fully equipped with the hardware &amp; sensors required for full self-driving capability.As automobiles equipped with the new self-driving hardware rolled off the production lines, they were missing the software to make them work, meaning that they lacked basic advanced driving features such as automatic emergency braking (AEB), adaptive cruise control (ACC) etc. Tesla promised to deliver those capabilities incrementally in the following months, but inevitably, delays ensued and reliability concerns arose when they were initially released. Only in recent months has Tesla's "Enhanced Autopilot" begun to approach the same level of capability as its original launch version. Tesla CEO Elon Musk's commitment to demonstrating fully autonomous driving from US coast-to-coast by the end of 2017 failed to materialize, although he has recently stated that it should happen within 3-6 months. Meanwhile, the rapidly growing availability of new safety features such as AEB, the launch of competing driver assistance features such as General Motors (GM)"Super Cruise" and the publicly announced plans for driverless taxi pilots by both Waymo and GM have eroded Tesla's leadership. Indeed, one research firm, Navigant, doesn't even rate Tesla in its latest top ten leaders list.   In this Insight, we review the history of autonomous driving at Tesla, tracing its roots from the original autopilot launch to the present day. We examine the technology behind Tesla's self-driving platform and highlight their steadfast refusal to incorporate LIDAR in their sensor suite as every other competitor has done. Finally, in the wake of another fatal Tesla crash, we ask the very important question, how safe is Tesla Autopilot?

Tesla first began to equip its Model S with self-driving technology in October 2014 and announced the launch of its "Autopilot" software to take advantage of those sensors exactly one year later. In separating the sensors from the software, and making that software incrementally available via over-the-air (OTA) updates, the company heralded an entirely new approach to autonomous driving that has since come to be both derided and admired in equal measure. Tesla's autopilot capability was widely regarded as ground-breaking when it was first introduced and many would argue that it was the catalyst for its peers and competitors to rapidly accelerate their autonomous driving investments and roadmaps.Since that time, Tesla's self-driving roadmap has seen many twists and turns. Their partnership with MobilEye, upon whose chips their initial autopilot roll-out critically depended, ended abruptly and acrimoniously in the wake of a fatal crash involving one of their Model S vehicles in May 2016. Their backup plan, the development of a custom ASIC chip to replicate MobilEye's functionality, was still in its infancy, forcing Tesla to turn to NVIDIA for its DRIVE PX platform. That same fatal crash was the impetus for a total redesign of their sensor suite. The new hardware platform was launched in October 2016 with the announcement that all future Tesla cars would be fully equipped with the hardware &amp; sensors required for full self-driving capability.As automobiles equipped with the new self-driving hardware rolled off the production lines, they were missing the software to make them work, meaning that they lacked basic advanced driving features such as automatic emergency braking (AEB), adaptive cruise control (ACC) etc. Tesla promised to deliver those capabilities incrementally in the following months, but inevitably, delays ensued and reliability concerns arose when they were initially released. Only in recent months has Tesla's "Enhanced Autopilot" begun to approach the same level of capability as its original launch version. Tesla CEO Elon Musk's commitment to demonstrating fully autonomous driving from US coast-to-coast by the end of 2017 failed to materialize, although he has recently stated that it should happen within 3-6 months. Meanwhile, the rapidly growing availability of new safety features such as AEB, the launch of competing driver assistance features such as General Motors (GM)"Super Cruise" and the publicly announced plans for driverless taxi pilots by both Waymo and GM have eroded Tesla's leadership. Indeed, one research firm, Navigant, doesn't even rate Tesla in its latest top ten leaders list.   In this Insight, we review the history of autonomous driving at Tesla, tracing its roots from the original autopilot launch to the present day. We examine the technology behind Tesla's self-driving platform and highlight their steadfast refusal to incorporate LIDAR in their sensor suite as every other competitor has done. Finally, in the wake of another fatal Tesla crash, we ask the very important question, how safe is Tesla Autopilot?  

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

KRX Short Interest Weekly (Oct 11th): Samsung Electronics, Sk Hynix, Posco, Shinhan Group

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.

Ke Yan, CFA, FRM

Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

KRX Foreign Holding Weekly (Oct 11th): Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hanwha Aerospace, Korzinc, Samsung...

Ke Yan, CFA, FRM

UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S.

UMC's 4Q24 outlook expects -5% QoQ decrease with 30% gross margin, Qualcomm moving out of SMIC opens opportunities for UMC, considering selling...

Patrick Liao

Autonomous Driving- The Tesla Delusion

In the wake of Elon Musk's launch (relaunch?) of Tesla's RoboTaxi yesterday (which tanked the company's share price), you might be interested to...

William Keating

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KRX Short Interest Weekly (Oct 11th): Samsung Electronics, Sk Hynix, Posco, Shinhan Group

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.

Ke Yan, CFA, FRM

Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

KRX Foreign Holding Weekly (Oct 11th): Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hanwha Aerospace, Korzinc, Samsung...

Ke Yan, CFA, FRM

UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S.

​UMC's 4Q24 outlook expects -5% QoQ decrease with 30% gross margin, Qualcomm moving out of SMIC opens opportunities for UMC, considering selling...

Patrick Liao

Autonomous Driving- The Tesla Delusion

In the wake of Elon Musk's launch (relaunch?) of Tesla's RoboTaxi yesterday (which tanked the company's share price), you might be interested to...

William Keating

UMC's 4Q24 outlook expects -5% QoQ decrease with 30% gross margin, Qualcomm moving out of SMIC opens opportunities for UMC, considering selling...