Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>The PC supply/demand outlook appears to be improving and Elan's leading position providing touch technologies for PCs and other devices makes it an interesting play on the cycle rebound.</li>
<li>Elan's results were recently weak due to industry-cycle factors; its company-specific strengths haven't been affected and its product leadership makes it well positioned for an industry rebound.</li>
<li>Just retracing half its distance from 52-week highs would imply 24% upside and an undemanding valuation in our view.</li>
</ul>


The PC supply/demand outlook appears to be improving and Elan's leading position providing touch technologies for PCs and other devices makes it an interesting play on the cycle rebound.
Elan's results were recently weak due to industry-cycle factors; its company-specific strengths haven't been affected and its product leadership makes it well positioned for an industry rebound.
Just retracing half its distance from 52-week highs would imply 24% upside and an undemanding valuation in our view.


Elan Microelectronics: Specialized Upstream Play on Improving PC Industry Supply/Demand

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 Mar 24th which has an aggregated short interest worth USD12.2bn.</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 Global Unichip, Nan Ya Printed, Asia Vital, Evergreen Marine, Teco Elec &amp; Mach, Yulon Motor, Fitipower, Unimicron Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 24th which has an aggregated short interest worth USD12.2bn.
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 Global Unichip, Nan Ya Printed, Asia Vital, Evergreen Marine, Teco Elec &amp; Mach, Yulon Motor, Fitipower, Unimicron Tech.


TWSE Short Interest Weekly (Mar 24th): Global Unichip, Nan Ya, Asia Vital, Evergreen Marine

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>The current semiconductor downturn is largely attributable to the reversion of PC and Smartphone unit shipments to their pre-pandemic norms</li>
<li>There are good reasons to believe that the trough for PC unit shipments will be Q1 2023. </li>
<li>Server shipments will decline sequentially in H1 and this may further prolong the impact on memory players, Intel and to a lesser extent, AMD &amp; NVIDIA</li>
</ul>


The current semiconductor downturn is largely attributable to the reversion of PC and Smartphone unit shipments to their pre-pandemic norms
There are good reasons to believe that the trough for PC unit shipments will be Q1 2023. 
Server shipments will decline sequentially in H1 and this may further prolong the impact on memory players, Intel and to a lesser extent, AMD &amp; NVIDIA


<ul>
<li>Asustek, Acer, and HP's recent quarterly results indicate decreases in inventory days, highlighting potential improvement happening at the leading edge of the PC industry chain.</li>
<li>Asustek (Asus) has substantially underperformed Acer YTD with one factor likely being Asus reporting worse margin performance. Asus is flat YTD after its post-results drop vs. +15% YTD for Acer.</li>
<li>Long/Short: One can explore Long Asustek vs. Short Acer based on expectations of normalization of relative operational performance.</li>
</ul>


Asustek, Acer, and HP's recent quarterly results indicate decreases in inventory days, highlighting potential improvement happening at the leading edge of the PC industry chain.
Asustek (Asus) has substantially underperformed Acer YTD with one factor likely being Asus reporting worse margin performance. Asus is flat YTD after its post-results drop vs. +15% YTD for Acer.
Long/Short: One can explore Long Asustek vs. Short Acer based on expectations of normalization of relative operational performance.


PC Industry Monitor: Signs of Inventory Improvement at PC Industry's Leading Edge; Shares Diverged

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 17th which has an aggregated short interest worth USD11.9bn.</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 Evergreen Marine, Alchip Tech, Global Unichip, Asia Vital, Htc, Chung-Hsin.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 17th which has an aggregated short interest worth USD11.9bn.
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 Evergreen Marine, Alchip Tech, Global Unichip, Asia Vital, Htc, Chung-Hsin.


TWSE Short Interest Weekly (Mar 17th): Evergreen Marine, Alchip Tech, Global Unichip, Asia Vital

Taiwan

Acer Inc. manufactures and distributes semiconductor products, personal computers, computer peripherals, multimedia products, and computer software. The Company also provides maintenance and repair services to customers.  In addition, Acer Inc. operates real estate business. The Company markets its products under the Acer brand name.

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Acer Inc (2353 TT)

Elan Microelectronics: Specialized Upstream Play on Improving PC Industry Supply/Demand

Just retracing half its distance from 52-week highs would imply 24% upside and an undemanding valuation in our view. The company is in a leading...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 24th): Global Unichip, Nan Ya, Asia Vital, Evergreen Marine

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

Ke Yan, CFA, FRM

Anatomy Of A Semiconductor Downturn

The current semiconductor downturn is largely attributable to the reversion of PC and Smartphone unit shipments to their pre-pandemic norms. We...

William Keating

PC Industry Monitor: Signs of Inventory Improvement at PC Industry's Leading Edge; Shares Diverged

Asus has substantially underperformed Acer YTD with one likely factor being Asus reporting worse margin performance. Asus is flat YTD vs. +15% YTD...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 17th): Evergreen Marine, Alchip Tech, Global Unichip, Asia Vital

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Alchip Tech, Global Unichip,...

Ke Yan, CFA, FRM

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