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 May 12th which has an aggregated short interest worth USD13.4bn.</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 Wistron, Novatek, Nan Ya Printed.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 12th which has an aggregated short interest worth USD13.4bn.
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 Wistron, Novatek, Nan Ya Printed.


TWSE Short Interest Weekly (May 12th): Wistron, Novatek, Nan Ya Printed

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.</li>
<li>We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.</li>
<li>Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.</li>
</ul>


Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.
We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.
Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.


Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>With two weeks left to the cutoff, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.</li>
<li>Apart from the adds/deletes, there will also be capping and funding flows that will lead to an estimated one-way turnover of 13.5% and a one-way trade of US$886m.</li>
<li>There are 9 stocks with at least 5 days ADV to trade from passive trackers and another 12 stocks that have at least 1 day ADV to trade.</li>
</ul>


With two weeks left to the cutoff, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
Apart from the adds/deletes, there will also be capping and funding flows that will lead to an estimated one-way turnover of 13.5% and a one-way trade of US$886m.
There are 9 stocks with at least 5 days ADV to trade from passive trackers and another 12 stocks that have at least 1 day ADV to trade.


Yuanta/​​P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 5th which has an aggregated short interest worth USD13.0bn.</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, Mediatek, Wistron, Yang Ming Marine, Unimicron Tech, Largan Precision, Powerchip Semico, Taiwan Mobile.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 5th which has an aggregated short interest worth USD13.0bn.
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, Mediatek, Wistron, Yang Ming Marine, Unimicron Tech, Largan Precision, Powerchip Semico, Taiwan Mobile.


TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q1'23 was Acer's fifth consecutive quarter of sequentially declining revenues</li>
<li>Called Q1'23 the trough but no specific guidance on the current quarter</li>
<li>Chromebook sales surged 44.4% QoQ. What was the reason for this?</li>
</ul>


Q1'23 was Acer's fifth consecutive quarter of sequentially declining revenues
Called Q1'23 the trough but no specific guidance on the current quarter
Chromebook sales surged 44.4% QoQ. What was the reason for this?


Acer Q1'23 Revenue NT$52.46 Billion, -12% QoQ, -33% YoY.

Taiwan

Asustek Computer Inc. manufactures and markets computer motherboards, interface cards, notebook computers, and other related products.

Price Gauge
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Asustek Computer (2357 TT)

TWSE Short Interest Weekly (May 12th): Wistron, Novatek, Nan Ya Printed

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Novatek, Nan Ya Printed.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Quanta has tracked Apple's share price success while many other suppliers have lagged by a large margin. Separately, one can consider going Long...

Vincent Fernando, CFA

Yuanta/P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

With 2 weeks to cutoff, we see 5 changes in June. The deletions are fairly clear, but there are a lot of non-constituents crowded around similar...

Brian Freitas

TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Mediatek, Wistron, Yang Ming...

Ke Yan, CFA, FRM

Acer Q1'23 Revenue NT$52.46 Billion, -12% QoQ, -33% YoY.

Q1'23 was Acer's fifth consecutive quarter of sequentially declining revenues. Called Q1'23 the trough but no specific guidance on the current...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (May 12th): Wistron, Novatek, Nan Ya Printed

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Novatek, Nan Ya Printed.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Quanta has tracked Apple's share price success while many other suppliers have lagged by a large margin. Separately, one can consider going Long...

Vincent Fernando, CFA

Yuanta/​​P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

With 2 weeks to cutoff, we see 5 changes in June. The deletions are fairly clear, but there are a lot of non-constituents crowded around similar...

Brian Freitas

TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Mediatek, Wistron, Yang Ming...

Ke Yan, CFA, FRM

Acer Q1'23 Revenue NT$52.46 Billion, -12% QoQ, -33% YoY.

Q1'23 was Acer's fifth consecutive quarter of sequentially declining revenues. Called Q1'23 the trough but no specific guidance on the current...

William Keating

Yuanta/P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff