Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Since we released our piece suggesting closing our original Long Asustek vs. Short Acer, and reversing to Long ACER vs. Short Asustek, this new trade has earned a 6.9% spread.</li>
<li>Given the latest performance between the two shares and the latest results from Asustek, we believe one can now close out Long Acer/Short Asustek... and reverse the trade again.</li>
<li>Hence we now like Long Asustek vs. Short Acer based on relative share performance and latest guidance from Asustek.</li>
</ul>


Since we released our piece suggesting closing our original Long Asustek vs. Short Acer, and reversing to Long ACER vs. Short Asustek, this new trade has earned a 6.9% spread.
Given the latest performance between the two shares and the latest results from Asustek, we believe one can now close out Long Acer/Short Asustek... and reverse the trade again.
Hence we now like Long Asustek vs. Short Acer based on relative share performance and latest guidance from Asustek.


Long Acer Vs. Short Asustek: 6.9% Performance in One Week, Can REVERSE the Trade Again

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>In our view, Hon Hai 3Q23 results showcased stability for 2023E ahead of expected growth in 2024E-2025E.</li>
<li>The company has maintained its 2025E 10% gross margin target and highlighted how its EV business expansion is continuing.</li>
<li>While Consumer Electronics revenue is expected to fall this year, PC Products is expected to grow given the company believes the PC market has bottomed. Stay Long Hon Hai.</li>
</ul>


In our view, Hon Hai 3Q23 results showcased stability for 2023E ahead of expected growth in 2024E-2025E.
The company has maintained its 2025E 10% gross margin target and highlighted how its EV business expansion is continuing.
While Consumer Electronics revenue is expected to fall this year, PC Products is expected to grow given the company believes the PC market has bottomed. Stay Long Hon Hai.


Hon Hai Sees Computing Products Rebound, PC Market Bottomed; EV Expanding

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q1’23 revenues of NT$ 102,376 million, down 13% QoQ and down 20% YoY</li>
<li>Forecasting PC segment +20% but Components segment -5% QoQ in Q2'23 </li>
<li>Outperforming both peers &amp; the market with &gt;50% revenues now coming from gaming...</li>
</ul>


Q1’23 revenues of NT$ 102,376 million, down 13% QoQ and down 20% YoY
Forecasting PC segment +20% but Components segment -5% QoQ in Q2'23 
Outperforming both peers &amp; the market with &gt;50% revenues now coming from gaming...


ASUS Q1'23 Revenues NT$ 102,376 Million,- 13% QoQ & -20% YoY. PC Segment to Grow ~20% in Q2'23

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

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

Taiwan

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

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Asustek Computer (2357 TT)

Long Acer Vs. Short Asustek: 6.9% Performance in One Week, Can REVERSE the Trade Again

We are closing out the previous trade and now like Long Asustek vs. Short Acer based on relative share performance and latest guidance from Asustek.

Vincent Fernando, CFA

Hon Hai Sees Computing Products Rebound, PC Market Bottomed; EV Expanding

Hon Hai 3Q23 results showcased stability for 2023E... ahead of expected strong profit growth in 2024E-2025E. Computing Products will show relative...

Vincent Fernando, CFA

ASUS Q1'23 Revenues NT$ 102,376 Million,- 13% QoQ & -20% YoY. PC Segment to Grow ~20% in Q2'23

Q1’23 revenues of NT$ 102,376 million, down 13% QoQ and down 20% YoY. PC segment +20% but Components segment -5% QoQ in Q2'23. Outperforming peers...

William Keating

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

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