Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elan-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:19789:1" rel="noopener">Elan Microelectronics (2458 TT)</a> will be removed from the FTSE Taiwan Mid Cap 100 Index on September 16th. As a result, it could see 12+ days of volume of selling.</li>
<li>We had a call with management. Guidance and product performance implies the company has relative strength vs. its end-market demand weakness.</li>
<li>The stock has already underperformed notebook-related peers by a wide margin, hence a further underperformance caused by passive selling could open up a rebound opportunity,</li>
</ul>



Elan Microelectronics (2458 TT) will be removed from the FTSE Taiwan Mid Cap 100 Index on September 16th. As a result, it could see 12+ days of volume of selling.
We had a call with management. Guidance and product performance implies the company has relative strength vs. its end-market demand weakness.
The stock has already underperformed notebook-related peers by a wide margin, hence a further underperformance caused by passive selling could open up a rebound opportunity,


Elan Microelectronics Event: Index Removal Selling Could Exacerbate Price Divergence

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Pc Partner posted record results with revenue and profits increasing by 99%% and 1,047% respectively. The final 1.61 HKD dividend was below my 2 HKD estimate but still solid.</li>
<li>Cash grew to 3.1 b HKD vs a market cap of 4.37 b HKD, or 70% of market cap. By end of FY22 cash could be 100% of market cap.</li>
<li>The outlook is mixed with short-term ASP pressure into 2Q22 but longer-term optimism into 2H22. As always visibility is low but offset by a cheap valuation and large cash buffer.</li>
</ul>


Pc Partner posted record results with revenue and profits increasing by 99%% and 1,047% respectively. The final 1.61 HKD dividend was below my 2 HKD estimate but still solid.
Cash grew to 3.1 b HKD vs a market cap of 4.37 b HKD, or 70% of market cap. By end of FY22 cash could be 100% of market cap.
The outlook is mixed with short-term ASP pressure into 2Q22 but longer-term optimism into 2H22. As always visibility is low but offset by a cheap valuation and large cash buffer.


PC Partner: Record FY21 Results and Strong Dividend. Cash Is 70% of Market Cap. Fair Value 18 HKD.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Compal and Nvidia form partnership for AI server collaboration in 2025, expanding capabilities in the tech industry.</li><li>Taiwan's upcoming AI Basic Act in 2025 prompts consideration of four competing versions, highlighting the significance of AI regulation.</li><li>Foxlink launches Taiwan's largest AI supercomputing hub for SMEs, showcasing the country's advancements in technology for small businesses.</li></ul>

Compal and Nvidia form partnership for AI server collaboration in 2025, expanding capabilities in the tech industry.Taiwan's upcoming AI Basic Act in 2025 prompts consideration of four competing versions, highlighting the significance of AI regulation.Foxlink launches Taiwan's largest AI supercomputing hub for SMEs, showcasing the country's advancements in technology for small businesses.

Tech Supply Chain Tracker (16-Nov-2024): Compal eyes Nvidia AI server by 2025.

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

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

<ul>
<li>TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison</li>
<li>GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.</li>
<li>UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.</li>
</ul>


TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison
GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.
UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.


Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

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 4th which has an aggregated short interest worth USD20.1bn.</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 Taishin Financial, Htc, Airtac International, Yang Ming Marine Transport, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 4th which has an aggregated short interest worth USD20.1bn.
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 Taishin Financial, Htc, Airtac International, Yang Ming Marine Transport, Asustek Computer.


TWSE Short Interest Weekly (Oct 4th): Taishin Financial, Htc, Airtac International

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)

Elan Microelectronics Event: Index Removal Selling Could Exacerbate Price Divergence

We had a call with management. Guidance and product performance implies the company has relative strength vs. its end-market demand weakness.

Vincent Fernando, CFA

PC Partner: Record FY21 Results and Strong Dividend. Cash Is 70% of Market Cap. Fair Value 18 HKD.

Pc Partner has delivered record revenues and profits in FY21. The dividend yield on FY21 results is over 20%. Fair Value remains unchanged at 18 HKD.

Nicolas Van Broekhoven

Tech Supply Chain Tracker (16-Nov-2024): Compal eyes Nvidia AI server by 2025.

Tech news updates: Compal and Nvidia collaborate on AI servers, China's smartphone AP shipments in 3Q 2024, Taiwan's AI Basic Act has 4 versions in...

Tech Supply Chain Tracker

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 4th): Taishin Financial, Htc, Airtac International

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial, Htc, Airtac International,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Elan Microelectronics Event: Index Removal Selling Could Exacerbate Price Divergence

We had a call with management. Guidance and product performance implies the company has relative strength vs. its end-market demand weakness.

Vincent Fernando, CFA

PC Partner: Record FY21 Results and Strong Dividend. Cash Is 70% of Market Cap. Fair Value 18 HKD.

Pc Partner has delivered record revenues and profits in FY21. The dividend yield on FY21 results is over 20%. Fair Value remains unchanged at 18 HKD.

Nicolas Van Broekhoven

Tech Supply Chain Tracker (16-Nov-2024): Compal eyes Nvidia AI server by 2025.

Tech news updates: Compal and Nvidia collaborate on AI servers, China's smartphone AP shipments in 3Q 2024, Taiwan's AI Basic Act has 4 versions in...

Tech Supply Chain Tracker

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

​TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 4th): Taishin Financial, Htc, Airtac International

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial, Htc, Airtac International,...

Ke Yan, CFA, FRM

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...