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 foreign holdings of TWSE Stocks as of Sep 6th which has an aggregated holding worth USD928.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,648mln. 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 Yageo, Shin Kong Financial, TSMC, Mediatek, Ctbc Financial, Quanta Computer, Unimicron Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 6th which has an aggregated holding worth USD928.2bn.
We estimate that foreign flows to be outflows of USD2,648mln. 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 Yageo, Shin Kong Financial, TSMC, Mediatek, Ctbc Financial, Quanta Computer, Unimicron Technology.


TWSE Foreign Holding Weekly (Sep 6th): Yageo, Shin Kong Financial, TSMC, Mediatek, Ctbc Financial

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some</li>
<li>This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries</li>
<li>Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world</li>
</ul>


Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some
This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries
Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world


Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 24th which has an aggregated short interest worth USD100.0bn.</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 Asustek Computer, Realtek Semi, Evergreen Marine, Quanta Computer, Hon Hai, Yang Ming Marine, Pharmaessentia.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 24th which has an aggregated short interest worth USD100.0bn.
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 Asustek Computer, Realtek Semi, Evergreen Marine, Quanta Computer, Hon Hai, Yang Ming Marine, Pharmaessentia.


TWSE Short Interest Weekly (May 24th): Asustek Computer, Realtek Semi, Evergreen Marine

Equity Bottom-Up

<ul>
<li>Fair value gains are the single most important driver of good net profit at <a href="https://www.smartkarma.com/entities/king-s-town-bank" target="_blank" data-smartkarma-citation="entities:4136:1" rel="noopener">King's Town Bank (2809 TT)</a> in the most recent quarter.</li>
<li>Monthly revenue figures show strong 179% growth YoY in September, which we can see before any 3Q23 release.</li>
<li>Credit costs rose from 43bps to 83bps of loans from 1Q23 to 2Q23, which is a significant increase, may be more reflective of underlying operations.</li>
</ul>


Fair value gains are the single most important driver of good net profit at King's Town Bank (2809 TT) in the most recent quarter.
Monthly revenue figures show strong 179% growth YoY in September, which we can see before any 3Q23 release.
Credit costs rose from 43bps to 83bps of loans from 1Q23 to 2Q23, which is a significant increase, may be more reflective of underlying operations.


King's Town Bank - Net Profit +NTD697m Vs Fair Value Gains +NTD2,004m, Core Items All Worsening

Taishin Financial Holding / Equity Bottom-Up

<ul>
<li>The monthly profit figures at Taishin are rising substantially, suggesting a strong 2Q23</li>
<li>Taishin's LDR had declined dramatically in 1Q23, monthly figures may suggest expansion</li>
<li>With declining credit costs, to match lower NPLs, the outlook for Taishin's profit is strong</li>
</ul>


The monthly profit figures at Taishin are rising substantially, suggesting a strong 2Q23
Taishin's LDR had declined dramatically in 1Q23, monthly figures may suggest expansion
With declining credit costs, to match lower NPLs, the outlook for Taishin's profit is strong


Taishin - Monthly Profit Surge at +253% in May Suggests Strong Quarterly Numbers

Taiwan

First Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company accepts deposits, provides loans and discount, letters of credit, and guarantee services, invests in marketable securities, provides securities brokerage and investment services, as well as provides insurance services.

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First Financial Holding Co (2892 TT)

TWSE Foreign Holding Weekly (Sep 6th): Yageo, Shin Kong Financial, TSMC, Mediatek, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Yageo, Shin Kong Financial, TSMC, Mediatek, Ctbc...

Ke Yan, CFA, FRM

Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Taiwan's banks may be unique with reasonable tech exposure, a possible driver for some of the best loan volume anywhere, with strong credit...

Daniel Tabbush

TWSE Short Interest Weekly (May 24th): Asustek Computer, Realtek Semi, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Asustek Computer, Realtek Semi, Evergreen...

Ke Yan, CFA, FRM

King's Town Bank - Net Profit +NTD697m Vs Fair Value Gains +NTD2,004m, Core Items All Worsening

King's Town Bank is seeing earnings driven only by Fair Value Gains. Its net interest income, net fee income, operating costs, are worsening....

Daniel Tabbush

Taishin - Monthly Profit Surge at +253% in May Suggests Strong Quarterly Numbers

Monthly profit figures are provided by Taiwan's banks, and the growth for Taishin in April and May has been incredibly strong, suggesting a very...

Daniel Tabbush

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