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>Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key partnerships.</li>
<li>Semiconductor shorts have been squeezed after the global rally sparked by Nvidia's monster results; We released our latest Taiwan Shorts Monitor to identify short squeezes.</li>
<li>Earnings: Light this week for Taiwan, however PC industry leaders Hewlett Packard Co (HPQ US) and Dell Technologies Inc (DELL US) will report.</li>
</ul>


Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key partnerships.
Semiconductor shorts have been squeezed after the global rally sparked by Nvidia's monster results; We released our latest Taiwan Shorts Monitor to identify short squeezes.
Earnings: Light this week for Taiwan, however PC industry leaders Hewlett Packard Co (HPQ US) and Dell Technologies Inc (DELL US) will report.


Taiwan Tech Weekly: Nvidia in Taiwan - Everyone Will Need 'AI Factories'; Identifying Short Squeezes

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.

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 Nov 15th which has an aggregated short interest worth USD21.5bn.</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 Wiwynn, Hon Hai Precision Industry, Ase Industrial, Mitac, Bizlink, Wistron, Alchip Technologies, Lite-On Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 15th which has an aggregated short interest worth USD21.5bn.
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 Wiwynn, Hon Hai Precision Industry, Ase Industrial, Mitac, Bizlink, Wistron, Alchip Technologies, Lite-On Technology.


TWSE Short Interest Weekly (Nov 15th): Wiwynn, Hon Hai Precision Industry, Ase Industrial, Mitac

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 16th which has an aggregated holding worth USD955.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,501mln. 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 foreign changes in TSMC, Umc, Yageo, Evergreen Marine.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 16th which has an aggregated holding worth USD955.9bn.
We estimate that foreign flows to be inflows of USD2,501mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in TSMC, Umc, Yageo, Evergreen Marine.


TWSE Foreign Holding Weekly (Aug 16th): TSMC, Umc, Yageo, Evergreen Marine

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 16th which has an aggregated short interest worth USD19.4bn.</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 TSMC, Fortune Elec, Hon Hai, Far Eastone Tele, Chunghwa Telecom.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 16th which has an aggregated short interest worth USD19.4bn.
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 TSMC, Fortune Elec, Hon Hai, Far Eastone Tele, Chunghwa Telecom.


TWSE Short Interest Weekly (Aug 16th): TSMC, Fortune Elec, Hon Hai, Far Eastone Tele

Taiwan

Gigabyte Technology Co., Ltd. manufactures and markets computer motherboards and other peripheral products.

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Gigabyte Technology (2376 TT)

Taiwan Tech Weekly: Nvidia in Taiwan - Everyone Will Need 'AI Factories'; Identifying Short Squeezes

Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key...

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

TWSE Short Interest Weekly (Nov 15th): Wiwynn, Hon Hai Precision Industry, Ase Industrial, Mitac

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wiwynn, Hon Hai Precision Industry, Ase...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 16th): TSMC, Umc, Yageo, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Umc, Yageo, Evergreen Marine.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 16th): TSMC, Fortune Elec, Hon Hai, Far Eastone Tele

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Fortune Elec, Hon Hai, Far Eastone Tele,...

Ke Yan, CFA, FRM

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