APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> is looking to raise up to US$681m in its GDR offering. The proceeds will be used to purchase raw materials overseas.</li>
<li>The deal is a somewhat large one to digest at 20.2 days of three month ADV and the proceeds will be used to purchase raw materials overseas. </li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Globalwafers (6488 TT) is looking to raise up to US$681m in its GDR offering. The proceeds will be used to purchase raw materials overseas.
The deal is a somewhat large one to digest at 20.2 days of three month ADV and the proceeds will be used to purchase raw materials overseas. 
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Globalwafers GDR Offering - Coming to Market Earlier than Anticipated

Clarence Chu

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> is looking to raise up to US$870m in its upcoming global depository receipts (GDRs) offering.</li>
<li>GlobalWafer recently announced its board’s resolution to issue between 36-45m new shares in the form of GDRs, with the use of proceeds geared towards purchasing of raw materials overseas.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Globalwafers (6488 TT) is looking to raise up to US$870m in its upcoming global depository receipts (GDRs) offering.
GlobalWafer recently announced its board’s resolution to issue between 36-45m new shares in the form of GDRs, with the use of proceeds geared towards purchasing of raw materials overseas.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


GlobalWafer GDRs Early Look - Last Deal Did Well, the US$870m Raising Here Will Take It to Net Cash

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>The <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> outlook for 1Q24F is likely to show a slightly negative QoQ revenue trend. However, we anticipate a positive direction from 2Q24F onwards.  </li>
<li>We have a relatively high conviction for 2024F compared to 2023, indicating upside potential for the Memory and Logic sectors.</li>
<li>The supply of 12" raw wafers remains constrained among the top market players, and overcoming this constraint won't be easy.  </li>
</ul>


The Globalwafers (6488 TT) outlook for 1Q24F is likely to show a slightly negative QoQ revenue trend. However, we anticipate a positive direction from 2Q24F onwards.  
We have a relatively high conviction for 2024F compared to 2023, indicating upside potential for the Memory and Logic sectors.
The supply of 12" raw wafers remains constrained among the top market players, and overcoming this constraint won't be easy.  


GlobalWafers (6488.TT): 1Q24F Outlook Could Be a Bit Downside, but 2Q24F Could Be Picking Upward.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>ASPEED blazing a trail with 92.9% YoY revenue growth in May</li>
<li>Quanta, WiWynn, TSMC and Nanya all &gt; 30% YoY revenue growth in May</li>
<li>TSMC looking likely to exceed 30% YoY revenue growth in 2024</li>
</ul>


ASPEED blazing a trail with 92.9% YoY revenue growth in May
Quanta, WiWynn, TSMC and Nanya all &gt; 30% YoY revenue growth in May
TSMC looking likely to exceed 30% YoY revenue growth in 2024


Taiwan Semis May '24 Revenue Roundup. Looking Good Across The Board

<ul>
<li>Taiwan companies are required to report revenue on a monthly basis. These updates can help us understand how a given quarter is progressing &amp; predict quarterly earnings ahead of time</li>
<li>Initially we focused on MoM %  increase/decrease. This is useful, but one needs to account for anomalies such as seasonality and potential non-linearity month to month within a given quarter </li>
<li>We now also provide the monthly YoY revenue comparison. This eliminates anomalies due to both seasonality and intra-quarter non-linearity, enabling a clearer perspective on where the industry is at. </li>
</ul>


Taiwan companies are required to report revenue on a monthly basis. These updates can help us understand how a given quarter is progressing &amp; predict quarterly earnings ahead of time
Initially we focused on MoM %  increase/decrease. This is useful, but one needs to account for anomalies such as seasonality and potential non-linearity month to month within a given quarter 
We now also provide the monthly YoY revenue comparison. This eliminates anomalies due to both seasonality and intra-quarter non-linearity, enabling a clearer perspective on where the industry is at. 


Semiconductor Real Time Indicators Update

Taiwan

Globalwafers Co., Ltd. specializes in silicon wafer manufacturing and also provides solar wafers and crystal rods. The Company possesses a complete production line from ingot growth, slicing, etching, diffusion, polishing to epitaxy. Their products include Epi wafers, polished wafers, etched wafers, ultra thin wafers and deep diffusion wafers.

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Globalwafers (6488 TT)

Globalwafers GDR Offering - Coming to Market Earlier than Anticipated

Globalwafers (6488 TT) is looking to raise up to US$681m in its GDR offering. The proceeds will be used to purchase raw materials overseas.

Ethan Aw

GlobalWafer GDRs Early Look - Last Deal Did Well, the US$870m Raising Here Will Take It to Net Cash

Globalwafers (6488 TT) is looking to raise up to US$870m in its upcoming global depository receipts (GDRs) offering. If and when the deal...

Clarence Chu