Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Micron's outlook for next quarter's margin will be key, provides good color on future margin for key Taiwan names</li>
<li>Intel conference could be catalyst for Intel Long/Short, CEO will be giving a keynote on company's new direction</li>
<li>AMD meeting many Taiwan-listed companies, Hon Hai EV platform closes new deal in Indonesia</li>
</ul>


Micron's outlook for next quarter's margin will be key, provides good color on future margin for key Taiwan names
Intel conference could be catalyst for Intel Long/Short, CEO will be giving a keynote on company's new direction
AMD meeting many Taiwan-listed companies, Hon Hai EV platform closes new deal in Indonesia


Taiwan Tech Weekly: Micron Forecasts This Week, Intel Conference, AMD CEO to Visit Taiwan Suppliers

<ul>
<li>Biden makes the most definitive statement to date that the US will defend Taiwan.</li>
<li>Texas Instruments hikes dividend, annouces additional buyback. Will other cash rich semiconductor stocks follow suit?</li>
<li>Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.</li>
</ul>


Biden makes the most definitive statement to date that the US will defend Taiwan.
Texas Instruments hikes dividend, annouces additional buyback. Will other cash rich semiconductor stocks follow suit?
Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.


Taiwan Tech Weekly: Biden Says US Will Defend Taiwan, Texas Instruments Gives Hope

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 Sep 16th which has an aggregated short interest worth USD12.7bn.</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 China Airlines, Powerchip, Formasa Plastics, Hon Hai, Alchip, Asustek, Yageo, Innolux.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 16th which has an aggregated short interest worth USD12.7bn.
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 China Airlines, Powerchip, Formasa Plastics, Hon Hai, Alchip, Asustek, Yageo, Innolux.


TWSE Short Interest Weekly (Sep 16th): Short Spikes For Formosa Plastics, Hon Hai

Thematic (Sector/Industry)

<ul>
<li>Nvidia guidance shook semiconductor stocks last week and remains an overhang this week.</li>
<li>Nvidia's outlook for its different segments may highlight longer-term industry trends, a major shift is coming in terms of semiconductor end-demand growth.</li>
<li>The latest chip prices for DRAM and SPOT are weak, but company margins and balance sheets are very strong going into the latest downturn.</li>
</ul>


Nvidia guidance shook semiconductor stocks last week and remains an overhang this week.
Nvidia's outlook for its different segments may highlight longer-term industry trends, a major shift is coming in terms of semiconductor end-demand growth.
The latest chip prices for DRAM and SPOT are weak, but company margins and balance sheets are very strong going into the latest downturn.


Taiwan Tech Weekly: Nvidia Spooking the Market, Look to Auto Demand Growth

<ul>
<li>Performance overall flat, though some fallen stocks have staged rebounds</li>
<li>More signs of manufacturing diversifying away from China, this time from Foxconn</li>
<li>Earnings season tended to show earnings beats across hardware and semiconductors, however semiconductor forward earnings tended to be downgraded</li>
</ul>


Performance overall flat, though some fallen stocks have staged rebounds
More signs of manufacturing diversifying away from China, this time from Foxconn
Earnings season tended to show earnings beats across hardware and semiconductors, however semiconductor forward earnings tended to be downgraded


Taiwan Tech Weekly: Rebounds of Sold-Down Stocks, Manufacturing Diversifying Away from China

Taiwan

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

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Hon Hai Precision Industry (2317 TT)

Taiwan Tech Weekly: Micron Forecasts This Week, Intel Conference, AMD CEO to Visit Taiwan Suppliers

Micron's outlook for next quarter's margin will be key, provides good color on future margin for key Taiwan names. AMD CEO to meet with many Taiwan...

Vincent Fernando, CFA

Taiwan Tech Weekly: Biden Says US Will Defend Taiwan, Texas Instruments Gives Hope

Also: Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 16th): Short Spikes For Formosa Plastics, Hon Hai

We analyzed TWSE short interest report for the past week and highlight short interest changes in China Airlines, Powerchip, Formasa Plastics, Hon...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Nvidia Spooking the Market, Look to Auto Demand Growth

Nvidia guidance shook semiconductor stocks last week and remains an overhang this week. We also show how Automotive will become the single largest...

Vincent Fernando, CFA

Taiwan Tech Weekly: Rebounds of Sold-Down Stocks, Manufacturing Diversifying Away from China

Earnings season has shown mostly earnings beats, however, semiconductor outlook mostly downgraded. More signs of manufacturing diversifying sway...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)