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 11th which has an aggregated short interest worth USD20.2bn.</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 Hon Hai Precision Industry, Global Unichip, Via Technologies, Wan Hai Lines, Taiwan Cement, Shin Kong Financial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 11th which has an aggregated short interest worth USD20.2bn.
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 Hon Hai Precision Industry, Global Unichip, Via Technologies, Wan Hai Lines, Taiwan Cement, Shin Kong Financial.


TWSE Short Interest Weekly (Oct 11th): Hon Hai Precision Industry, Global Unichip, Via Technologies

External broker reports(aggregated public sources), Masterlink Securities Corp

Masterlink Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

I-Chiun Precision Industry / Equity Bottom-Up

<p>FY22 operations will enjoy multiple growth drivers, including IC lead frame, heat spreader, photo coupler lead frame, and ceramic substrate. That said, the positive information released during I-Chiun’s investor conference has already been partially factored in the company’s short-term share prices. I-Chiun will face challenges from China’s power restrictions in the short term, as three out of four of its factories are located in China. Therefore, the company will be affected by the power cuts once the restrictions are tightened, which is the biggest risk. If the risk of power cuts is excluded, I-Chiun’s operations should gradually improve in 2022. We forecast I-Chiun’s FY21 and FY22 EPS at NT$2.78 and NT$4.95, respectively. For the company’s industry peers such as Jentech (3653 TT) and Kenly (5383 TT), their valuations may rise, and I-Chiun is currently trading at 12x FY22 EPS, which is not high. We believe a better timing to accumulate shares is when prices are close to 10x FY22 EPS, and we assign a TP of NT$80 for I-Chiun (16x FY22 EPS). </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

FY22 operations will enjoy multiple growth drivers, including IC lead frame, heat spreader, photo coupler lead frame, and ceramic substrate. That said, the positive information released during I-Chiun’s investor conference has already been partially factored in the company’s short-term share prices. I-Chiun will face challenges from China’s power restrictions in the short term, as three out of four of its factories are located in China. Therefore, the company will be affected by the power cuts once the restrictions are tightened, which is the biggest risk. If the risk of power cuts is excluded, I-Chiun’s operations should gradually improve in 2022. We forecast I-Chiun’s FY21 and FY22 EPS at NT$2.78 and NT$4.95, respectively. For the company’s industry peers such as Jentech (3653 TT) and Kenly (5383 TT), their valuations may rise, and I-Chiun is currently trading at 12x FY22 EPS, which is not high. We believe a better timing to accumulate shares is when prices are close to 10x FY22 EPS, and we assign a TP of NT$80 for I-Chiun (16x FY22 EPS). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

I-Chiun Precision (2486 TT) IC Lead Frame & Heat Spreader as Dual Engines 

Taiwan

I-Chiun Precision Industry Co., Ltd. manufactures light emitting diode (LED) lead frames, center cores for floppy disks, and other computer components.

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I-Chiun Precision Industry (2486 TT)

TWSE Short Interest Weekly (Oct 11th): Hon Hai Precision Industry, Global Unichip, Via Technologies

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

Ke Yan, CFA, FRM

I-Chiun Precision (2486 TT) IC Lead Frame & Heat Spreader as Dual Engines

FY22 operations will enjoy multiple growth drivers, including IC lead frame, heat spreader, photo coupler lead frame, and ceramic substrate. That...

Masterlink Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)