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>AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.</li>
<li>U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.</li>
<li>TSMC results coming out this week, expecting all-time high revenue.</li>
</ul>


AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.
U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.
TSMC results coming out this week, expecting all-time high revenue.


Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

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 30th which has an aggregated short interest worth USD12.0bn.</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 Evergreen Marine, Quanta computer, Cathay Financial, Fubon Financial, Largan Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 30th which has an aggregated short interest worth USD12.0bn.
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 Evergreen Marine, Quanta computer, Cathay Financial, Fubon Financial, Largan Precision.


TWSE Short Interest Weekly (Sep 30th): Evergreen Marine, Quanta, Cathay, Fubon, Largan

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The 200 largest weighted companies in the GEM index reported average EPS growth of +32.6%y/y for 2Q22, an acceleration from what was reported for 1Q22.</li>
<li>61% of companies delivered positive sales surprise, up from 58% in 1Q22, whilst 56% delivered positive EPS surprise, down from 64% in 1Q22.</li>
<li>Historically, there has been a massive difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


The 200 largest weighted companies in the GEM index reported average EPS growth of +32.6%y/y for 2Q22, an acceleration from what was reported for 1Q22.
61% of companies delivered positive sales surprise, up from 58% in 1Q22, whilst 56% delivered positive EPS surprise, down from 64% in 1Q22.
Historically, there has been a massive difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 2Q2022

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 2nd which has an aggregated short interest worth USD12.4bn.</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 Yang Ming, Alchip, Catcher, Faraday, Via Tech, Evergreen Marine, Largan. </li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 2nd which has an aggregated short interest worth USD12.4bn.
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 Yang Ming, Alchip, Catcher, Faraday, Via Tech, Evergreen Marine, Largan. 


TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.</li>
<li>Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.</li>
<li>Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.</li>
</ul>


It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.
Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.
Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.


Taiwan

Largan Precision Company Limited manufactures and markets optical lens modules and optoelectronic components. The Company offers lenses for liquid crystal display (LCD) projectors, scanners, optical mice, digital still cameras (DSCs), digital versatile discs (DVDs), light emitting diodes (LEDs), and photography mobile phones.

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Largan Precision (3008 TT)

Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 30th): Evergreen Marine, Quanta, Cathay, Fubon, Largan

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Quanta computer, Cathay...

Ke Yan, CFA, FRM

Global Emerging Markets: Reporting Season Summary, 2Q2022

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales- and EPS growth, size and percentage of positive...

Wium Malan, CFA

TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

We analyzed short interest in the TWSE market last week and highlight short interest changes in Yang Ming, Alchip, Catcher, Faraday, Via Tech,...

Ke Yan, CFA, FRM

Asia: The Year in Shorts

There have been large increases and decreases in short interest on stocks across HK, Japan, Korea and Taiwan over the year. We look at the biggest...

Brian Freitas

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