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 Dec 2nd which has an aggregated short interest worth USD14.6bn.</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 analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 2nd which has an aggregated short interest worth USD14.6bn.
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 analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.


TWSE Short Interest Weekly (Dec 2nd): Walsin Lihwa, Gold Circuit, Lotus

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

Formosa Sumco Technology / Equity Bottom-Up

<ul>
<li>The company recently announced poor earnings down 56% YoY in 1Q24</li>
<li>Dwindling cash is another major concern especially with higher debt/ebitda</li>
<li>At 15-25% ROE is sensible but now back toward 5% there is less enthusiasm </li>
</ul>


The company recently announced poor earnings down 56% YoY in 1Q24
Dwindling cash is another major concern especially with higher debt/ebitda
At 15-25% ROE is sensible but now back toward 5% there is less enthusiasm 


Formosa Sumco Technology - Earnings, Returns, Financial Position, Worsening Dramatically

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>3Q22E earnings came in mostly ahead of expectations, however, if one looks at margin and inventory performance, the latest earnings season doesn't look so good.</li>
<li>Semiconductor margins fell and inventory days rose multi-year highs, Hardware margins fell further and inventory days look worse than ever.</li>
<li>Conclusion: 4Q22E end-demand could disappoint significantly and then companies will be slashing prices/writing off inventory into 1Q23E.</li>
</ul>


3Q22E earnings came in mostly ahead of expectations, however, if one looks at margin and inventory performance, the latest earnings season doesn't look so good.
Semiconductor margins fell and inventory days rose multi-year highs, Hardware margins fell further and inventory days look worse than ever.
Conclusion: 4Q22E end-demand could disappoint significantly and then companies will be slashing prices/writing off inventory into 1Q23E.


Taiwan Tech 3Q22 Earnings Season Ex-Post: Signs of Major Margin Pain Ahead

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Nov 25th which has an aggregated short interest worth USD14.0bn.</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 Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 25th which has an aggregated short interest worth USD14.0bn.
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 Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing.


TWSE Short Interest Weekly (Nov 25th): Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Nov 18th which has an aggregated short interest worth USD13.9bn.</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, Yageo, Evergreen Marine, UMC, ASE, Powerchip.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 18th which has an aggregated short interest worth USD13.9bn.
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, Yageo, Evergreen Marine, UMC, ASE, Powerchip.


TWSE Short Interest Weekly (Nov 18th): Wiwynn, Yageo, Evergreen Marine, UMC, ASE, Powerchip

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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Mediatek Inc (2454 TT)

TWSE Short Interest Weekly (Dec 2nd): Walsin Lihwa, Gold Circuit, Lotus

We analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.

Ke Yan, CFA, FRM

Formosa Sumco Technology - Earnings, Returns, Financial Position, Worsening Dramatically

Company is seeing far lower net profit, with the just-announced quarter one of the worst on record in recent years. Debt is now a factor and SG&A...

Daniel Tabbush

Taiwan Tech 3Q22 Earnings Season Ex-Post: Signs of Major Margin Pain Ahead

If we examine the industry's latest gross margin and inventory performance, the latest quarterly results don't look so good.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Nov 25th): Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Nov 18th): Wiwynn, Yageo, Evergreen Marine, UMC, ASE, Powerchip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wiwynn, Yageo, Evergreen Marine, UMC, ASE, Powerchip.

Ke Yan, CFA, FRM

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