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>Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.</li>
<li>We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.</li>
<li>Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.</li>
</ul>


Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.
We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.
Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.


Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>With two weeks left to the cutoff, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.</li>
<li>Apart from the adds/deletes, there will also be capping and funding flows that will lead to an estimated one-way turnover of 13.5% and a one-way trade of US$886m.</li>
<li>There are 9 stocks with at least 5 days ADV to trade from passive trackers and another 12 stocks that have at least 1 day ADV to trade.</li>
</ul>


With two weeks left to the cutoff, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
Apart from the adds/deletes, there will also be capping and funding flows that will lead to an estimated one-way turnover of 13.5% and a one-way trade of US$886m.
There are 9 stocks with at least 5 days ADV to trade from passive trackers and another 12 stocks that have at least 1 day ADV to trade.


Yuanta/​​P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

<ul>
<li>Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.</li>
<li>Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.</li>
<li>AMD reportedly transfers some 4nm chip business to Samsung from TSMC.</li>
</ul>


Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.
Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.
AMD reportedly transfers some 4nm chip business to Samsung from TSMC.


Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

<ul>
<li>We analyze increase in institutional ownership across our Taiwan Tech universe.</li>
<li>Realtek, Nuvoton, Powerchip, Faraday Technology stand out as stocks that have had rising institutional ownership but have traded flat over the same period. Realtek will have earnings April 21st.</li>
<li>Advanced Energy has fallen in price even as institutions appear to have accumulated the stock.</li>
</ul>


We analyze increase in institutional ownership across our Taiwan Tech universe.
Realtek, Nuvoton, Powerchip, Faraday Technology stand out as stocks that have had rising institutional ownership but have traded flat over the same period. Realtek will have earnings April 21st.
Advanced Energy has fallen in price even as institutions appear to have accumulated the stock.


Ten Taiwan Tech Stocks With Largest Rising Institutional Ownership

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 Feb 17th which has an aggregated short interest worth USD11.5bn.</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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.
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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.


TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

Taiwan

Taiwan Surface Mounting Technology Corp assembles printed circuit boards (PCBs).

Taiwan Surface Mounting Tech Corp. (6278 TT)

Himax Technologies, Inc. designs and manufactures integrated circuits.  The Company produces liquid crystal displays (LCD).

Kinsus Interconnect Technology Corp. manufactures BGA (Ball Grid Array) boards. The Company's products include PBGA (Plastic BGA), MCM (Multi Chip Module) BGA, Mini BGA, TEBGA (Thermal Enhanced BGA), and flip chip substrate boards.

Macronix International Co., Ltd. designs, manufactures, and markets integrated circuits (ICs) as well as memory products.  The Company's products include nonvolatile memory integrated circuits, mask ROM (Read Only Memory), EPROM (Erasable Programmable ROM), and flash memory products.  Macronix also produces logic ICs for audio, clock generators, and graphic application devices.

CHIPBOND Technology Corporation provides chip packaging service for the IC (Integrated Circuit) industry.  The Company manufactures Gold Bump, TCP (Tape Carrier Packaging), Solder Bump, and COG (Chip on Glass), which are applied to the process of packaging.

Silicon Integrated Systems Corp. manufactures and markets chipsets for computers and multimedia products.

Grand Plastic Technology Corp.  specializes in equipment for back end semiconductor manufacturing.  The Company's equipment is used for bumping in the semiconductor packaging and assembly step.

Topco Scientific Co., Ltd. distributes semiconductor and optoelectronic components and equipment. The Company also designs and contracts water-purifying and treatment systems for hi-tech wastes.

MPI Corporation designs, manufactures, and markets probe cards and probe stations for wafer testing.

Gudeng Precision Industrial Co., Ltd. provides integrated solutions for material handling, transfer and storage. The Company's produces mask case and wafer solution products. Gudeng Precision also offers cleaning and repair services.

MICRONICS JAPAN CO., LTD. designs, manufactures, and markets probe cards, which are used to inspect semiconductors and integrated circuits (ICs).  The Company also makes wafer probers, probe card testers, IC handlers, and inspection devices used for liquid crystal display (LCD) manufacturing.

Shanghai Sinyang Semiconductor Materials Co. Ltd. develops, produces, and provides services for the electronic chemicals used in the semiconductor industry. The company also provides electronic cleaning and electronic plating core technologies. They develops specialized equipment, such as: chemical materials, equipment, and application process etc.

Shanghai Sinyang Smcndctr Mtls (300236 CH)

EO Technics Co., Ltd. is a laser-based equipment supplier. The Company develops laser technology and applications used for marking, drilling, trimming and cutting.

Techwing Inc., manufactures parts for semiconductor testing equipment. The Company's product includes test handlers, Change of Kit (C.O.K) and test interface boards.  The company's main product, test handlers, is core  semiconductor testing equipment.

Sanken Electric Co., Ltd. manufactures and sells discrete semiconductors such as diodes and transistors, and analog integrated circuits.  The Company also manufactures various kinds of adapters and surge/transient protectors.

Photronics, Inc. manufactures photomasks, which are high precision quartz plates that contain microscopic images of electronic circuits.  The Company's products are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits.  Photronics operates manufacturing facilities in Asia, Europe, and North America.

Unisem (M) Berhad manufactures semiconductor devices.  The Company provides turnkey solutions to its customers in wafer grinding, packaging and testing of integrated circuits, tape and reel, and dropship services. Unisem also provides packaging and testing wide range of leadframe packages.

Cohu, Inc. designs, manufactures, and sells semiconductor test handling equipment to semiconductor manufacturers throughout the world.  The Company also manufactures closed circuit television, metal detection, and microwave equipment.

PDF Solutions, Inc. provides infrastructure technologies and services to optimize performance and improve yield of manufactured integrated circuits.  The Company provides its services and technologies to integrated device manufacturers such as Toshiba Corporation and Texas Instruments Incorporated.

Mitsui High-tec, Inc. produces integrated circuit leadframes, assembly parts, and related equipment.  The Company also manufactures and sells precision machine tools, such as metal molds for presses and machine tools. Mitsui High-tec also operates a real estate business.

Nuvoton Technology Corp. manudfactures a wide range of semiconductor products. The Company's products lines are Consumer Electronics integrated Circuits (IC) and Computer IC.

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Nuvoton Technology (4919 TT)

Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Quanta has tracked Apple's share price success while many other suppliers have lagged by a large margin. Separately, one can consider going Long...

Vincent Fernando, CFA

Yuanta/P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

With 2 weeks to cutoff, we see 5 changes in June. The deletions are fairly clear, but there are a lot of non-constituents crowded around similar...

Brian Freitas

Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

Ten Taiwan Tech Stocks With Largest Rising Institutional Ownership

Realtek, Nuvoton, Powerchip, Faraday Technology stand out as stocks that have had rising institutional ownership but have traded flat over the same...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Yulon Motor, Nuvoton Tech, Airtac.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Quanta has tracked Apple's share price success while many other suppliers have lagged by a large margin. Separately, one can consider going Long...

Vincent Fernando, CFA

Yuanta/​​P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff

With 2 weeks to cutoff, we see 5 changes in June. The deletions are fairly clear, but there are a lot of non-constituents crowded around similar...

Brian Freitas

Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

Ten Taiwan Tech Stocks With Largest Rising Institutional Ownership

Realtek, Nuvoton, Powerchip, Faraday Technology stand out as stocks that have had rising institutional ownership but have traded flat over the same...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Yulon Motor, Nuvoton Tech, Airtac.

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Dividend+ ETF Preview: Two Weeks to Cutoff