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>TSMC is cutting its 2023E capex plans by 12% according to Taiwan's EDN. The company will also report earnings this Thursday.</li>
<li>TSMC suppliers ASML and Lam Research will also be reporting this week. Realtek will report this week as well.</li>
<li>Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta &amp; Pegatron pair.</li>
</ul>


TSMC is cutting its 2023E capex plans by 12% according to Taiwan's EDN. The company will also report earnings this Thursday.
TSMC suppliers ASML and Lam Research will also be reporting this week. Realtek will report this week as well.
Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta &amp; Pegatron pair.


Taiwan Tech Weekly: TSMC Cutting Capex, Earnings This Week; Suppliers ASML & Lam Also Will Report

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pegavision-corp" target="_blank" data-smartkarma-citation="entities:14805:1" rel="noopener">Pegavision Corp (6491 TT)</a> has started 2023 on a weak note. During 1Q23, the company recorded revenue of NT$1,460M, representing YoY decline of ~2% and QoQ decline of ~18%.</li>
<li>During January and February 2023, Pegavision’s Chairman, Guo Ming-Dong has sold 53K and 66K shares, respectively, thereby reducing his shareholding to ~1.57M from initial ~1.9M.</li>
<li>Disappointing monthly revenue, coupled with regular insider selling should limit the near-term upside potential of Pegavision. Since end of February, Pegavision shares have corrected 10%.</li>
</ul>



Pegavision Corp (6491 TT) has started 2023 on a weak note. During 1Q23, the company recorded revenue of NT$1,460M, representing YoY decline of ~2% and QoQ decline of ~18%.
During January and February 2023, Pegavision’s Chairman, Guo Ming-Dong has sold 53K and 66K shares, respectively, thereby reducing his shareholding to ~1.57M from initial ~1.9M.
Disappointing monthly revenue, coupled with regular insider selling should limit the near-term upside potential of Pegavision. Since end of February, Pegavision shares have corrected 10%.


Pegavision Corp (6491 TT): Near-Term Concerns To Limit Upside Potential

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Tong Hsing Electronic Industries Ltd / Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2023 Rebalance.</li>
<li>As things stand, there do not seem to be any ADDs/DELs for the T50 index or the T100 index.</li>
<li>However, with multiple names close to the border and with two more months to the base date a lot of ranks could change.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2023 Rebalance.
As things stand, there do not seem to be any ADDs/DELs for the T50 index or the T100 index.
However, with multiple names close to the border and with two more months to the base date a lot of ranks could change.


Quiddity Leaderboard TWSE50/100 Jun 23: Tong Hsing in the Spotlight Again

<ul>
<li>Apple &amp; Hon Hai are lobbying for easier labor laws in India, setting the ground for a major shift of production to the country.</li>
<li>TSMC is being heavily courted by Singapore to set up a manufacturing facility in the city state.</li>
<li>Hon Hai will report earnings this week. We are structurally long the company despite potential for weak 4Q numbers.</li>
</ul>


Apple &amp; Hon Hai are lobbying for easier labor laws in India, setting the ground for a major shift of production to the country.
TSMC is being heavily courted by Singapore to set up a manufacturing facility in the city state.
Hon Hai will report earnings this week. We are structurally long the company despite potential for weak 4Q numbers.


Taiwan Tech Weekly: Apple & Hon Hai Push for India Labor Changes, Singapore Heavily Courting TSMC

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 Mar 3rd which has an aggregated short interest worth USD11.8bn.</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 Silergy, Via Tech, Evergreen Marine, Wiwynn.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 3rd which has an aggregated short interest worth USD11.8bn.
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 Silergy, Via Tech, Evergreen Marine, Wiwynn.


TWSE Short Interest Weekly (Mar 3rd): Silergy, Via Tech, Evergreen Marine, Wiwynn

Taiwan

Pegatron Corp is a design, manufacturing and service company. The Company produces motherboards, desktop PCs, notebooks, broadband, wireless systems, game consoles, networking, multimedia, LCD TV, and more.

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Pegatron Corp (4938 TT)

Taiwan Tech Weekly: TSMC Cutting Capex, Earnings This Week; Suppliers ASML & Lam Also Will Report

Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta & Pegatron pair.

Vincent Fernando, CFA

Pegavision Corp (6491 TT): Near-Term Concerns To Limit Upside Potential

During 1Q23, Pegavision recorded revenue of NT$1.5B, down 2% YoY and 18% QoQ. With China and Japan reopening the demand should have been strong....

Tina Banerjee

Quiddity Leaderboard TWSE50/100 Jun 23: Tong Hsing in the Spotlight Again

Tong Hsing Electronic is close to becoming a T100 DEL which means it is also close to becoming a Div+ index DEL which might have significant index...

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: Apple & Hon Hai Push for India Labor Changes, Singapore Heavily Courting TSMC

Hon Hai results are coming out March 15th. The U.S. is also reportedly preparing even more China restrictions for semiconductor equipment.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 3rd): Silergy, Via Tech, Evergreen Marine, Wiwynn

We analyzed TWSE short interest report for the past week and highlight short interest changes in Silergy, Via Tech, Evergreen Marine, Wiwynn.

Ke Yan, CFA, FRM

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