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 20th which has an aggregated short interest worth USD22.2bn.</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 Yang Ming Marine, Wiwynn, Quanta Computer, Evergreen Marine, TSMC, Elite Material, Mitac, Bizlink.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 20th which has an aggregated short interest worth USD22.2bn.
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 Yang Ming Marine, Wiwynn, Quanta Computer, Evergreen Marine, TSMC, Elite Material, Mitac, Bizlink.


TWSE Short Interest Weekly (Dec 20th): Yang Ming Marine, Wiwynn, Quanta Computer, Evergreen Marine

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 20th which has an aggregated holding worth USD993.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,219mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Alchip Technologies, TSMC, Asia Optical, Elite Material, Hon Hai Precision Industry, Yang Ming Marine, Quanta Computer, Asia Vital Components.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 20th which has an aggregated holding worth USD993.3bn.
We estimate that foreign flows to be outflows of USD1,219mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Alchip Technologies, TSMC, Asia Optical, Elite Material, Hon Hai Precision Industry, Yang Ming Marine, Quanta Computer, Asia Vital Components.


TWSE Foreign Holding Weekly (Dec 20th): Alchip Technologies, TSMC, Asia Optical, Elite Material

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.</li>
<li>Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.</li>
<li>The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.</li>
</ul>


3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.
Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.
The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.


Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>ASPEED's July revenue amounted to NTD 601 million,  up 159% YoY </li>
<li>ASPEED's YTD revenue of NTD 2,970 million, is up 88% YoY</li>
<li>This bodes well for H224 server shipments, both general purpose and AI accelerated and should be reflected in NVIDIA's earnings/outlook scheduled for August 28</li>
</ul>


ASPEED's July revenue amounted to NTD 601 million,  up 159% YoY 
ASPEED's YTD revenue of NTD 2,970 million, is up 88% YoY
This bodes well for H224 server shipments, both general purpose and AI accelerated and should be reflected in NVIDIA's earnings/outlook scheduled for August 28


ASPEED's 159% July Revenue YoY Growth Bodes Well For H224 AI Server Shipments

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.</li>
<li>TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.</li>
<li>We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.</li>
</ul>


Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.
TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.
We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.


From Nvidia Results to See Supply Chain Stories?

Taiwan

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

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Quanta Computer (2382 TT)

TWSE Short Interest Weekly (Dec 20th): Yang Ming Marine, Wiwynn, Quanta Computer, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yang Ming Marine, Wiwynn, Quanta Computer,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 20th): Alchip Technologies, TSMC, Asia Optical, Elite Material

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Alchip Technologies, TSMC, Asia Optical, Elite...

Ke Yan, CFA, FRM

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...

Nicolas Baratte

ASPEED's 159% July Revenue YoY Growth Bodes Well For H224 AI Server Shipments

ASPEED's July revenue NTD 601 million, up 159% YoY. YTD revenue NTD 2,970 million, is up 88% YoY. Bodes well for H224 server shipments & NVIDIA's...

William Keating

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Dec 20th): Yang Ming Marine, Wiwynn, Quanta Computer, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yang Ming Marine, Wiwynn, Quanta Computer,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 20th): Alchip Technologies, TSMC, Asia Optical, Elite Material

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Alchip Technologies, TSMC, Asia Optical, Elite...

Ke Yan, CFA, FRM

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

​Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...

Nicolas Baratte

ASPEED's 159% July Revenue YoY Growth Bodes Well For H224 AI Server Shipments

ASPEED's July revenue NTD 601 million, up 159% YoY. YTD revenue NTD 2,970 million, is up 88% YoY. Bodes well for H224 server shipments & NVIDIA's...

William Keating

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...