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 2nd which has an aggregated short interest worth USD63.2bn.</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 Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC, Quanta Computer, Asia Vital.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 2nd which has an aggregated short interest worth USD63.2bn.
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 Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC, Quanta Computer, Asia Vital.


TWSE Short Interest Weekly (Feb 2nd): Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Revenue declined by a single-digit percentage quarter over quarter. However, it is expected to improve in the following quarters. </li>
<li>Automotive applications are currently undergoing inventory adjustments, while consumer applications are entering the low season. Electric Vehicle components are expected to continue growing.</li>
<li>It will still maintain the previous payout level of NTD$4.5.</li>
</ul>


Revenue declined by a single-digit percentage quarter over quarter. However, it is expected to improve in the following quarters. 
Automotive applications are currently undergoing inventory adjustments, while consumer applications are entering the low season. Electric Vehicle components are expected to continue growing.
It will still maintain the previous payout level of NTD$4.5.


Vanguard (5347.TT): 1Q24F In-Line with Our Expectation, Following a Upside Quarter over Quarter.

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASEH expects inventory adjustments to be completed in 1H24 and the growth to accelerate in 2H24. ASEH also expects IC-ATM to grow similarly to the semiconductor logic market in 2024H.</li>
<li>The 1Q24F guidance is looking at sales and GM levels for both IC ATM and EMS to be similar to 1Q23 levels.</li>
<li>Most customers will be back on the recovery path by at least 3Q24F.  </li>
</ul>


ASEH expects inventory adjustments to be completed in 1H24 and the growth to accelerate in 2H24. ASEH also expects IC-ATM to grow similarly to the semiconductor logic market in 2024H.
The 1Q24F guidance is looking at sales and GM levels for both IC ATM and EMS to be similar to 1Q23 levels.
Most customers will be back on the recovery path by at least 3Q24F.  


ASEH (3711.TT; ASX.US): Expects 2Q24F Back to Normal Seasonality and 2H24 Will Start the Recovery.

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The 1Q24F guidance is expected to decrease by 2-3% QoQ. However, we believe there is a good chance of achieving a flat QoQ performance.</li>
<li>Production is expected to be ready by 2027F, with the process likely to be prepared by 2025F and enter pilot run in 2026F.  </li>
<li>The semiconductor market is expected to grow at a high single-digit rate, while the foundry market is expected to grow close to 10% YoY in 2024F.  </li>
</ul>


The 1Q24F guidance is expected to decrease by 2-3% QoQ. However, we believe there is a good chance of achieving a flat QoQ performance.
Production is expected to be ready by 2027F, with the process likely to be prepared by 2025F and enter pilot run in 2026F.  
The semiconductor market is expected to grow at a high single-digit rate, while the foundry market is expected to grow close to 10% YoY in 2024F.  


UMC (2303.TT; UMC.US): 1Q24F Guidance Is Slightly Lower than 4Q23; Intel Project Grasps Attention

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity</li>
<li>UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity</li>
<li>ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels</li>
</ul>


TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity
UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity
ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels


Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

TWSE Short Interest Weekly (Feb 2nd): Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wt, Evergreen Marine, Mediatek, Alchip Tech,...

Ke Yan, CFA, FRM

Vanguard (5347.TT): 1Q24F In-Line with Our Expectation, Following a Upside Quarter over Quarter.

Quarterly sales declined but is expected to improve. Auto application are adjusting inventory, while consumer applications are entering a low...

Patrick Liao

ASEH (3711.TT; ASX.US): Expects 2Q24F Back to Normal Seasonality and 2H24 Will Start the Recovery.

ASEH anticipates completing inventory adjustments in the first half of 2024. 1Q24F guidance suggests sales and GM levels for IC ATM and EMS will...

Patrick Liao

UMC (2303.TT; UMC.US): 1Q24F Guidance Is Slightly Lower than 4Q23; Intel Project Grasps Attention

The 1Q24F guidance may decrease slightly, but there is potential for a steady performance. Production in Intel's Fab is set for 2027F. Currently,...

Patrick Liao

Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Feb 2nd): Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wt, Evergreen Marine, Mediatek, Alchip Tech,...

Ke Yan, CFA, FRM

Vanguard (5347.TT): 1Q24F In-Line with Our Expectation, Following a Upside Quarter over Quarter.

​Quarterly sales declined but is expected to improve. Auto application are adjusting inventory, while consumer applications are entering a low...

Patrick Liao

ASEH (3711.TT; ASX.US): Expects 2Q24F Back to Normal Seasonality and 2H24 Will Start the Recovery.

​ASEH anticipates completing inventory adjustments in the first half of 2024. 1Q24F guidance suggests sales and GM levels for IC ATM and EMS will...

Patrick Liao

UMC (2303.TT; UMC.US): 1Q24F Guidance Is Slightly Lower than 4Q23; Intel Project Grasps Attention

The 1Q24F guidance may decrease slightly, but there is potential for a steady performance. Production in Intel's Fab is set for 2027F. Currently,...

Patrick Liao

Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

​TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Vincent Fernando, CFA

Quarterly sales declined but is expected to improve. Auto application are adjusting inventory, while consumer applications are entering a low...

ASEH anticipates completing inventory adjustments in the first half of 2024. 1Q24F guidance suggests sales and GM levels for IC ATM and EMS will...

TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...