Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$730m via selling a stake in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> (KE) in its Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In our previous notes we have looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuations.</li>
</ul>


KKR is looking to raise around US$730m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In our previous notes we have looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuations.


Kokusai Electric IPO - Not Wholly Convinced, One Needs to Look past the Cycle

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 6th which has an aggregated holding worth USD621.8bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be outflows of USD449mln. We highlight foreign changes in Fubon Financial, TSMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 6th which has an aggregated holding worth USD621.8bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be outflows of USD449mln. We highlight foreign changes in Fubon Financial, TSMC.


TWSE Foreign Holding Weekly (Oct 6th): Fubon Financial, TSMC

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li><a href="https://www.reuters.com/technology/us-curbs-chip-tools-china-nearly-finalized-posting-2023-10-05/" target="_blank" rel="noopener">Reuters</a> reported on Monday that a new round of export controls just hit the Office of Management and Budget office.</li><li>That means it’s already been finalized by the Departments of State, Defense, Commerce, and Energy.</li><li>We are almost at the one-year anniversary of the October 7th export controls that tanked semiconductor stocks last year; this time, the stocks are looking way more sanguine.</li></ul>

Reuters reported on Monday that a new round of export controls just hit the Office of Management and Budget office.That means it’s already been finalized by the Departments of State, Defense, Commerce, and Energy.We are almost at the one-year anniversary of the October 7th export controls that tanked semiconductor stocks last year; this time, the stocks are looking way more sanguine.

October Restrictions, AEHR Earnings, TSMC Monthly Revenue, and Intel's PSG Spin

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

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.</li>
<li>Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.</li>
<li>Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.</li>
</ul>


Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.
Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.
Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.


Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

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>TSMC reported revenues for September 2023 of ~NT$180.43 billion, a decrease of 4.4% MoM and a decrease of 13.4 % YoY.</li>
<li>Intel announces intent to spin out its Altera division, its latest endeavour to unlock greater shareholder value</li>
<li>Anthropic seeks yet further billions in funding after just closing an AWS deal worth up to $4 billion</li>
</ul>


TSMC reported revenues for September 2023 of ~NT$180.43 billion, a decrease of 4.4% MoM and a decrease of 13.4 % YoY.
Intel announces intent to spin out its Altera division, its latest endeavour to unlock greater shareholder value
Anthropic seeks yet further billions in funding after just closing an AWS deal worth up to $4 billion


Semiconductor Events Deserving Your Attention @7/10/23

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)

Kokusai Electric IPO - Not Wholly Convinced, One Needs to Look past the Cycle

KKR is looking to raise around US$730m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note, we talk about the...

Sumeet Singh

TWSE Foreign Holding Weekly (Oct 6th): Fubon Financial, TSMC

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in Fubon Financial, Taiwan Semiconductor...

Ke Yan, CFA, FRM

October Restrictions, AEHR Earnings, TSMC Monthly Revenue, and Intel's PSG Spin

October restrictions redux, Intel's PSG is worth $4-5 a share, and AEHR has a blowup quarter. Reuters reported on Monday that a new round of export...

Fabricated Knowledge

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.

Vincent Fernando, CFA

Semiconductor Events Deserving Your Attention @7/10/23

TSMC revenues for September 2023 ~NT$180.43 billion, a decrease of 4.4% MoM and a decrease of 13.4 % YoY. Intel announces intent to spin out its...

William Keating

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