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

Far Eastone Telecomm / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/far-eastone-telecomm-co-ltd" target="_blank" data-smartkarma-citation="entities:19488:1" rel="noopener">Far Eastone Telecomm (4904 TT)</a>’s (FE) parent aims to raise around US$165m via selling 1.9% of its stake.</li>
<li>As far as we could see this appears to be the first selldown by the parent and doesn’t seem to have been well flagged.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Far Eastone Telecomm (4904 TT)’s (FE) parent aims to raise around US$165m via selling 1.9% of its stake.
As far as we could see this appears to be the first selldown by the parent and doesn’t seem to have been well flagged.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Far EasTone Placement - Parent Selling, Recent Momentum Has Been Strong

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>More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.</li>
<li>Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.</li>
<li>Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.</li>
</ul>


More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.
Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.
Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.


Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

<ul>
<li>Our aggregate analysis of the 1Q23 earnings season showed a more balanced beat/miss ratio than 4Q22 likely due to already-downgraded forecasts presenting a lower expectations hurdle.</li>
<li>Semiconductor's inventory situation overall appeared to get worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies. Margins fell to the last cycle lows.</li>
<li>Hardware showed small signs of overall inventory improvement. Margins fell further but remained pretty high relative to the previous cycle.</li>
</ul>


Our aggregate analysis of the 1Q23 earnings season showed a more balanced beat/miss ratio than 4Q22 likely due to already-downgraded forecasts presenting a lower expectations hurdle.
Semiconductor's inventory situation overall appeared to get worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies. Margins fell to the last cycle lows.
Hardware showed small signs of overall inventory improvement. Margins fell further but remained pretty high relative to the previous cycle.


Taiwan Tech: Insights from 1Q23 Earnings Season Into Where We Are in the Cycle

<ul>
<li>Hon Hai shares have broken out to near-term highs after news flow regarding its investment agreement in Lordstown Motors.</li>
<li>PC makers Acer &amp; Asustek's share prices remain subdued since Nvidia results despite AI's potential to accelerate the PC upgrade cycle.</li>
<li>TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.</li>
</ul>


Hon Hai shares have broken out to near-term highs after news flow regarding its investment agreement in Lordstown Motors.
PC makers Acer &amp; Asustek's share prices remain subdued since Nvidia results despite AI's potential to accelerate the PC upgrade cycle.
TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.


Taiwan Tech Weekly: Hon Hai Breaking Out of Range; Acer/Asustek Subdued Despite PC Upgrade Potential

<ul>
<li>TSMC is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.</li>
<li>UMC has flipped to a -0.6% ADR discount, from a 5.6% Premium. If the discount ticks slightly more negative then a good setup level will open up.</li>
<li>ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.</li>
</ul>


TSMC is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.
UMC has flipped to a -0.6% ADR discount, from a 5.6% Premium. If the discount ticks slightly more negative then a good setup level will open up.
ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.


Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Far EasTone Placement - Parent Selling, Recent Momentum Has Been Strong

Far Eastone Telecomm (4904 TT)’s (FE) parent aims to raise around US$165m via selling 1.9% of its stake. In this note, we talk about the deal...

Sumeet Singh

Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and...

Vincent Fernando, CFA

Taiwan Tech: Insights from 1Q23 Earnings Season Into Where We Are in the Cycle

Semiconductor's inventory situation got worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies....

Vincent Fernando, CFA

Taiwan Tech Weekly: Hon Hai Breaking Out of Range; Acer/Asustek Subdued Despite PC Upgrade Potential

TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially

TSMC's spread has fallen and then spiked again. ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings...

Vincent Fernando, CFA

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