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 Aug 16th which has an aggregated short interest worth USD19.4bn.</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 TSMC, Fortune Elec, Hon Hai, Far Eastone Tele, Chunghwa Telecom.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 16th which has an aggregated short interest worth USD19.4bn.
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 TSMC, Fortune Elec, Hon Hai, Far Eastone Tele, Chunghwa Telecom.


TWSE Short Interest Weekly (Aug 16th): TSMC, Fortune Elec, Hon Hai, Far Eastone Tele

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) - ADR / Equity Bottom-Up

<ul>
<li>TSMC: +16.3% Premium; Can Continue to Consider Shorting the Spread Here</li>
<li>UMC: +0.7% Premium; Wait for Higher Levels Again Before a Fresh Short</li>
<li>ASE: +4.6% Premium; Breakdown of Spread Could Persist Since History Indicates It's Now a Normal Level</li>
</ul>


TSMC: +16.3% Premium; Can Continue to Consider Shorting the Spread Here
UMC: +0.7% Premium; Wait for Higher Levels Again Before a Fresh Short
ASE: +4.6% Premium; Breakdown of Spread Could Persist Since History Indicates It's Now a Normal Level


Taiwan Dual-Listings Monitor: History Implies TSMC Spread to Trade Down; ASE Still Broken Down

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>We expect a 12.5bp hike in the policy rate in Sep'24, as CPI inflation (2.52%YoY in Jul'24) remains well above the 2% target amid CBC concerns about overheated property markets. </li>
<li>Real GDP grew 5.1%YoY in Q2CY24, following 6.6%YoY growth in Q1 (both faster than mainland China). Exports grew 10%YoY in Jan-Jul'24, and export orders growth is at a 2-year high.</li>
<li>The market's trailing P/E ratio (23.56x) is well above its 20-year mean (19.84x). But we recommend a mild Overweight in Taiwan equities, with a focus on the largest tech stocks. </li>
</ul>


We expect a 12.5bp hike in the policy rate in Sep'24, as CPI inflation (2.52%YoY in Jul'24) remains well above the 2% target amid CBC concerns about overheated property markets. 
Real GDP grew 5.1%YoY in Q2CY24, following 6.6%YoY growth in Q1 (both faster than mainland China). Exports grew 10%YoY in Jan-Jul'24, and export orders growth is at a 2-year high.
The market's trailing P/E ratio (23.56x) is well above its 20-year mean (19.84x). But we recommend a mild Overweight in Taiwan equities, with a focus on the largest tech stocks. 


Taiwan: Rates to Buck Global Loosening as Growth Stays Robust and Inflation Too High

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>SDC partners with Microsoft while VCs in India prioritize deep tech startups for innovation and growth.</li><li>Polish startup SEEDiA leads in smart urban infrastructure as AI hype in smart manufacturing is questioned for realistic outcomes.</li><li>Non-a-Si panels expected to dominate auto displays 2024-2029 as Indian opto-semiconductor maker acquires US-based IC equipment company.</li></ul>

SDC partners with Microsoft while VCs in India prioritize deep tech startups for innovation and growth.Polish startup SEEDiA leads in smart urban infrastructure as AI hype in smart manufacturing is questioned for realistic outcomes.Non-a-Si panels expected to dominate auto displays 2024-2029 as Indian opto-semiconductor maker acquires US-based IC equipment company.

Tech Supply Chain Tracker (13-Aug-2024): SDC signs contract with Microsoft.

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 9th which has an aggregated holding worth USD914.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,693mln. 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 foreign changes in TSMC, Hon Hai, Quanta Computer, Unimicron Tech, Mediatek, Wiwynn.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 9th which has an aggregated holding worth USD914.4bn.
We estimate that foreign flows to be outflows of USD1,693mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in TSMC, Hon Hai, Quanta Computer, Unimicron Tech, Mediatek, Wiwynn.


TWSE Foreign Holding Weekly (Aug 9th): TSMC, Hon Hai, Quanta Computer, Unimicron Tech, Mediatek

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)

TWSE Short Interest Weekly (Aug 16th): TSMC, Fortune Elec, Hon Hai, Far Eastone Tele

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Fortune Elec, Hon Hai, Far Eastone Tele,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: History Implies TSMC Spread to Trade Down; ASE Still Broken Down

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan: Rates to Buck Global Loosening as Growth Stays Robust and Inflation Too High

Taiwan's RGDP growth outpaced the PRC's for the past 3 quarters, and inflation (2.52%YoY in Jul'24) will require a 12.5bp rate hike. Despite rich...

Prasenjit K. Basu

Tech Supply Chain Tracker (13-Aug-2024): SDC signs contract with Microsoft.

SDC partners with Microsoft, Indian VCs focus on deep tech startups, SEEDiA pioneers smart urban infrastructure, questioning AI hype in...

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Aug 9th): TSMC, Hon Hai, Quanta Computer, Unimicron Tech, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai, Quanta Computer, Unimicron Tech,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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