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 foreign holdings of TWSE Stocks as of May 31st which has an aggregated holding worth USD4,207.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD14,520mln. 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 Realtek Semi, Mediatek, Synnex Tech Intl, Asustek Computer, Tripod Tech, TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 31st which has an aggregated holding worth USD4,207.5bn.
We estimate that foreign flows to be outflows of USD14,520mln. 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 Realtek Semi, Mediatek, Synnex Tech Intl, Asustek Computer, Tripod Tech, TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine.


TWSE Foreign Holding Weekly (May 31st): TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Global MSCI indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) are pulling back following recent breakouts to multi-year highs. Europe, Japan also pulling back to uptrend supports.</li>
<li>Short-Term supports to watch-discussed in our May 23, 2024 Int'l Compass-include $110.50 on ACWI-US, $53.50 on ACWX-US, $80 on EFA-US, and $41-42 on EEM-US; buy this pullback. </li>
<li>As long as these supports hold, we anticipate significantly higher prices ahead. Combination of supports holding and healthy market dynamics continues to validate our bullish outlook on global equities.</li>
</ul>


Global MSCI indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) are pulling back following recent breakouts to multi-year highs. Europe, Japan also pulling back to uptrend supports.
Short-Term supports to watch-discussed in our May 23, 2024 Int'l Compass-include $110.50 on ACWI-US, $53.50 on ACWX-US, $80 on EFA-US, and $41-42 on EEM-US; buy this pullback. 
As long as these supports hold, we anticipate significantly higher prices ahead. Combination of supports holding and healthy market dynamics continues to validate our bullish outlook on global equities.


Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Guangzhou Automobile Group  / Equity Bottom-Up

<ul><li>Groundhog Tech focuses on expanding 5G in SE Asia to drive growth in the region's tech industry</li><li>Skymizer introduces ET2 LPU and LLM system platform to enter the chip IP market and enhance its offerings</li><li>Samsung increases staff at Japan lab for chip packaging innovations, while Malaysia plans to invest in chip ecosystem development</li></ul>

Groundhog Tech focuses on expanding 5G in SE Asia to drive growth in the region's tech industrySkymizer introduces ET2 LPU and LLM system platform to enter the chip IP market and enhance its offeringsSamsung increases staff at Japan lab for chip packaging innovations, while Malaysia plans to invest in chip ecosystem development

Tech Supply Chain Tracker (31-May-2024): Groundhog Tech eyes SEA growth as 5G expands.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The global foundry sales reached US$117bn in 2023, according to Counterpoint.</li><li>The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.</li><li>The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The global foundry sales reached US$117bn in 2023, according to Counterpoint.The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

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.

<ul><li>I had the opportunity to talk about the CHIPS Act’s progress with two people at the program office.</li><li>I really think this is a great step in the right direction, and we talk about some of the misconceptions of the CHIPS program, and more.</li><li>Today will be a pretty special interview podcast, and I have Dan Kim and Hassan Khan from the CHIPS program.</li></ul>

I had the opportunity to talk about the CHIPS Act’s progress with two people at the program office.I really think this is a great step in the right direction, and we talk about some of the misconceptions of the CHIPS program, and more.Today will be a pretty special interview podcast, and I have Dan Kim and Hassan Khan from the CHIPS program.

An Interview with Dan Kim and Hassan Khan of the CHIPS Program Office

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 Foreign Holding Weekly (May 31st): TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai, Yang Ming Marine, Novatek,...

Ke Yan, CFA, FRM

Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Buy the Pullbacks in $EFA $ACWX as they hold above $80 and $53.50 supports; Europe and Japan also buyable pullbacks to uptrend supports; Market...

Vermilion Research

Tech Supply Chain Tracker (31-May-2024): Groundhog Tech eyes SEA growth as 5G expands.

Groundhog Tech, Skymizer, Samsung, Himax, China, BC Award, Malaysia, and Coherent face key developments in chip technology and investments,...

Tech Supply Chain Tracker

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector.

CMB International

An Interview with Dan Kim and Hassan Khan of the CHIPS Program Office

How the CHIPS Program office plans to divert the future of Semiconductors back to America. I had the opportunity to talk about the CHIPS Act’s...

Fabricated Knowledge

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