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 Apr 19th which has an aggregated short interest worth USD79.3bn.</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, Wiwynn, Tatung, Umc, Teco Elec &amp; Mach, Quanta Computer, Wt, Bora Pharma.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 19th which has an aggregated short interest worth USD79.3bn.
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, Wiwynn, Tatung, Umc, Teco Elec &amp; Mach, Quanta Computer, Wt, Bora Pharma.


TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 12th which has an aggregated short interest worth USD81.0bn.</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 Chung-Hsin, Wt, Tatung, Elite Material, Mediatek, Chicony Elec, Ctbc Financial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 12th which has an aggregated short interest worth USD81.0bn.
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 Chung-Hsin, Wt, Tatung, Elite Material, Mediatek, Chicony Elec, Ctbc Financial.


TWSE Short Interest Weekly (Apr 12th): Chung-Hsin, Wt, Tatung, Elite Material, Mediatek

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 19th which has an aggregated short interest worth USD13.8bn.</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 Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial, Giant Manufacture.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 19th which has an aggregated short interest worth USD13.8bn.
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 Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial, Giant Manufacture.


TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Delta Electronics Thailand  / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> is now the largest stock in Thailand by market cap. The recent <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET50 INDEX</a> inclusion has set the stock on fire.</li>
<li>The <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> / <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a> spread is very wide now, but still well within the historical highs.</li>
<li>We'd put on a placeholder position and monitor the spread for an entry once there is a clearer indication of a reversal in the spread.</li>
</ul>



Delta Electronics Thai (DELTA TB) is now the largest stock in Thailand by market cap. The recent SET50 INDEX inclusion has set the stock on fire.
The Delta Electronics Thai (DELTA TB) / Delta Electronics (2308 TT) spread is very wide now, but still well within the historical highs.
We'd put on a placeholder position and monitor the spread for an entry once there is a clearer indication of a reversal in the spread.


Delta Electronics (DELTA TB / 2308 TT): Waiting for a Reversal

Forensic Analyst

Jason Yap, CFA

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/tatung-co-ltd" target="_blank" data-smartkarma-citation="entities:3458:1" rel="noopener">Tatung Co Ltd (2371 TT)</a> is a multinational electronics conglomerate established in 1918 and headquartered in Taipei, Taiwan.  Its principal business is the design and manufacturing of digital consumer and industrial products, with its 3 largest business segments (&gt;90% revenue) comprising consumer products,  electromechanical energy systems, and property development. Its share price has risen by around 30% since its announcement of Q2 2021 earnings on 16 August 2021 which is primarily attributed to its first EBITDA level profit in 3 years and renewed confidence in its new board of directors, controlled by a certain shareholder faction, who were appointed in October 2020 after a messy board tussle.In this article, we carry out a deep-dive analysis into Tatung and determine whether the market has now fully discounted the latest developments. In addition, we discuss Tatung's future prospects, upcoming catalysts, and residual risks. Famous for its eponymous rice cookers, Tatung probably sits squarely in a state of Sheng Mi Wei Zhu Cheng Fan（生米煮成熟饭 ）or the raw rice has yet to come to a boil.

Tatung Co Ltd (2371 TT) is a multinational electronics conglomerate established in 1918 and headquartered in Taipei, Taiwan.  Its principal business is the design and manufacturing of digital consumer and industrial products, with its 3 largest business segments (&gt;90% revenue) comprising consumer products,  electromechanical energy systems, and property development. Its share price has risen by around 30% since its announcement of Q2 2021 earnings on 16 August 2021 which is primarily attributed to its first EBITDA level profit in 3 years and renewed confidence in its new board of directors, controlled by a certain shareholder faction, who were appointed in October 2020 after a messy board tussle.In this article, we carry out a deep-dive analysis into Tatung and determine whether the market has now fully discounted the latest developments. In addition, we discuss Tatung's future prospects, upcoming catalysts, and residual risks. Famous for its eponymous rice cookers, Tatung probably sits squarely in a state of Sheng Mi Wei Zhu Cheng Fan（生米煮成熟饭 ）or the raw rice has yet to come to a boil. 

Tatung (2371 TT) - Future Ahead After Messy Board Tussle

Taiwan

Tatung Co., Ltd. manufactures and markets computer and communication products, electronics and industrial equipment, as well as home appliances.  The Company's products include computers, motherboards, monitors, computer peripherals, rice cookers, refrigerators, air conditioners, microwave ovens, transformers, switch gears, wires, and cables.  Tatung sells its products worldwide.

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Tatung Co Ltd (2371 TT)

TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 12th): Chung-Hsin, Wt, Tatung, Elite Material, Mediatek

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chung-Hsin, Wt, Tatung, Elite Material,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay...

Ke Yan, CFA, FRM

Delta Electronics (DELTA TB / 2308 TT): Waiting for a Reversal

The DELTA TB / 2308 TT spread has widened significantly but there is a risk of a further blow out in the price ratio. We'd monitor the trade and...

Brian Freitas

Tatung (2371 TT) - Future Ahead After Messy Board Tussle

Tatung is an electronics conglomerate headquartered in Taiwan. Its share price rose more than 30% after Q2 21 results and renewed confidence of...

Jason Yap, CFA

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