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 Jun 7th which has an aggregated holding worth USD4,400.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD12,832mln. 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, Asmedia Tech, Global Unichip, Yang Ming Marine, Tripod Tech, TSMC, Ctbc Financial, Hon Hai, Asustek Computer, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 7th which has an aggregated holding worth USD4,400.2bn.
We estimate that foreign flows to be outflows of USD12,832mln. 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, Asmedia Tech, Global Unichip, Yang Ming Marine, Tripod Tech, TSMC, Ctbc Financial, Hon Hai, Asustek Computer, Umc.


TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

<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

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

Vanguard Intl Semiconductor / Event-Driven

<ul>
<li>There are 13 changes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF (00919 TW) has an AUM of US$6.4bn.</li>
<li>One-Way turnover is estimated at 41% and that will result in a round-trip trade of TWD 168.8bn (US$5.2bn). There are 16 stocks that could have over 4x ADV to trade.</li>
<li>The rebalance will be implemented over 8 trading days and the ETF has started trading the stocks last week.</li>
</ul>


There are 13 changes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF (00919 TW) has an AUM of US$6.4bn.
One-Way turnover is estimated at 41% and that will result in a round-trip trade of TWD 168.8bn (US$5.2bn). There are 16 stocks that could have over 4x ADV to trade.
The rebalance will be implemented over 8 trading days and the ETF has started trading the stocks last week.


TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 10th which has an aggregated holding worth USD4,060.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,948mln. 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, Quanta Computer, Yang Ming Marine, Tripod Tech, Lite-On Tech, Chailease, Lotus, Novatek, Alchip Tech, Asia Vital.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 10th which has an aggregated holding worth USD4,060.0bn.
We estimate that foreign flows to be inflows of USD2,948mln. 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, Quanta Computer, Yang Ming Marine, Tripod Tech, Lite-On Tech, Chailease, Lotus, Novatek, Alchip Tech, Asia Vital.


TWSE Foreign Holding Weekly (May 10th): TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech

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>Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end markets and the digestion of excess inventory.</li><li>The quarterly revenue of the top 40 PCB suppliers fell YoY consecutively in 2023, but managed to grow QoQ in 3Q/4Q, suggesting the industry is bottoming out gradually.</li><li>For 2024, we expect the PCB sector to have a modest recovery, following its emergence from the trough in 2H23. </li></ul><p><em>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.</em></p>

Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end markets and the digestion of excess inventory.The quarterly revenue of the top 40 PCB suppliers fell YoY consecutively in 2023, but managed to grow QoQ in 3Q/4Q, suggesting the industry is bottoming out gradually.For 2024, we expect the PCB sector to have a modest recovery, following its emergence from the trough in 2H23. 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.

China PCB Sector - Modest Growth in Global PCB Sales

Taiwan

Tripod Technology Corp. designs, manufactures, and markets double and multi layers printed circuit boards (PCBs). The Company also produces industrial automatic machinery as well as POS (Point of Sale) electronic cashiers.

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Tripod Technology (3044 TT)

TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang...

Ke Yan, CFA, FRM

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

TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

There are 13 changes for the index in June. One-way turnover is estimated at 41% resulting in a round-trip trade of TWD 168.8bn (US$5.2bn). There...

Brian Freitas

TWSE Foreign Holding Weekly (May 10th): TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Yang Ming Marine, Tripod...

Ke Yan, CFA, FRM

China PCB Sector - Modest Growth in Global PCB Sales

Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end...

CMB International

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52-week Range

Market Cap (USDm)

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