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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>'s pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread widened from a low of 3.1% on 14 March to 7.0%. </li>
<li>The widening spread can be attributed to China SAMR approval timing, earnings risk, <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a>’s material underperformance lowering the break price and a large fund liquidating positions. </li>
<li>The deal break risks remain low with the timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add. </li>
</ul>



Shinko Electric Industries (6967 JP)'s pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread widened from a low of 3.1% on 14 March to 7.0%. 
The widening spread can be attributed to China SAMR approval timing, earnings risk, Ibiden Co Ltd (4062 JP)’s material underperformance lowering the break price and a large fund liquidating positions. 
The deal break risks remain low with the timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add. 


Shinko Electric (6967 JP): Widening Spread Is an Opportunity

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

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 12th which has an aggregated holding worth USD4,077.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD473mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Hon Hai, ASE, Wiwynn, Eva Airways, Evergreen Marine, Wistron, Quanta Computer, Wt, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 12th which has an aggregated holding worth USD4,077.8bn.
We estimate that foreign flows to be outflows of USD473mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Hon Hai, ASE, Wiwynn, Eva Airways, Evergreen Marine, Wistron, Quanta Computer, Wt, Mediatek.


TWSE Foreign Holding Weekly (Apr 12th): TSMC, Hon Hai, ASE, Wiwynn, Eva Airways, Evergreen Marine

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 5th which has an aggregated holding worth USD3,983.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD232mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On Tech, Alchip Tech, Hon Hai, Asia Vital, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 5th which has an aggregated holding worth USD3,983.2bn.
We estimate that foreign flows to be outflows of USD232mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On Tech, Alchip Tech, Hon Hai, Asia Vital, Quanta Computer.


TWSE Foreign Holding Weekly (Apr 5th): TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On

Taiwan

Unimicron Technology Corp. manufactures and markets double-sided and multi-layer printed circuit boards.  The Company also provides integrated circuits (IC) burning and testing services.

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Unimicron Technology (3037 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

Shinko Electric (6967 JP): Widening Spread Is an Opportunity

The deal break risks remain low, with the China SAMR timing remaining the key risk. The current 7.0% spread is an attractive opportunity to add.

Arun George

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

TWSE Foreign Holding Weekly (Apr 12th): TSMC, Hon Hai, ASE, Wiwynn, Eva Airways, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai, ASE, Wiwynn, Eva Airways,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 5th): TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Wiwynn, Bora Pharma, Wistron, Faraday...

Ke Yan, CFA, FRM

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