Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Intel's 3Q22 earnings beat expectations, and the shares reacted positively, rising 10.7%.</li>
<li>The company announced $3bn of cost savings for 2023E and $8-10bn in annual cost savings by 2025E. 2023E earnings guidance will be provided at the company's February Investor Day.</li>
<li>Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the companies into its next earnings.</li>
</ul>


Intel's 3Q22 earnings beat expectations, and the shares reacted positively, rising 10.7%.
The company announced $3bn of cost savings for 2023E and $8-10bn in annual cost savings by 2025E. 2023E earnings guidance will be provided at the company's February Investor Day.
Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the companies into its next earnings.


Intel Vs. TSMC/​​​​​UMC Long/​​​​​Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate

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 Oct 28th which has an aggregated short interest worth USD11.7bn.</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 analyzed TWSE short interest report for the past week and highlight short interest changes in Mediatek, Global Unichip, Alchip, Wiwynn Corp.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 28th which has an aggregated short interest worth USD11.7bn.
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 analyzed TWSE short interest report for the past week and highlight short interest changes in Mediatek, Global Unichip, Alchip, Wiwynn Corp.


TWSE Short Interest Weekly (Oct 28th): Mediatek, Global Unichip, Alchip, Wiwynn Corp

<ul>
<li>ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.</li>
<li>Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.</li>
<li>Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.</li>
</ul>


ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.
Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.
Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.


Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC's ADR premium has rebounded and is high relative to its recent trading range.</li>
<li>ASE Technology's ADR premium has spiked to a historically very high level.</li>
<li>UMC ADRs are also trading at a relatively high premium.</li>
</ul>


TSMC's ADR premium has rebounded and is high relative to its recent trading range.
ASE Technology's ADR premium has spiked to a historically very high level.
UMC ADRs are also trading at a relatively high premium.


Taiwan Dual-Listings: TSMC Premium Near-Term High, ASE Spikes, UMC High as Well

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 21st which has an aggregated short interest worth USD11.6bn.</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 AUO Corp, Innolux, Hon Hai, Taiwan Cement, Wiwynn. </li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 21st which has an aggregated short interest worth USD11.6bn.
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 AUO Corp, Innolux, Hon Hai, Taiwan Cement, Wiwynn. 


TWSE Short Interest Weekly (Oct 21st): AUO Corp, Innolux, Hon Hai, Taiwan Cement, Wiwynn

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectron Sp Adr (UMC US)

TWSE Short Interest Weekly (Oct 28th): Mediatek, Global Unichip, Alchip, Wiwynn Corp

We analyzed TWSE short interest report for the past week and highlight short interest changes in Mediatek, Global Unichip, Alchip, Wiwynn Corp.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium Near-Term High, ASE Spikes, UMC High as Well

Taiwan ADR premiums have generally risen across the board recently. TSMC's premium is high if one looks at the most recent trading range.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 21st): AUO Corp, Innolux, Hon Hai, Taiwan Cement, Wiwynn

We analyzed TWSE short interest report for the past week and highlight short interest changes in AUO Corp, Innolux, Hon Hai, Taiwan Cement, Wiwynn.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Vs. TSMC/​​​​​UMC Long/​​​​​Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate

Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 28th): Mediatek, Global Unichip, Alchip, Wiwynn Corp

We analyzed TWSE short interest report for the past week and highlight short interest changes in Mediatek, Global Unichip, Alchip, Wiwynn Corp.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium Near-Term High, ASE Spikes, UMC High as Well

Taiwan ADR premiums have generally risen across the board recently. TSMC's premium is high if one looks at the most recent trading range.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Oct 21st): AUO Corp, Innolux, Hon Hai, Taiwan Cement, Wiwynn

We analyzed TWSE short interest report for the past week and highlight short interest changes in AUO Corp, Innolux, Hon Hai, Taiwan Cement, Wiwynn.

Ke Yan, CFA, FRM

Intel Vs. TSMC/UMC Long/Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate