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 last week which has an aggregated short interest worth USD 13.3bn. </li>
<li>We highlight short interest changes in Yang Ming Marine, Silergy, Nan Ya Printed, Powerchip, Unimicron, and Evergreen Marine.</li>
<li>Top shorts in the market were UMC, Taiwan Cement, and Yang Ming Marine. </li>
</ul>


We analyzed the changes in short interest of TWSE stocks last week which has an aggregated short interest worth USD 13.3bn. 
We highlight short interest changes in Yang Ming Marine, Silergy, Nan Ya Printed, Powerchip, Unimicron, and Evergreen Marine.
Top shorts in the market were UMC, Taiwan Cement, and Yang Ming Marine. 


TWSE Short Interest Weekly (Aug 19th): Yang Ming Marine, Silergy, Nan Ya

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>TSMC’s ADR premium has fallen substantially and is at the lower end of its 3-year range</li>
<li>ASE’s ADR premium is in contrast near the upper end of its range</li>
<li>ChipMOS ADRs are now trading at a discount to their Taiwan shares</li>
</ul>


TSMC’s ADR premium has fallen substantially and is at the lower end of its 3-year range
ASE’s ADR premium is in contrast near the upper end of its range
ChipMOS ADRs are now trading at a discount to their Taiwan shares


Taiwan Dual-Listings – TSMC Premium Decline Could Highlight Foreign Vs. Domestic Sentiment Mismatch

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>WSTS June semiconductor revenues indicate the onset of a trend of flat-to-down sales</li>
<li>Recent chip company earnings calls largely project a down market in the current quarter</li>
<li>This is most likely the beginning of a 1½ -year downturn in semiconductors</li>
</ul>


WSTS June semiconductor revenues indicate the onset of a trend of flat-to-down sales
Recent chip company earnings calls largely project a down market in the current quarter
This is most likely the beginning of a 1½ -year downturn in semiconductors


Semiconductors Have Reached Turning Point

<ul>
<li>Micron recently announced a record-breaking quarter but guided lower for the current quarter</li>
<li>Consumer demand is slackening although other sectors remain strong for now</li>
<li>Macronix provides a little more insight, as the company reports monthly revenues</li>
</ul>


Micron recently announced a record-breaking quarter but guided lower for the current quarter
Consumer demand is slackening although other sectors remain strong for now
Macronix provides a little more insight, as the company reports monthly revenues


Does Micron's Lower Guidance Mean Doom for Tech?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>A recent shift in momentum has pushed Taiwan to the largest country level underweight in the Asia Ex-Japan region</li>
<li>Taiwan Technology stocks have driven allocations lower, in addition to Consumer Discretionary and Staples, Health Care and Financials.</li>
<li>Taiwan Tech remains the key risk.  Sentiment is starting to waver when funds are close to maximum exposure.  Underperformance here will be costly on both an absolute a relative basis</li>
</ul>


A recent shift in momentum has pushed Taiwan to the largest country level underweight in the Asia Ex-Japan region
Taiwan Technology stocks have driven allocations lower, in addition to Consumer Discretionary and Staples, Health Care and Financials.
Taiwan Tech remains the key risk.  Sentiment is starting to waver when funds are close to maximum exposure.  Underperformance here will be costly on both an absolute a relative basis


Taiwan Moves to Top Underweight, Tech Overweight Risk

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 (Aug 19th): Yang Ming Marine, Silergy, Nan Ya

We analyzed the TWSE short interest last week and highlight short interest changes in Yang Ming Marine, Silergy, Nan Ya Printed, Powerchip,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings – TSMC Premium Decline Could Highlight Foreign Vs. Domestic Sentiment Mismatch

We take a look at Taiwan dual-listings to identify if there are significant mismatches between foreign and domestic sentiments.

Vincent Fernando, CFA

Semiconductors Have Reached Turning Point

The semiconductor market is starting to change from unusual growth and record revenues to a downturn that will return it to its long-term trend. ...

Jim Handy

Does Micron's Lower Guidance Mean Doom for Tech?

Does Micron's reduced guidance imply that the semiconductor market is about to fall? Not quite, as today's weakness is limited to the consumer...

Jim Handy

Taiwan Moves to Top Underweight, Tech Overweight Risk

A recent shift in momentum has pushed Taiwan to the largest country level underweight in the Asia Ex-Japan region, with the Technology sector one...

Steven Holden

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