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 Jan 19th which has an aggregated holding worth USD714.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,083mln. 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, Quanta Computer, Delta Elec, Global Unichip, Hon Hai, Umc, Alchip Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 19th which has an aggregated holding worth USD714.3bn.
We estimate that foreign flows to be outflows of USD1,083mln. 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, Quanta Computer, Delta Elec, Global Unichip, Hon Hai, Umc, Alchip Tech.


TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

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

<ul>
<li>TSMC: Stock Prices Soared After Reporting Earnings, But ADR Rose Higher... Now +12.4% Premium, Shortable Level</li>
<li>ASE: ADR Spread Has Rebounded Substantially, Now +8.6%. Not Yet at Short Levels.</li>
<li>ChipMOS: ADR Spread Drops to -2.2%, Good Level to Go Long.</li>
</ul>


TSMC: Stock Prices Soared After Reporting Earnings, But ADR Rose Higher... Now +12.4% Premium, Shortable Level
ASE: ADR Spread Has Rebounded Substantially, Now +8.6%. Not Yet at Short Levels.
ChipMOS: ADR Spread Drops to -2.2%, Good Level to Go Long.


Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>During 4Q2023, the 200 largest weighted companies in the GEM index reported average EPS growth of +10.1%y/y, significantly up from the +3.5% reported during 3Q2023.</li>
<li>63% of companies delivered positive EPS surprises, and only 55% delivered positive Sales surprises, continuing the reacceleration trend witnessed during 2023.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


During 4Q2023, the 200 largest weighted companies in the GEM index reported average EPS growth of +10.1%y/y, significantly up from the +3.5% reported during 3Q2023.
63% of companies delivered positive EPS surprises, and only 55% delivered positive Sales surprises, continuing the reacceleration trend witnessed during 2023.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 4Q2023

Taiwan Tech Focused Senior Analyst

Patrick Liao

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> had reserved Apple (AAPL US) iPhone 16 Display Driver IC (DDIC) for future shipment since 3Q24F when qualification past.</li>
<li>Novatek's outlook is increasing to about 1~5% in 1Q24F, remarked a higher quarter demand than 4Q23.</li>
<li>It could be a low season in 2Q24F because the rush order shown up around Chinese New Year.  </li>
</ul>



Novatek Microelectronics Corp (3034 TT) had reserved Apple (AAPL US) iPhone 16 Display Driver IC (DDIC) for future shipment since 3Q24F when qualification past.
Novatek's outlook is increasing to about 1~5% in 1Q24F, remarked a higher quarter demand than 4Q23.
It could be a low season in 2Q24F because the rush order shown up around Chinese New Year.  


Novatek (3034.TT): Reserved IPhone 16 DDIC for 3Q24F Shipment; 1Q24F Outlook Bright.

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jan 12th which has an aggregated short interest worth USD13.4bn.</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 Evergreen Marine, Yang Ming Marine, Gigabyte Tech, Auo, Bora Pharma.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 12th which has an aggregated short interest worth USD13.4bn.
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 Evergreen Marine, Yang Ming Marine, Gigabyte Tech, Auo, Bora Pharma.


TWSE Short Interest Weekly (Jan 12th): Evergreen Marine, Yang Ming Marine, Gigabyte Tech, Auo

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.

Price Gauge
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United Microelectronics Corp (2303 TT)

TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Delta Elec, Global...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Vincent Fernando, CFA

Global Emerging Markets: Reporting Season Summary, 4Q2023

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales and EPS growth, size and percentage of positive...

Wium Malan, CFA

Novatek (3034.TT): Reserved IPhone 16 DDIC for 3Q24F Shipment; 1Q24F Outlook Bright.

Novatek has reserved DDIC for iPhone future shipment, with an expected increase in demand since 3Q24. However, there may be a slowdown in 2Q24 due...

Patrick Liao

TWSE Short Interest Weekly (Jan 12th): Evergreen Marine, Yang Ming Marine, Gigabyte Tech, Auo

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Yang Ming Marine, Gigabyte...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Delta Elec, Global...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC ADRs Outpace Local, Extreme Spread; ChipMOS Good Long Level

​Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Vincent Fernando, CFA

Global Emerging Markets: Reporting Season Summary, 4Q2023

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales and EPS growth, size and percentage of positive...

Wium Malan, CFA

Novatek (3034.TT): Reserved IPhone 16 DDIC for 3Q24F Shipment; 1Q24F Outlook Bright.

​Novatek has reserved DDIC for iPhone future shipment, with an expected increase in demand since 3Q24. However, there may be a slowdown in 2Q24 due...

Patrick Liao

TWSE Short Interest Weekly (Jan 12th): Evergreen Marine, Yang Ming Marine, Gigabyte Tech, Auo

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Yang Ming Marine, Gigabyte...

Ke Yan, CFA, FRM

Stock prices for TSMC surged after its earnings report, with its ADR spread expanding. ASE's ADR spread increased as well. ChipMOS's ADR spread...

Novatek has reserved DDIC for iPhone future shipment, with an expected increase in demand since 3Q24. However, there may be a slowdown in 2Q24 due...