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 Jul 21st which has an aggregated short interest worth USD15.1bn.</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 Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 21st which has an aggregated short interest worth USD15.1bn.
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 Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa.


TWSE Short Interest Weekly (Jul 21st): Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa

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

<ul>
<li>JFSL spun off from <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> last week and <a href="https://www.smartkarma.com/entities/ventia-services-group" target="_blank" data-smartkarma-citation="entities:34917:1" rel="noopener">Ventia (VNT AU)</a> replaced <a href="https://www.smartkarma.com/entities/blackmores-ltd" target="_blank" data-smartkarma-citation="entities:928:1" rel="noopener">Blackmores Ltd (BKL AU)</a> in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. </li>
<li>The IDX should announce the changes to the IDX30, LQ45 and IDX80 indices early in the coming week.</li>
<li>There were inflows to <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> and <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share Index ETF (2828 HK)</a> while Taiwan focused ETFs had outflows.</li>
</ul>


JFSL spun off from Reliance Industries (RIL IN) last week and Ventia (VNT AU) replaced Blackmores Ltd (BKL AU) in the S&amp;P/ASX 200 (AS51 INDEX). 
The IDX should announce the changes to the IDX30, LQ45 and IDX80 indices early in the coming week.
There were inflows to Tracker Fund of Hong Kong Ltd (2800 HK) and Hang Seng H Share Index ETF (2828 HK) while Taiwan focused ETFs had outflows.


Index Rebalance & ETF Flow Recap: ASX, SK Telecom, Yuanta ETFs

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the September 2023 Rebalance.</li>
<li>Some semiconductor/electronic component stocks have seen their share prices skyrocket in recent months due to AI-related excitement causing drastic shifts in Leaderboard rankings.</li>
<li>In my last insight, I expected two T50 changes and one T100 change. Now I expect five T50 changes and three T100 changes.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the September 2023 Rebalance.
Some semiconductor/electronic component stocks have seen their share prices skyrocket in recent months due to AI-related excitement causing drastic shifts in Leaderboard rankings.
In my last insight, I expected two T50 changes and one T100 change. Now I expect five T50 changes and three T100 changes.


Quiddity Leaderboard T50/​​100 Sep 23: AI Frenzy Causes Many Changes to Expectations

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 14th which has an aggregated short interest worth USD15.0bn.</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 Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE, Lotus.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 14th which has an aggregated short interest worth USD15.0bn.
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 Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE, Lotus.


TWSE Short Interest Weekly (Jul 14th): Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE

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 winning with Nvidia's business, beating Samsung due to TSMC's advanced packaging technology; this highlights the rising importance and complexity of chip packaging.</li>
<li>China export restrictions for rare earths used in semiconductors highlight opportunity for U.S. and Australian rare earths producers. We identify two potential plays.</li>
<li>Nanya Technology Earnings: DRAM market has bottomed, sees industry improvement ahead. We see a trading Long opportunity.</li>
</ul>


TSMC winning with Nvidia's business, beating Samsung due to TSMC's advanced packaging technology; this highlights the rising importance and complexity of chip packaging.
China export restrictions for rare earths used in semiconductors highlight opportunity for U.S. and Australian rare earths producers. We identify two potential plays.
Nanya Technology Earnings: DRAM market has bottomed, sees industry improvement ahead. We see a trading Long opportunity.


Taiwan Tech Weekly: TSMC Packaging Tech Ahead of Samsung; China Rare Earths Restrictions Plays; DRAM

Taiwan

Wistron Corporation manufactures and markets notebook computers, personal computers, and other related information products.

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Wistron Corp (3231 TT)

TWSE Short Interest Weekly (Jul 21st): Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa

We analyzed TWSE short interest report for the past week and highlight short interest changes in Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin...

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: ASX, SK Telecom, Yuanta ETFs

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Quiddity Leaderboard T50/100 Sep 23: AI Frenzy Causes Many Changes to Expectations

T100 expected DEL Wisdom Marine Lines (2637 TT) is also a TDIV member and could be deleted from the TDIV index which would influence the TDIV...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Jul 14th): Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Inventec, Lite-On Tech, Walsin...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: TSMC Packaging Tech Ahead of Samsung; China Rare Earths Restrictions Plays; DRAM

China export restrictions for rare earths used in semiconductors highlight opportunity for U.S. and Australian rare earths producers.

Vincent Fernando, CFA

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TWSE Short Interest Weekly (Jul 21st): Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa

We analyzed TWSE short interest report for the past week and highlight short interest changes in Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin...

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: ASX, SK Telecom, Yuanta ETFs

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Quiddity Leaderboard T50/​​100 Sep 23: AI Frenzy Causes Many Changes to Expectations

T100 expected DEL Wisdom Marine Lines (2637 TT) is also a TDIV member and could be deleted from the TDIV index which would influence the TDIV...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Jul 14th): Quanta Computer, Inventec, Lite-On Tech, Walsin Lihwa, ASE

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Inventec, Lite-On Tech, Walsin...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: TSMC Packaging Tech Ahead of Samsung; China Rare Earths Restrictions Plays; DRAM

China export restrictions for rare earths used in semiconductors highlight opportunity for U.S. and Australian rare earths producers.

Vincent Fernando, CFA

Quiddity Leaderboard T50/100 Sep 23: AI Frenzy Causes Many Changes to Expectations