In today’s briefing:
- TSMC (2330.TT): A Bit Higher Rebound in 4Q23F
- ECM Weekly (17th Sep 2023) – ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent
- Quiddity Leaderboard ChiNext & ChiNext 50: A Potential Basket Trade
- Quiddity Leaderboard SSE50/180 Dec 23: US$937mn One-Way; Some Changes to Expectations
- Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn
TSMC (2330.TT): A Bit Higher Rebound in 4Q23F
- We foresee a potentially higher rebound in the near future, resulting in higher growth rate in 2023F for TSMC.
- Due to the ramping up of production for 3nm, the GM is expected to decrease by 2-3%. However, there is an policy to add up at least 2% for TSMC.
- The CoWoS is still being closely watched because of NVDA’s demand, and it will take time to get TSMC ready to satisfy the likely demand for CoWoS.
ECM Weekly (17th Sep 2023) – ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, ARM’s IPO seems to have set the ball rolling for the traditionally busy year end across the region.
- In the placement space, finally a Hong Kong placement mangaed to hold up, even as a large Aussie one gave way.
Quiddity Leaderboard ChiNext & ChiNext 50: A Potential Basket Trade
- The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
- The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
- In this insight, we take a look at the names leading the race to become ADDs and DELETEs in the December 2023 Rebalance.
Quiddity Leaderboard SSE50/180 Dec 23: US$937mn One-Way; Some Changes to Expectations
- SSE 50 and SSE180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on Shanghai Stock Exchange.
- In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the December 2023 Rebalance event.
- I currently expect 5 ADDs/DELETEs for the SSE 50 index 18 ADDs/DELs for the SSE 180 index. Some of these names are different from my previous expectations.
Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn
- Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.
- The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.
- Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis.
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