In today’s briefing:
- TIP Customized Taiwan Select High Dividend Index Rebalance Preview: AUM Jump & HUGE Trade
- Tencent/Netease: Major Names Get Zeroed in May, Smells of Common Prosperity?
- Tech Supply Chain Tracker (30-May-2024): Nvidia shifts to FOPLP for AI chips due to CoWoS strain.
- Quantgroup Technology Pre-IPO Tearsheet
- Tech Chain Insights: Call with ChipMOS, Memory and Display Markets Color
- Solana-based decentralised exchange Zeta Markets scores US$5M funding | e27
- Waystar Holding: IPO Price (Midpoint): $21.50. PT: $17.50, ~19% Downside. Move To Sidelines
TIP Customized Taiwan Select High Dividend Index Rebalance Preview: AUM Jump & HUGE Trade
- The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 209bn (US$6.5bn).
- There could be 14 changes for the ETF in June with an estimated one-way turnover of around 40% and a round-trip trade of around US$5bn.
- The potential adds have outperformed the potential deletes over the last couple of months and there could be more to go heading into announcement and implementation.
Tencent/Netease: Major Names Get Zeroed in May, Smells of Common Prosperity?
- China announced game approval for the May batch. The number of games approved remained at a higher level than 2023.
- The pace of China game approval appears to have accelerated to the same level as pre-tightening, though the number of approvals appears to be slower than March.
- None of the listed companies that we followed received approval for mobile games.
Tech Supply Chain Tracker (30-May-2024): Nvidia shifts to FOPLP for AI chips due to CoWoS strain.
- Nvidia switches to FOPLP for AI server chips to alleviate CoWoS capacity strain, improving efficiency and performance.
- Taiwanese banks embrace GenAI despite challenges, as revealed by a McKinsey survey highlighting growing adoption in the industry.
- European carmakers forge partnerships across continents to compete in the affordable electric vehicle market, focusing on collaboration and innovation.
Quantgroup Technology Pre-IPO Tearsheet
- Quantgroup Technology (1467534D CH) is looking to raise up to US$200m in its upcoming HK IPO. The deal will be run by CICC and CMB International.
- Quantgroup Technology is a digitalization solutions provider in China. Its digitalization solutions primarily include digitalized marketing, including precision marketing for financial institutions and local merchants, and goods transaction facilitation.
- The apps that Quantgroup operates can be largely categorized into two Quant-enabled proprietary apps, namely Yangxiaomie and Consumption Guide.
Tech Chain Insights: Call with ChipMOS, Memory and Display Markets Color
- We hosted a conference call recently with ChipMOS management; the company continues to view 1Q24 as having been the bottom for the memory and display markets.
- Memory customers are increasing utilization further. Since ChipMOS does not significantly serve the HBM DRAM market, this indicates that previously softer non-HBM memory segments are now showing improvement.
- Display industry increasing utilization on expectation for 2H24 large display demand strength driven by sporting events such as the Paris Olympics. ChipMOS remains well below March highs, rate as Outperform.
Solana-based decentralised exchange Zeta Markets scores US$5M funding | e27
- Zeta Markets, a Solana-based decentralised exchange for on-chain perpetuals, has closed a US$5 million strategic funding round led by Electric Capital, with participation from DACM, Selini Capital, and Airtree Ventures.
- Prominent angel investors also joined, including Anatoly Yakovenko of Solana, Mert Mumtaz of Helius, Richard Wu of Tensor, Marius Ciubotariu of Kamino, Stepan Simkin of Squads, Alex Smirnov of Debridge, Genia Mikhalchenko of Pyth, Nom of Bonk, and JMR Luna of Wintermute.
- This deal brings Zeta Markets’s total funding raised to date to US$13.5 million.
Waystar Holding: IPO Price (Midpoint): $21.50. PT: $17.50, ~19% Downside. Move To Sidelines
- Waystar Holding, provider of mission-critical cloud software to healthcare organizations, set terms for an IPO and plans to raise ~$970M in the upcoming Nasdaq offering.
- The initial public offering is expected to be between $20.00 and $23.00. At the midpoint, Waystar Holding has a market value of ~$3.7B based on 173.4M fully diluted shares.
- In my insight, I discuss valuation framework for comparable company analysis and research multiples of M&A transactions, including Athenahealth, Cerner and Change Healthcare.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
