Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Wonik IPS Co., Ltd. manufactures and sells semiconductor processing equipments.  The Company's main businesses include Semiconductor, Display and Solar industries.

<ul>
<li>Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.</li>
<li>The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.</li>
<li>Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.</li>
</ul>


Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.
The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.
Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.


Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

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.

Equity Capital Markets

Guangdong Tianyu Semiconductor / Equity Capital Markets

Guangdong Tianyu (GT) was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024. It specializes in the design, research and development, and manufacture of various types of silicon carbide (SiC) epitaxial wafers. Its core product is the SiC epitaxial wafer, which serves as the key raw material for the production of power semiconductor devices. As a third-generation semiconductor material, SiC offers significant performance advantages over traditional silicon, making it highly suitable for applications operating in high-voltage, high-temperature, and high-frequency environments. Silicon carbide epitaxial wafers are used to produce high-efficiency power semiconductors for electric vehicles, renewable energy and industrial applications.

Guangdong Tianyu Semiconductor (2223725D CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-tianyu-semiconductor" target="_blank" data-smartkarma-citation="entities:46068:1" rel="noopener">Guangdong Tianyu Semiconductor (2223725D CH)</a> raised around US$224m in its HK IPO.</li>
<li>It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guangdong Tianyu Semiconductor (2223725D CH) raised around US$224m in its HK IPO.
It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Macroeconomics

<ul><li>We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.</li><li>While automotive electrification remains a key secular driver, a structural new demand frontier is emerging: the power redesign of AI data centers.</li><li>The transition from legacy 54V DC to 800V high-voltage direct current (HVDC) architecture, essential for next-generation, high-power AI racks, is physically and economically enabled by SiC and GaN. T</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.While automotive electrification remains a key secular driver, a structural new demand frontier is emerging: the power redesign of AI data centers.The transition from legacy 54V DC to 800V high-voltage direct current (HVDC) architecture, essential for next-generation, high-power AI racks, is physically and economically enabled by SiC and GaN. TContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Wide-Bandgap Semiconductors – SiC/GaN: Powering the Next Wave of AI Infrastructure

Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

JTEC Corporation of Osaka manufactures bio-technology systems and equipment. The Company produces life science devices, x ray mirrors, and automated cell culture systems. JTEC also develops pharmaceutical products. JTEC serves clients in Japan.

<ul><li>A soft start – Q1 FY6/26 results were relatively soft, with sales flat and OP still in negative territory.</li><li>This reflects the seasonally weak nature of Q1 and continued spending on R&amp;D.</li><li>The Optical segment remained strong, supported by resilient global demand, while the Life Science &amp; Equipment Development segment continued to progress, driven by consumables, maintenance services, and semiconductor equipment currently in the testing stage. </li></ul>

A soft start – Q1 FY6/26 results were relatively soft, with sales flat and OP still in negative territory.This reflects the seasonally weak nature of Q1 and continued spending on R&amp;D.The Optical segment remained strong, supported by resilient global demand, while the Life Science &amp; Equipment Development segment continued to progress, driven by consumables, maintenance services, and semiconductor equipment currently in the testing stage. 

JTEC Corp (3446 JP) - Strength in Optical Remains, Progress in Semiconductor

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

BE Semiconductor Industries NV / Equity Bottom-Up

BE Semiconductor Industries N.V. produces integrated semiconductor assembly equipment.  The Company designs, develops, manufactures, markets, and services machines that manufacture semiconductor packages, which provide the connection between the chip and other electronic components and protect the chip.  BE also produces automated molding and plating machines, and manufactures leadframes.

<ul><li>In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market strongly upward • Magnum Ice Cream Company | more details on upcoming listing • PostNL / Ahold Delhaize | EUR 2 levy on non-EU parcels effective as of 1 January 2026</li></ul>

In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market strongly upward • Magnum Ice Cream Company | more details on upcoming listing • PostNL / Ahold Delhaize | EUR 2 levy on non-EU parcels effective as of 1 January 2026

What's New(s) in Amsterdam - 4 December (ASM Int'l | ASML | Besi | MICC | PostNL/Ahold Delhaize)

Semiconductors
Insights on Semiconductor Supply Chain

Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

Fresh intel just in on the government’s Kosdaq stimulus drop date, with a first look at the main target basket likely to catch flows.

Sanghyun Park

Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

Guangdong Tianyu Semiconductor raised $224m in HK IPO, largest PRC SiC epitaxal wafer manufacturer as of 2024. Previous note covered deal aspects,...

Nicholas Tan

Semiconductors - Wide-Bandgap Semiconductors – SiC/GaN: Powering the Next Wave of AI Infrastructure

We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.

CMB International

JTEC Corp (3446 JP) - Strength in Optical Remains, Progress in Semiconductor

A soft start – Q1 FY6/26 results were relatively soft, with sales flat and OP still in negative territory. This reflects the seasonally weak nature...

Astris Advisory Japan

What's New(s) in Amsterdam - 4 December (ASM Int'l | ASML | Besi | MICC | PostNL/Ahold Delhaize)

In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market...

The IDEA!

Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

Fresh intel just in on the government’s Kosdaq stimulus drop date, with a first look at the main target basket likely to catch flows.

Sanghyun Park

Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

​Guangdong Tianyu Semiconductor raised $224m in HK IPO, largest PRC SiC epitaxal wafer manufacturer as of 2024. Previous note covered deal aspects,...

Nicholas Tan

Semiconductors - Wide-Bandgap Semiconductors – SiC/GaN: Powering the Next Wave of AI Infrastructure

We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.

CMB International

JTEC Corp (3446 JP) - Strength in Optical Remains, Progress in Semiconductor

A soft start – Q1 FY6/26 results were relatively soft, with sales flat and OP still in negative territory. This reflects the seasonally weak nature...

Astris Advisory Japan

What's New(s) in Amsterdam - 4 December (ASM Int'l | ASML | Besi | MICC | PostNL/Ahold Delhaize)

In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market...

The IDEA!

Guangdong Tianyu Semiconductor raised $224m in HK IPO, largest PRC SiC epitaxal wafer manufacturer as of 2024. Previous note covered deal aspects,...