Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>After buying Asian equities for three months, FIIs sold Asia in the three weeks of August: notably India (-$2.53bn) and Korea (-$298m). Taiwan (+1.6bn) was the only large market bought.</li>
<li>It's too early to call a trend change. Our FII gauge of 6-month cumulative buying as percentage of the market's capitalization indicates that most markets are neither overbought nor oversold.</li>
<li>Even though FIIs have bought the large Asian markets lately, none of them are overbought. Taiwan's FII gauge is relatively closer to the upper limit. Indonesia is unequivocally oversold.</li>
</ul>


After buying Asian equities for three months, FIIs sold Asia in the three weeks of August: notably India (-$2.53bn) and Korea (-$298m). Taiwan (+1.6bn) was the only large market bought.
It's too early to call a trend change. Our FII gauge of 6-month cumulative buying as percentage of the market's capitalization indicates that most markets are neither overbought nor oversold.
Even though FIIs have bought the large Asian markets lately, none of them are overbought. Taiwan's FII gauge is relatively closer to the upper limit. Indonesia is unequivocally oversold.


Asian Equities: FIIs Selling Asia in August; Only Taiwan Still Being Bought

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.  </li>
<li>We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.</li>
<li>We are bearish on <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s current position and do not believe financial support alone can help the company overcome its challenges.</li>
</ul>


Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.  
We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.
We are bearish on Intel Corp (INTC US)’s current position and do not believe financial support alone can help the company overcome its challenges.


Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

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 Aug 15th. The aggregated holding was USD1,197.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD373mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hon Hai Precision, Quanta Computer, TSMC, Wistron, Zhen Ding Technology, Hon Hai Precision, Zhen Ding Technology, Quanta Computer, TSMC, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 15th. The aggregated holding was USD1,197.2bn.
We estimate that foreign flows to be inflows of USD373mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hon Hai Precision, Quanta Computer, TSMC, Wistron, Zhen Ding Technology, Hon Hai Precision, Zhen Ding Technology, Quanta Computer, TSMC, Wistron.


TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 15th. The aggregated short interest was USD26.0bn.</li>
<li>We tabulate league tables 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 Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology, Mega Financial, Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 15th. The aggregated short interest was USD26.0bn.
We tabulate league tables 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 Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology, Mega Financial, Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology.


TWSE Short Interest Weekly (Aug 15th): Taishin Financial, Lite-On Technology, Taiwan Glass Ind

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?</li>
<li>ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium</li>
<li>UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread</li>
</ul>


TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?
ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium
UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread


Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Asian Equities: FIIs Selling Asia in August; Only Taiwan Still Being Bought

FIIs are selling Asian equities in August, particularly India (-2.5bn) & KR (-298m). TW (+1.6bn) is the only market being bought. Most markets are...

Manishi Raychaudhuri

Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...

Patrick Liao

TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Quanta Computer...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 15th): Taishin Financial, Lite-On Technology, Taiwan Glass Ind

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Lite-On Technology...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: FIIs Selling Asia in August; Only Taiwan Still Being Bought

​FIIs are selling Asian equities in August, particularly India (-2.5bn) & KR (-298m). TW (+1.6bn) is the only market being bought. Most markets are...

Manishi Raychaudhuri

Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

​Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...

Patrick Liao

TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Quanta Computer...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 15th): Taishin Financial, Lite-On Technology, Taiwan Glass Ind

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Lite-On Technology...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

FIIs are selling Asian equities in August, particularly India (-2.5bn) & KR (-298m). TW (+1.6bn) is the only market being bought. Most markets are...

Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...