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 USD1,198.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD374mln. 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 USD1,198.8bn.
We estimate that foreign flows to be inflows of USD374mln. 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 22nd. The aggregated short interest was USD25.0bn.</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 King Yuan Electronics, Alchip Technologies, Hon Hai Precision, HTC, Wiwynn, King Yuan Electronics, Alchip Technologies, Hon Hai Precision, HTC, Wiwynn.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 22nd. The aggregated short interest was USD25.0bn.
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 King Yuan Electronics, Alchip Technologies, Hon Hai Precision, HTC, Wiwynn, King Yuan Electronics, Alchip Technologies, Hon Hai Precision, HTC, Wiwynn.


TWSE Short Interest Weekly (Aug 22nd): King Yuan Electronics, Alchip Technologies, Hon Hai Precision

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Intel has reached an agreement with the U.S. government, under which Washington will invest $8.9bn for a 9.9% equity stake in the company.  </li>
<li>Intel benefits from the optics of government backing, which could help sentiment and prevent downside pressure on the stock in the short term, i.e. near-term optics positive, fundamentals unchanged. </li>
<li>TSMC’s Japan and Germany fabs were structured through co-investments and partnerships, with equity involvement only when tied to technology access (e.g., Sony CMOS JV). </li>
</ul>


Intel has reached an agreement with the U.S. government, under which Washington will invest $8.9bn for a 9.9% equity stake in the company.  
Intel benefits from the optics of government backing, which could help sentiment and prevent downside pressure on the stock in the short term, i.e. near-term optics positive, fundamentals unchanged. 
TSMC’s Japan and Germany fabs were structured through co-investments and partnerships, with equity involvement only when tied to technology access (e.g., Sony CMOS JV). 


Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective

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>As the earnings reporting season nears completion, our EPS estimate tracker reveals a downgrade to Asian EPS. AxJ EPS declined only 0.5%-0.8%. But several constituent markets' EPS declined much more.</li>
<li>Asian EPS estimates were supported by China and somewhat surprisingly, Thailand. Indian estimates continued to decline. Even Korea and Taiwan, the recent earnings outperformers, were downgraded during this season. </li>
<li>Unlike Asia, US EPS estimates rose during this season. Japan's and Europe's declined. In a subsequent note we shall track the estimates of all the sectors in each Asian Market.</li>
</ul>


As the earnings reporting season nears completion, our EPS estimate tracker reveals a downgrade to Asian EPS. AxJ EPS declined only 0.5%-0.8%. But several constituent markets' EPS declined much more.
Asian EPS estimates were supported by China and somewhat surprisingly, Thailand. Indian estimates continued to decline. Even Korea and Taiwan, the recent earnings outperformers, were downgraded during this season. 
Unlike Asia, US EPS estimates rose during this season. Japan's and Europe's declined. In a subsequent note we shall track the estimates of all the sectors in each Asian Market.


Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>According to Reuters, the US government may be interested in acquiring equity stakes in Samsung Electronics and TSMC in exchange for CHIPS and Science Act grants.</li>
<li>The US government is exploring ways to take equity stakes in these two Asian tech giants that have been expanding their semiconductor facilities in the United States.</li>
<li>If the US government decides to invest $10 billion each in Samsung Electronics and TSMC, they would represent about 3% and 1% of Samsung Electronics and TSMC's market caps, respectively. </li>
</ul>


According to Reuters, the US government may be interested in acquiring equity stakes in Samsung Electronics and TSMC in exchange for CHIPS and Science Act grants.
The US government is exploring ways to take equity stakes in these two Asian tech giants that have been expanding their semiconductor facilities in the United States.
If the US government decides to invest $10 billion each in Samsung Electronics and TSMC, they would represent about 3% and 1% of Samsung Electronics and TSMC's market caps, respectively. 


US Government May Acquire Equity Stakes in Samsung Electronics and TSMC

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
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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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 22nd): King Yuan Electronics, Alchip Technologies, Hon Hai Precision

We analyzed TWSE short interest report for the past week and highlighted short interest changes in King Yuan Electronics (2449 TT), Alchip...

Ke Yan, CFA, FRM

Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective

U.S. government invests $8.9bn in Intel for 9.9% stake, boosting company sentiment and stock value in the short term- near-term optics positive,...

Patrick Liao

Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...

Manishi Raychaudhuri

US Government May Acquire Equity Stakes in Samsung Electronics and TSMC

According to Reuters, the US government may be interested in acquiring equity stakes in Samsung Electronics and TSMC in exchange for CHIPS and...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 22nd): King Yuan Electronics, Alchip Technologies, Hon Hai Precision

We analyzed TWSE short interest report for the past week and highlighted short interest changes in King Yuan Electronics (2449 TT), Alchip...

Ke Yan, CFA, FRM

Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective

​U.S. government invests $8.9bn in Intel for 9.9% stake, boosting company sentiment and stock value in the short term- near-term optics positive,...

Patrick Liao

Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

​Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...

Manishi Raychaudhuri

US Government May Acquire Equity Stakes in Samsung Electronics and TSMC

According to Reuters, the US government may be interested in acquiring equity stakes in Samsung Electronics and TSMC in exchange for CHIPS and...

Douglas Kim

U.S. government invests $8.9bn in Intel for 9.9% stake, boosting company sentiment and stock value in the short term- near-term optics positive,...

Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...