Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 2nd. The aggregated holding was USD1,442.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD571mln. 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 Wistron, Hon Hai Precision, Winbond Electronics, King Yuan Electronics, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 2nd. The aggregated holding was USD1,442.0bn.
We estimate that foreign flows to be inflows of USD571mln. 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 Wistron, Hon Hai Precision, Winbond Electronics, King Yuan Electronics, Delta Electronics.


TWSE Foreign Holding Weekly (Jan 2nd): Wistron, Hon Hai Precision, Winbond Electronics

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

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Samsung Accelerates 2nm Plan for Immediate Push in U.S. to Take Advantage of TSMC Timing Gap</li>
<li>Long TSMC / Short UMC: Invest in a Structural Monopoly Vs. A Crowded Recovery</li>
<li>Delta Taiwan Vs. Delta Thailand: Valuation Extreme Persists as Growth Leadership Shifts to Parent </li>
</ul>


Samsung Accelerates 2nm Plan for Immediate Push in U.S. to Take Advantage of TSMC Timing Gap
Long TSMC / Short UMC: Invest in a Structural Monopoly Vs. A Crowded Recovery
Delta Taiwan Vs. Delta Thailand: Valuation Extreme Persists as Growth Leadership Shifts to Parent 


Taiwan Tech Weekly: Samsung Planning to Leapfrog TSMC 2nm in the U.S.; Why Long TSMC Vs. Short UMC

Delta Electronics (Thailand) / Equity Bottom-Up

<ul>
<li>Valuation gap remains extreme and unsupported by fundamentals. <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a> trades at 28.5x 2025E PER, while <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>  trades at 66.8x.</li>
<li>LONG <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a> vs. SHORT <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>. Delta Taiwan delivering materially higher revenue and net income growth 2025E–2026E with a dramatically lower valuation.</li>
<li>Thailand SET50 Index capping introduces a market structure headwind for Delta Thailand into 2026E; Delta Taiwan expected to outperform Delta Thailand in the new year.</li>
</ul>


Valuation gap remains extreme and unsupported by fundamentals. Delta Electronics (2308 TT) trades at 28.5x 2025E PER, while Delta Electronics Thailand (DELTA TB)  trades at 66.8x.
LONG Delta Electronics (2308 TT) vs. SHORT Delta Electronics Thailand (DELTA TB). Delta Taiwan delivering materially higher revenue and net income growth 2025E–2026E with a dramatically lower valuation.
Thailand SET50 Index capping introduces a market structure headwind for Delta Thailand into 2026E; Delta Taiwan expected to outperform Delta Thailand in the new year.


Delta Taiwan Vs. Delta Thailand: Valuation Extreme Persists as Growth Leadership Shifts to Parent

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 26th. The aggregated holding was USD1,387.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD310mln. 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 TSMC, Asustek Computer, E.SUN Financial, Taishin Financial, Taiwan Mobile, TSMC, Asustek Computer, E.Sun Financial, Taishin Financial, Taiwan Mobile.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 26th. The aggregated holding was USD1,387.7bn.
We estimate that foreign flows to be inflows of USD310mln. 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 TSMC, Asustek Computer, E.SUN Financial, Taishin Financial, Taiwan Mobile, TSMC, Asustek Computer, E.Sun Financial, Taishin Financial, Taiwan Mobile.


TWSE Foreign Holding Weekly (Dec 26th): TSMC, Asustek Computer, E.SUN Financial, Taishin Financial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 19th. The aggregated holding was USD1,328.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,695mln. 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 TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 19th. The aggregated holding was USD1,328.6bn.
We estimate that foreign flows to be outflows of USD4,695mln. 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 TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.


TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

Taiwan

Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors.  Delta also manufactures magnetic and networking components.

Price Gauge
52-week Range	0.00 - 0.00
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Delta Electronics (2308 TT)

TWSE Foreign Holding Weekly (Jan 2nd): Wistron, Hon Hai Precision, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wistron (3231 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Samsung Planning to Leapfrog TSMC 2nm in the U.S.; Why Long TSMC Vs. Short UMC

Samsung is speeding up their 2nm plan to capitalize on TSMC's timing gap, while investors should consider a long position in TSMC and short in UMC...

Vincent Fernando, CFA

Delta Taiwan Vs. Delta Thailand: Valuation Extreme Persists as Growth Leadership Shifts to Parent

Valuation gap between Delta Electronics Taiwan and Delta Electronics Thailand remains extreme, with Taiwan offering better growth prospects at a...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Dec 26th): TSMC, Asustek Computer, E.SUN Financial, Taishin Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Asustek Computer (2357 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Jan 2nd): Wistron, Hon Hai Precision, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wistron (3231 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Samsung Planning to Leapfrog TSMC 2nm in the U.S.; Why Long TSMC Vs. Short UMC

​Samsung is speeding up their 2nm plan to capitalize on TSMC's timing gap, while investors should consider a long position in TSMC and short in UMC...

Vincent Fernando, CFA

Delta Taiwan Vs. Delta Thailand: Valuation Extreme Persists as Growth Leadership Shifts to Parent

​Valuation gap between Delta Electronics Taiwan and Delta Electronics Thailand remains extreme, with Taiwan offering better growth prospects at a...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Dec 26th): TSMC, Asustek Computer, E.SUN Financial, Taishin Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Asustek Computer (2357 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

Samsung is speeding up their 2nm plan to capitalize on TSMC's timing gap, while investors should consider a long position in TSMC and short in UMC...

Valuation gap between Delta Electronics Taiwan and Delta Electronics Thailand remains extreme, with Taiwan offering better growth prospects at a...