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 Jul 9th. The aggregated holding was USD2,219.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,945mln. 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, Unimicron Technology, ASE Industrial, MediaTek, Alchip Technologies.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 9th. The aggregated holding was USD2,219.9bn.
We estimate that foreign flows to be outflows of USD5,945mln. 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, Unimicron Technology, ASE Industrial, MediaTek, Alchip Technologies.


TWSE Foreign Holding Weekly (Jul 9th): TSMC, Unimicron Technology, ASE Industrial, MediaTek

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>Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.</li>
<li>A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.</li>
<li>Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.</li>
</ul>


Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.
A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.
Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.


Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 3rd. The aggregated holding was USD2,311.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,528mln. 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, UMC, Hon Hai Precision, Macronix Intl, Kinsus Interconnect Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 3rd. The aggregated holding was USD2,311.7bn.
We estimate that foreign flows to be outflows of USD5,528mln. 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, UMC, Hon Hai Precision, Macronix Intl, Kinsus Interconnect Technology.


TWSE Foreign Holding Weekly (Jul 3rd): TSMC, UMC, Hon Hai Precision, Macronix Intl

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>Chaozhou Three-Circle launched Hongkong IPO to raise nearly HK$7.2B. They manufacture electronic ceramic materials and components used in automobiles, smartphones, data centers and telecom base stations.</li>
<li>Company intends to use the proceeds for overseas expansion, automation, enhance supply resilience, for technology R&amp;D, materials innovation and working capital.</li>
<li>Chaozhou Three-Circle has witnessed sustained growth and margin stability. Valuation looks relatively fair and comfortable. Investors can rely on the sustained growth momentum and also incremental growth possibilities.</li>
</ul>


Chaozhou Three-Circle launched Hongkong IPO to raise nearly HK$7.2B. They manufacture electronic ceramic materials and components used in automobiles, smartphones, data centers and telecom base stations.
Company intends to use the proceeds for overseas expansion, automation, enhance supply resilience, for technology R&amp;D, materials innovation and working capital.
Chaozhou Three-Circle has witnessed sustained growth and margin stability. Valuation looks relatively fair and comfortable. Investors can rely on the sustained growth momentum and also incremental growth possibilities.


Chaozhou Three-Circle IPO: Sustained Growth, Margin Stability Makes the Issue Attractive

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chaozhou-three-circle-group-co-ltd" target="_blank" data-smartkarma-citation="entities:50297:1" rel="noopener">Chaozhou Three-Circle (6951 HK)</a>, a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.</li>
<li>For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.</li>
<li>At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.</li>
</ul>



Chaozhou Three-Circle (6951 HK), a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.
For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.
At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.


Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

Taiwan

Yageo Corporation manufactures resistors and related equipment.  The Company also produces thick-film resistors which are used in downstream electronics products, and high power thin-film resistors and chip resistors which are used in aerospace, automobile, and precision electronics industries.  Through its subsidiaries, Yageo also operates a consumer goods importing business.

Price Gauge
52-week Range	0.00 - 0.00
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Yageo Corporation (2327 TT)

TWSE Foreign Holding Weekly (Jul 9th): TSMC, Unimicron Technology, ASE Industrial, MediaTek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Unimicron Technology, ASE Industrial,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 3rd): TSMC, UMC, Hon Hai Precision, Macronix Intl

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Hon Hai Precision, Macronix Intl,...

Ke Yan, CFA, FRM

Chaozhou Three-Circle IPO: Sustained Growth, Margin Stability Makes the Issue Attractive

Chaozhou Three-Circle launches HK IPO to raise HK$7.2B for expansion, innovation, and growth, with strong performance and fair valuation....

Tina Banerjee

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Jul 9th): TSMC, Unimicron Technology, ASE Industrial, MediaTek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Unimicron Technology, ASE Industrial,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

​Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jul 3rd): TSMC, UMC, Hon Hai Precision, Macronix Intl

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Hon Hai Precision, Macronix Intl,...

Ke Yan, CFA, FRM

Chaozhou Three-Circle IPO: Sustained Growth, Margin Stability Makes the Issue Attractive

​Chaozhou Three-Circle launches HK IPO to raise HK$7.2B for expansion, innovation, and growth, with strong performance and fair valuation....

Tina Banerjee

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

​Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Chaozhou Three-Circle launches HK IPO to raise HK$7.2B for expansion, innovation, and growth, with strong performance and fair valuation....

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...