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 KRX Stocks as of Mar 22nd which has an aggregated holding worth USD546.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,746mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 22nd which has an aggregated holding worth USD546.4bn.
We estimate that foreign flows to be inflows of USD1,746mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco, Naver.


KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco

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

<ul>
<li>Micron shares have soared after the company reported its latest results with forward margin guidance well above consensus expectations.</li>
<li>Micron appears to be successfully leapfrogging into ther HBM memory space, and says that its production for 2024E is sold out and for 2025E is already all 'allocated'.</li>
<li>Taiwan's Nanya Tech has lagged its peers by a wide margin; Nanya lacks HBM products however HBM market demand is driving supply tightness for all DRAM.</li>
</ul>


Micron shares have soared after the company reported its latest results with forward margin guidance well above consensus expectations.
Micron appears to be successfully leapfrogging into ther HBM memory space, and says that its production for 2024E is sold out and for 2025E is already all 'allocated'.
Taiwan's Nanya Tech has lagged its peers by a wide margin; Nanya lacks HBM products however HBM market demand is driving supply tightness for all DRAM.


Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Q224 revenues of $5.8 billion, up 23% QoQ and up 58% YoY. It also well above the high end of the guided range of $5.5 billion.</li>
<li>Net income turned positive &amp; amounted to $476 million. This compares to a loss of $1 billion in Q124</li>
<li>Forecasting current quarter revenues of $6.6 billion &amp; gross margin of 26.5% at their respective midpoints</li>
</ul>


Q224 revenues of $5.8 billion, up 23% QoQ and up 58% YoY. It also well above the high end of the guided range of $5.5 billion.
Net income turned positive &amp; amounted to $476 million. This compares to a loss of $1 billion in Q124
Forecasting current quarter revenues of $6.6 billion &amp; gross margin of 26.5% at their respective midpoints


Micron. Back In The Black & No Going Back

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Micron Technology reported very positive revenues this quarter and a return to profitability</li>
<li>A large part of this stems from the impact that HBM demand is constraining production of standard DDR5 DRAM, driving it into a shortage</li>
<li>This is good news for Micron and its DRAM competitors Samsung and SK hynix</li>
</ul>


Micron Technology reported very positive revenues this quarter and a return to profitability
A large part of this stems from the impact that HBM demand is constraining production of standard DDR5 DRAM, driving it into a shortage
This is good news for Micron and its DRAM competitors Samsung and SK hynix


Micron Earnings: HBM Driving Price Increases in Other Sectors

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> revenue growth target for 2024F is set at 25% or higher.</li>
<li>TSMC's dominance in the CoWoS market, with nearly 100% share, positions them well.</li>
<li>TSMC's plans to establish a new Fab in Chiayi, Taiwan, reflect the growing end demand.  </li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) revenue growth target for 2024F is set at 25% or higher.
TSMC's dominance in the CoWoS market, with nearly 100% share, positions them well.
TSMC's plans to establish a new Fab in Chiayi, Taiwan, reflect the growing end demand.  


TSMC (2330.TT; TSM.US): Raising Growth Target to 25%+ YoY in 2024F.

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Hyundai Motor, Sk Hynix,...

Ke Yan, CFA, FRM

Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit

Micron's strong results and forward margin guidance lead to soaring shares, with successful leapfrogging into HBM memory space and high demand...

Vincent Fernando, CFA

Micron. Back In The Black & No Going Back

Q224 revenues $5.8 billion, +23% QoQ & +58% YoY. Net income turned positive & amounted to $476 million. Q324 revenues of $6.6 billion & gross...

William Keating

Micron Earnings: HBM Driving Price Increases in Other Sectors

Micron Technology sees positive revenues and profitability due to HBM demand creating a DDR5 DRAM shortage, benefiting Micron, Samsung, and SK hynix.

Jim Handy

TSMC (2330.TT; TSM.US): Raising Growth Target to 25%+ YoY in 2024F.

Taiwan Semiconductor (TSMC) aims for 25% revenue growth by 2024, bolstered by CoWoS market dominance and new Fab in Chiayi.

Patrick Liao

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Hyundai Motor, Sk Hynix,...

Ke Yan, CFA, FRM

Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit

​Micron's strong results and forward margin guidance lead to soaring shares, with successful leapfrogging into HBM memory space and high demand...

Vincent Fernando, CFA

Micron. Back In The Black & No Going Back

Q224 revenues $5.8 billion, +23% QoQ & +58% YoY. Net income turned positive & amounted to $476 million. Q324 revenues of $6.6 billion & gross...

William Keating

Micron Earnings: HBM Driving Price Increases in Other Sectors

​Micron Technology sees positive revenues and profitability due to HBM demand creating a DDR5 DRAM shortage, benefiting Micron, Samsung, and SK hynix.

Jim Handy

TSMC (2330.TT; TSM.US): Raising Growth Target to 25%+ YoY in 2024F.

​Taiwan Semiconductor (TSMC) aims for 25% revenue growth by 2024, bolstered by CoWoS market dominance and new Fab in Chiayi.

Patrick Liao

Micron's strong results and forward margin guidance lead to soaring shares, with successful leapfrogging into HBM memory space and high demand...

Micron Technology sees positive revenues and profitability due to HBM demand creating a DDR5 DRAM shortage, benefiting Micron, Samsung, and SK hynix.

Taiwan Semiconductor (TSMC) aims for 25% revenue growth by 2024, bolstered by CoWoS market dominance and new Fab in Chiayi.