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 Aug 15th. The aggregated holding was USD653.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD772mln. 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 changes of foreign holdings in SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 15th. The aggregated holding was USD653.4bn.
We estimate that foreign flows to be inflows of USD772mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.


KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Our model recently signaled that <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> is overbought. Strangely, it is overbought on the TIME model but not on the PRICE model, a bearish divergence.</li>
<li>On Friday Trump announced that next week he will slap 300% import tariffs on semiconductors imports. TSMC has factories in the United States so in theory it's exempt.</li>
<li>South Korea, Malaysia and Philippines' semiconductor industries are going to be affected the most, leaving TSMC in a very good position BUT <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC</a> IS OVERBOUGHT and will pulback soon.
</li>
</ul>


Our model recently signaled that Taiwan Semiconductor (TSMC) (2330 TT) is overbought. Strangely, it is overbought on the TIME model but not on the PRICE model, a bearish divergence.
On Friday Trump announced that next week he will slap 300% import tariffs on semiconductors imports. TSMC has factories in the United States so in theory it's exempt.
South Korea, Malaysia and Philippines' semiconductor industries are going to be affected the most, leaving TSMC in a very good position BUT TSMC IS OVERBOUGHT and will pulback soon.



TSMC’s Outlook After Trump’s 300% Semiconductor Tariff Bombshell

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.</li>
<li>Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&amp;T.</li>
<li>From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&amp;T likely takes the hit, offering alpha potential both ways.</li>
</ul>


One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.
Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&amp;T.
From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&amp;T likely takes the hit, offering alpha potential both ways.


Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 8th. The aggregated short interest was USD10.0bn.</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 Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 8th. The aggregated short interest was USD10.0bn.
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 Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M.


KRX Short Interest Weekly (Aug 8th): Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Foxconn Tech invests US$1bn in U.S. robotics, AI, and smart manufacturing over 10 years, expanding into service robotics via RoboTemi stake.</li>
<li>Samsung to surpass US$50bn in U.S. chip investments, adding US$7bn for advanced packaging to compete with TSMC and capture AI/HPC integration opportunities.</li>
<li>Intel faces leadership crisis as CEO Lip Bu Tan’s strategy is criticized; U.S. policy and competitive pressures may accelerate market gains for TSMC and Samsung.</li>
</ul>


Foxconn Tech invests US$1bn in U.S. robotics, AI, and smart manufacturing over 10 years, expanding into service robotics via RoboTemi stake.
Samsung to surpass US$50bn in U.S. chip investments, adding US$7bn for advanced packaging to compete with TSMC and capture AI/HPC integration opportunities.
Intel faces leadership crisis as CEO Lip Bu Tan’s strategy is criticized; U.S. policy and competitive pressures may accelerate market gains for TSMC and Samsung.


Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis

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 (SMSN LI)

KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, NAVER, Samsung Electronics, Kakao,...

Ke Yan, CFA, FRM

TSMC’s Outlook After Trump’s 300% Semiconductor Tariff Bombshell

Despite being immune from Trump's upcoming 300% import tariffs on semiconductors, TSMC is overbought, according to our model. We expect the stock...

Nico Rosti

Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

This post covers the current Samsung Biologics split dynamics, highlighting how the setup offers alpha potential in both directions

Sanghyun Park

KRX Short Interest Weekly (Aug 8th): Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M

We analyzed KRX short interest report for the past week and highlighted short interest changes in Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis

Foxconn and Samsung make significant investments in U.S. robotics and chip packaging technology, while Intel faces leadership challenges. TSMC and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, NAVER, Samsung Electronics, Kakao,...

Ke Yan, CFA, FRM

TSMC’s Outlook After Trump’s 300% Semiconductor Tariff Bombshell

​Despite being immune from Trump's upcoming 300% import tariffs on semiconductors, TSMC is overbought, according to our model. We expect the stock...

Nico Rosti

Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

This post covers the current Samsung Biologics split dynamics, highlighting how the setup offers alpha potential in both directions

Sanghyun Park

KRX Short Interest Weekly (Aug 8th): Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M

We analyzed KRX short interest report for the past week and highlighted short interest changes in Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis

​Foxconn and Samsung make significant investments in U.S. robotics and chip packaging technology, while Intel faces leadership challenges. TSMC and...

Vincent Fernando, CFA

Despite being immune from Trump's upcoming 300% import tariffs on semiconductors, TSMC is overbought, according to our model. We expect the stock...

Foxconn and Samsung make significant investments in U.S. robotics and chip packaging technology, while Intel faces leadership challenges. TSMC and...