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 short interest of TWSE Stocks as of Jul 28th which has an aggregated short interest worth USD15.0bn.</li>
<li>We tabulate league table 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 Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech, Inventec, Faraday Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 28th which has an aggregated short interest worth USD15.0bn.
We tabulate league table 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 Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech, Inventec, Faraday Tech.


TWSE Short Interest Weekly (Jul 28th): Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>UMC reported 2Q23E results with revenue falling 20% YoY and EPS down 30% YoY. Results were higher than consensus but forward guidance was worrisome in our view.</li>
<li>We are concerned by UMC’s high exposure to more mature technology nodes, limited exposure to AI, and vulnerability to China competition forced to focus on non-leading edge technology nodes.</li>
<li>We rate the stock Underperform with a target price of $36 which implies a 2023E PER of 10x.</li>
</ul>


UMC reported 2Q23E results with revenue falling 20% YoY and EPS down 30% YoY. Results were higher than consensus but forward guidance was worrisome in our view.
We are concerned by UMC’s high exposure to more mature technology nodes, limited exposure to AI, and vulnerability to China competition forced to focus on non-leading edge technology nodes.
We rate the stock Underperform with a target price of $36 which implies a 2023E PER of 10x.


United Microelectronics: Underperform; Exposed to China Competition Avoiding Tech Restrictions

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Japan's semiconductor technology export restrictions took effect on Sunday and are unlikely to ease for China any time soon.</li>
<li>Apple is reportedly telling suppliers that its flagship iPhone volumes will be similar to last year.</li>
<li>Hon Hai acquires 50% stake in German auto chassis maker, marking a significant expansion in its EV manufacturing efforts.</li>
</ul>


Japan's semiconductor technology export restrictions took effect on Sunday and are unlikely to ease for China any time soon.
Apple is reportedly telling suppliers that its flagship iPhone volumes will be similar to last year.
Hon Hai acquires 50% stake in German auto chassis maker, marking a significant expansion in its EV manufacturing efforts.


Taiwan Tech Weekly: Japan Semi Restrictions Take Effect; Apple IPhone Volumes; Hon Hai Acquisition

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 21st which has an aggregated short interest worth USD15.1bn.</li>
<li>We tabulate league table 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 Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 21st which has an aggregated short interest worth USD15.1bn.
We tabulate league table 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 Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa.


TWSE Short Interest Weekly (Jul 21st): Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa

<ul>
<li>TSMC: 9.9% premium, continues to stay above one standard deviation from historical median... Earnings coming this week.</li>
<li>UMC: 0.0% ADR premium... Trading on par with local shares... Earnings next week.</li>
<li>Chunghwa Telecom: -0.8% discount represents relatively deep discount vs. history.</li>
</ul>


TSMC: 9.9% premium, continues to stay above one standard deviation from historical median... Earnings coming this week.
UMC: 0.0% ADR premium... Trading on par with local shares... Earnings next week.
Chunghwa Telecom: -0.8% discount represents relatively deep discount vs. history.


Taiwan Dual-Listings Monitor: TSMC Premium Staying High Ahead of Earnings This Week; UMC at Par

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectronics Corp (2303 TT)

TWSE Short Interest Weekly (Jul 28th): Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Lite-On Tech, Wiwynn, Alchip...

Ke Yan, CFA, FRM

United Microelectronics: Underperform; Exposed to China Competition Avoiding Tech Restrictions

We are concerned by UMC’s high exposure to more mature technology nodes, limited exposure to AI, and vulnerability to China competition forced to...

Vincent Fernando, CFA

Taiwan Tech Weekly: Japan Semi Restrictions Take Effect; Apple IPhone Volumes; Hon Hai Acquisition

Japan's semiconductor technology export restrictions took effect on Sunday and are unlikely to ease for China any time soon.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jul 21st): Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin Lihwa

We analyzed TWSE short interest report for the past week and highlight short interest changes in Gigabyte Tech, Lite-On Tech, Delta Elec, Walsin...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Staying High Ahead of Earnings This Week; UMC at Par

Earnings events will be coming over the next few weeks for all of our tracked names. UMC, CHT look interesting in terms of room for ADR spreads to...

Vincent Fernando, CFA

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