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 Mar 21st which has an aggregated short interest worth USD21.1bn.</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 Ctbc Financial, Asustek Computer, Mediatek, Alchip Technologies, Innolux, Elite Advanced Laser.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 21st which has an aggregated short interest worth USD21.1bn.
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 Ctbc Financial, Asustek Computer, Mediatek, Alchip Technologies, Innolux, Elite Advanced Laser.


TWSE Short Interest Weekly (Mar 21st): Ctbc Financial, Asustek Computer, Mediatek, Alchip

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>TSMC: +20% Premium; Wait for Higher Premium Before Shorting, ADR Headroom Has Increased Further</li>
<li>UMC: -1.6% Discount; Wait for Lower Discount Before Going Long</li>
<li>ASE: -0.1% Discount; Discounts Are Good Level to Long the Spread Given Maxed Headroom</li>
</ul>


TSMC: +20% Premium; Wait for Higher Premium Before Shorting, ADR Headroom Has Increased Further
UMC: -1.6% Discount; Wait for Lower Discount Before Going Long
ASE: -0.1% Discount; Discounts Are Good Level to Long the Spread Given Maxed Headroom


Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity

<ul>
<li>TSMC: +19.4% Premium; Consider Shorting if Spread Rises Above 20%</li>
<li>ASE: +0.5% Premium; Ideally Wait for Lower Level But Near-Zero Still a Long Opportunity</li>
<li>ChipMOS: -0.8% Discount; Wait for More Extreme Levels; Short Interest Spiking in Local Shares</li>
</ul>


TSMC: +19.4% Premium; Consider Shorting if Spread Rises Above 20%
ASE: +0.5% Premium; Ideally Wait for Lower Level But Near-Zero Still a Long Opportunity
ChipMOS: -0.8% Discount; Wait for More Extreme Levels; Short Interest Spiking in Local Shares


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds; ChipMOS Local Short Interest Spiking

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 14th which has an aggregated short interest worth USD21.0bn.</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 Nanya Technology, Bora Pharmaceuticals, Jinan Acetate Chemical, China Steel, Alchip Technologies.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 14th which has an aggregated short interest worth USD21.0bn.
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 Nanya Technology, Bora Pharmaceuticals, Jinan Acetate Chemical, China Steel, Alchip Technologies.


TWSE Short Interest Weekly (Mar 14th): Nanya Technology, Bora Pharmaceuticals, Jinan Acetate

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  </li>
<li>Silergy targets for auto sales contributed to reach 15% in 2025.  </li>
<li>Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  </li>
</ul>


2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  
Silergy targets for auto sales contributed to reach 15% in 2025.  
Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  


Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

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.

Price Gauge
52-week Range	0.00 - 0.00
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United Microelectronics Corp (2303 TT)

TWSE Short Interest Weekly (Mar 21st): Ctbc Financial, Asustek Computer, Mediatek, Alchip

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial, Asustek Computer, Mediatek,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds; ChipMOS Local Short Interest Spiking

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 14th): Nanya Technology, Bora Pharmaceuticals, Jinan Acetate

We highlight short interest changes in Nanya Technology, Bora Pharmaceuticals, Jinan Acetate Chemical, China Steel, Alchip Technologies.

Ke Yan, CFA, FRM

Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Mar 21st): Ctbc Financial, Asustek Computer, Mediatek, Alchip

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial, Asustek Computer, Mediatek,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds; ChipMOS Local Short Interest Spiking

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 14th): Nanya Technology, Bora Pharmaceuticals, Jinan Acetate

We highlight short interest changes in Nanya Technology, Bora Pharmaceuticals, Jinan Acetate Chemical, China Steel, Alchip Technologies.

Ke Yan, CFA, FRM

Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

​2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Patrick Liao

2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...