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 TWSE Stocks as of Dec 12th. The aggregated holding was USD1,385.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD614mln. 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, Accton Technology, Hon Hai Precision, L&amp;K Engineering, Wistron, TSMC, Accton Technology, L&amp;K Engineering, Hon Hai Precision, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 12th. The aggregated holding was USD1,385.1bn.
We estimate that foreign flows to be inflows of USD614mln. 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, Accton Technology, Hon Hai Precision, L&amp;K Engineering, Wistron, TSMC, Accton Technology, L&amp;K Engineering, Hon Hai Precision, Wistron.


TWSE Foreign Holding Weekly (Dec 12th): TSMC, Accton Technology, Hon Hai Precision, L&K Engineering

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.</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 Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.
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 Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.


TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

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>Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.</li>
<li>Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.</li>
<li>As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.</li>
</ul>


Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.
Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.
As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.


TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>AI Accelerators (Nvidia and AMD GPU, hyperscalers’ chips) receive a lot of attention. AI rack assemblers, the companies that turn GPU into systems are equally interesting – and concentrated.</li>
<li>They are mostly Taiwanese firms: Hon Hai, Quanta, Wistron, Wiwynn and module makers like Accton. Growth of the top suppliers is impressive, stocks aren’t expensive.</li>
<li>2 different markets: hyperscalers customized racks, and Nvidia standard products. It is possible that standard racks that go into AI data centers or “AI factory” will outgrow hyperscalers’ spending.</li>
</ul>


AI Accelerators (Nvidia and AMD GPU, hyperscalers’ chips) receive a lot of attention. AI rack assemblers, the companies that turn GPU into systems are equally interesting – and concentrated.
They are mostly Taiwanese firms: Hon Hai, Quanta, Wistron, Wiwynn and module makers like Accton. Growth of the top suppliers is impressive, stocks aren’t expensive.
2 different markets: hyperscalers customized racks, and Nvidia standard products. It is possible that standard racks that go into AI data centers or “AI factory” will outgrow hyperscalers’ spending.


AI Servers: The Big System Designers / Assemblers in Taiwan

<ul>
<li>Nvidia's street-beating results indicate strong growth to continue; Generative AI demand will next expand from startups, consumer internet, and cloud service providers increasingly to enterprise AI-linked demand.</li>
<li>Nvidia is not expensive despite recent market concerns. We believe Nvidia can meet or even beat its current calendar year 2024 earnings expectations and forward PE is cheap.</li>
<li>Short a basket of Taiwan AI concept stocks vs. a core Nvidia long position rather than take profits in Nvidia. We have swapped one Taiwan stock in our short basket.</li>
</ul>


Nvidia's street-beating results indicate strong growth to continue; Generative AI demand will next expand from startups, consumer internet, and cloud service providers increasingly to enterprise AI-linked demand.
Nvidia is not expensive despite recent market concerns. We believe Nvidia can meet or even beat its current calendar year 2024 earnings expectations and forward PE is cheap.
Short a basket of Taiwan AI concept stocks vs. a core Nvidia long position rather than take profits in Nvidia. We have swapped one Taiwan stock in our short basket.


Nvidia Still Cheap: Enterprise AI Next Driver to Kick-In; Adjusting Our Taiwan AI Plays Short Hedge

Taiwan

Accton Technology Corporation researches, develops, manufactures, and markets computer network system products such as adapters, hubs, switches, routers, and bridges. The Company also manufactures network computers and network peripheral equipment.

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Accton Technology (2345 TT)

TWSE Foreign Holding Weekly (Dec 12th): TSMC, Accton Technology, Hon Hai Precision, L&K Engineering

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Accton Technology (2345 TT), Hon...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Vincent Fernando, CFA

AI Servers: The Big System Designers / Assemblers in Taiwan

Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

Nicolas Baratte

Nvidia Still Cheap: Enterprise AI Next Driver to Kick-In; Adjusting Our Taiwan AI Plays Short Hedge

Short a basket of Taiwan AI concept stocks vs. a core Nvidia Long position rather than take profits in Nvidia. We have swapped one stock in our...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Dec 12th): TSMC, Accton Technology, Hon Hai Precision, L&K Engineering

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Accton Technology (2345 TT), Hon...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

​TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Vincent Fernando, CFA

AI Servers: The Big System Designers / Assemblers in Taiwan

​Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

Nicolas Baratte

Nvidia Still Cheap: Enterprise AI Next Driver to Kick-In; Adjusting Our Taiwan AI Plays Short Hedge

Short a basket of Taiwan AI concept stocks vs. a core Nvidia Long position rather than take profits in Nvidia. We have swapped one stock in our...

Vincent Fernando, CFA

TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...