Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 15th. The aggregated holding was USD2,103.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,715mln. 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, Hon Hai Precision, Asustek Computer, Wiwynn, Global Unichip.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 15th. The aggregated holding was USD2,103.0bn.
We estimate that foreign flows to be outflows of USD1,715mln. 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, Hon Hai Precision, Asustek Computer, Wiwynn, Global Unichip.


TWSE Foreign Holding Weekly (May 15th): TSMC, Hon Hai Precision, Asustek Computer, Wiwynn

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
Memory signals -- Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%)  cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated,  Q3 unwind risk.</li>
<li>
AI server signals -- Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD  revenue growth +52%.</li>
<li>
Bifurcation signals -- AI server vs. non-AI server performance bifurcation widens... Display/Optics subsector revenue −2.7% YoY (first  chain-level negative).</li>
</ul>



Memory signals -- Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%)  cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated,  Q3 unwind risk.

AI server signals -- Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD  revenue growth +52%.

Bifurcation signals -- AI server vs. non-AI server performance bifurcation widens... Display/Optics subsector revenue −2.7% YoY (first  chain-level negative).


Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 8th. The aggregated holding was USD2,142.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,512mln. 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 Hon Hai Precision, Nanya Technology, Innolux, Unimicron Technology, Lite-On Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 8th. The aggregated holding was USD2,142.6bn.
We estimate that foreign flows to be inflows of USD5,512mln. 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 Hon Hai Precision, Nanya Technology, Innolux, Unimicron Technology, Lite-On Technology.


TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

<ul>
<li>We analysed the earning revision of component stocks of MS-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on China Steel, Formosa Plastics, Yuanta Financial, Nan Ya Plastics, Formosa Chemicals &amp; Fibre, TSMC, Wiwynn.</li>
</ul>


We analysed the earning revision of component stocks of MS-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on China Steel, Formosa Plastics, Yuanta Financial, Nan Ya Plastics, Formosa Chemicals &amp; Fibre, TSMC, Wiwynn.


MS-Taiwan Index Earning Revision (Apr): China Steel, Formosa Plastics, Yuanta Financial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 1st. The aggregated holding was USD1,975.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,937mln. 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, Macronix Intl, Wiwynn, Hon Hai Precision, King Yuan Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 1st. The aggregated holding was USD1,975.7bn.
We estimate that foreign flows to be outflows of USD5,937mln. 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, Macronix Intl, Wiwynn, Hon Hai Precision, King Yuan Electronics.


TWSE Foreign Holding Weekly (May 1st): TSMC, Macronix Intl, Wiwynn, Hon Hai Precision

Taiwan

Alchip Technologies Ltd. provides silicon design and manufacturing services. The Company offers a range of system on chip (SoC) design solutions for low power, high performance, and cost considerations. Alchip produces SoC solutions for products including consumer electronics, optical networking, and medical imaging equipment. Alchip serves customers worldwide.

Price Gauge
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Alchip Technologies (3661 TT)

TWSE Foreign Holding Weekly (May 15th): TSMC, Hon Hai Precision, Asustek Computer, Wiwynn

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Asustek Computer,...

Ke Yan, CFA, FRM

Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision, Nanya Technology, Innolux,...

Ke Yan, CFA, FRM

MS-Taiwan Index Earning Revision (Apr): China Steel, Formosa Plastics, Yuanta Financial

We analyzed MS-Taiwan's consensus for Apr 2026 and highlighted changes of EPS in China Steel, Formosa Plastics, Yuanta Financial, Nan Ya Plastics,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 1st): TSMC, Macronix Intl, Wiwynn, Hon Hai Precision

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Macronix Intl, Wiwynn, Hon Hai Precision,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (May 15th): TSMC, Hon Hai Precision, Asustek Computer, Wiwynn

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Asustek Computer,...

Ke Yan, CFA, FRM

Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

​Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision, Nanya Technology, Innolux,...

Ke Yan, CFA, FRM

MS-Taiwan Index Earning Revision (Apr): China Steel, Formosa Plastics, Yuanta Financial

We analyzed MS-Taiwan's consensus for Apr 2026 and highlighted changes of EPS in China Steel, Formosa Plastics, Yuanta Financial, Nan Ya Plastics,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 1st): TSMC, Macronix Intl, Wiwynn, Hon Hai Precision

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Macronix Intl, Wiwynn, Hon Hai Precision,...

Ke Yan, CFA, FRM

Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.