Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sicc-co-ltd" target="_blank" data-smartkarma-citation="entities:36273:1" rel="noopener">SICC (688234 CH)</a>, a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing.</li>
<li>In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.</li>
<li>In this note, we look at the PHIP updates and talk about the likely A/H premium.</li>
</ul>



SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing.
In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.
In this note, we look at the PHIP updates and talk about the likely A/H premium.


SICC A/H Listing - PHIP Updates and Thoughts on A/H Premium

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>U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?</li>
<li>Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher </li>
<li>TechChain Insights: Taiwan’s Battery Cell Moment? USA &amp; EU Supply Chain Under Strategic Pressure </li>
</ul>


U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?
Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher 
TechChain Insights: Taiwan’s Battery Cell Moment? USA &amp; EU Supply Chain Under Strategic Pressure 


Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

Taiwan Tech Focused Senior Analyst

Patrick Liao

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>We expect <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>'s 3Q25 might be decline 5-10% QoQ, reflecting 2H25 US tariffs impacts and Chinese opponent's competition.   </li>
<li>The Foldable handset may be indicated a new era to come, and we believe <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> shall be one of the DDIC winners.  </li>
<li>The stock price of <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> is long staying with NT$450~650 since the beginning of 2024, and the current price is at the relative low point.</li>
</ul>


We expect Novatek Microelectronics Corp (3034 TT)'s 3Q25 might be decline 5-10% QoQ, reflecting 2H25 US tariffs impacts and Chinese opponent's competition.   
The Foldable handset may be indicated a new era to come, and we believe Novatek Microelectronics Corp (3034 TT) shall be one of the DDIC winners.  
The stock price of Novatek Microelectronics Corp (3034 TT) is long staying with NT$450~650 since the beginning of 2024, and the current price is at the relative low point.


Novatek (3034.TT): FX Impact Persists; 3Q25 May Be a Down Quarter.

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.</li>
<li>Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.</li>
<li>Snapdragon X's monetisation has been deferred,  while XR design momentum was a rare bright spot beyond mobile.</li>
</ul>


Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.
Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.
Snapdragon X's monetisation has been deferred,  while XR design momentum was a rare bright spot beyond mobile.


[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. </li>
<li>Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. </li>
<li>Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.</li>
</ul>


Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. 
Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. 
Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.


Magnificent 7:  Global Fund Positioning Update

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

SICC A/H Listing - PHIP Updates and Thoughts on A/H Premium

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing. In this note, we talk about...

Sumeet Singh

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Vincent Fernando, CFA

Novatek (3034.TT): FX Impact Persists; 3Q25 May Be a Down Quarter.

Novatek 3Q25 expected to decline 5-10% due to US tariffs and Chinese competition, but potential DDIC winner in foldable handset era. Stock price...

Patrick Liao

[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger

QCT beats expectations with strong handset demand, but licensing growth disappoints and margins decline. Uncertainty also looms with fading Apple...

Mint Finance

Magnificent 7: Global Fund Positioning Update

Positioning in the Magnificent 7 remains near record highs, but momentum is fading as growth funds top out and value remains sidelined.

Steven Holden

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SICC A/H Listing - PHIP Updates and Thoughts on A/H Premium

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing. In this note, we talk about...

Sumeet Singh

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

​TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Vincent Fernando, CFA

Novatek (3034.TT): FX Impact Persists; 3Q25 May Be a Down Quarter.

​Novatek 3Q25 expected to decline 5-10% due to US tariffs and Chinese competition, but potential DDIC winner in foldable handset era. Stock price...

Patrick Liao

[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger

​QCT beats expectations with strong handset demand, but licensing growth disappoints and margins decline. Uncertainty also looms with fading Apple...

Mint Finance

Magnificent 7: Global Fund Positioning Update

Positioning in the Magnificent 7 remains near record highs, but momentum is fading as growth funds top out and value remains sidelined.

Steven Holden

TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Novatek 3Q25 expected to decline 5-10% due to US tariffs and Chinese competition, but potential DDIC winner in foldable handset era. Stock price...

QCT beats expectations with strong handset demand, but licensing growth disappoints and margins decline. Uncertainty also looms with fading Apple...