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 5th which has an aggregated short interest worth USD22.2bn.</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 Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&amp;K Engineering, Evergreen Marine, ASE, Hon Hai, Asia Vital.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 5th which has an aggregated short interest worth USD22.2bn.
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 Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&amp;K Engineering, Evergreen Marine, ASE, Hon Hai, Asia Vital.


TWSE Short Interest Weekly (Jul 5th): Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&K Engineering

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 28th which has an aggregated holding worth USD4,832.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD11,267mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC, Novatek, Mediatek, Chailease, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 28th which has an aggregated holding worth USD4,832.6bn.
We estimate that foreign flows to be outflows of USD11,267mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC, Novatek, Mediatek, Chailease, Umc.


TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

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: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%</li>
<li>UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting</li>
<li>ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher</li>
</ul>


TSMC: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%
UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting
ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher


Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 21st which has an aggregated holding worth USD4,865.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD7,730mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech, Wiwynn, Evergreen Marine, Asia Vital, Alchip Tech, TSMC, Chailease.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 21st which has an aggregated holding worth USD4,865.2bn.
We estimate that foreign flows to be inflows of USD7,730mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech, Wiwynn, Evergreen Marine, Asia Vital, Alchip Tech, TSMC, Chailease.


TWSE Foreign Holding Weekly (Jun 21st): Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech

<ul>
<li>TSMC: +16.1% Premium, After Sharp Drop, Will Be Interesting to See If Spread Will Remain Within the Recent ~15-25% Range</li>
<li>ASE: +7.4% Premium; Can Consider Going Long the Spread Given Recent Trading Range</li>
<li>ChipMOS: -2.4% Discount Repesents Extreme Low of End of Range; Can Consider Going Long the Spread</li>
</ul>


TSMC: +16.1% Premium, After Sharp Drop, Will Be Interesting to See If Spread Will Remain Within the Recent ~15-25% Range
ASE: +7.4% Premium; Can Consider Going Long the Spread Given Recent Trading Range
ChipMOS: -2.4% Discount Repesents Extreme Low of End of Range; Can Consider Going Long the Spread


Taiwan Dual-Listings Monitor: TSMC & ASE Premiums Drop Sharply; ChipMOS Extreme Discount

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

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ASE Technology Holding (3711 TT)

TWSE Short Interest Weekly (Jul 5th): Taiwan Mobile, Lite-On Tech, Far Eastone Tele, L&K Engineering

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taiwan Mobile, Lite-On Tech, Far Eastone Tele,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Highwealth, Acer, King Yuan Elec, Bora Pharma,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range

ASE and ChipMOS premiums have bounced from the lower end of their trading ranges and could have further room to go higher. TSMC has remained...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Jun 21st): Quanta Computer, Asmedia Tech, Delta Elec, Nanya Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, Asmedia Tech, Delta Elec, Nanya...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC & ASE Premiums Drop Sharply; ChipMOS Extreme Discount

TSMC and ASE's ADR premiums have both dropped sharply. It will be interesting to see if TSMC's premium will drop further to below 15%. ChipMOS's...

Vincent Fernando, CFA

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