Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in…

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in…

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The TDIV index tracks the top 50 names on the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.</li>
<li>In this insight, we take a look at Quiddity's expectations for index changes and capping flows for the TDIV index for the June 2026 index rebal event.</li>
<li>As of the latest data, we expect 5 ADDs and 4 DELs and one-way flows of ~US$2.94bn, including capping effects. There are 5-7 other companies which could become ADDs. </li>
</ul>


The TDIV index tracks the top 50 names on the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
In this insight, we take a look at Quiddity's expectations for index changes and capping flows for the TDIV index for the June 2026 index rebal event.
As of the latest data, we expect 5 ADDs and 4 DELs and one-way flows of ~US$2.94bn, including capping effects. There are 5-7 other companies which could become ADDs. 


Quiddity Leaderboard TDIV Jun26: Many Borderline Potential ADDs in the Race

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Montage Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a> priced its H Share at HK$106.89, raising HK$7,043 million (US$901 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:216984" rel="noopener">Montage Technology H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-6809-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:219421" rel="noopener">Montage Technology H Share Listing (6809 HK): Valuation Insights</a>. </li>
<li>Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains attractive.</li>
</ul>



Montage Technology (6809 HK) priced its H Share at HK$106.89, raising HK$7,043 million (US$901 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Montage Technology H Share Listing: The Investment Case and Montage Technology H Share Listing (6809 HK): Valuation Insights. 
Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains attractive.


Montage Technology H Share Listing (6809 HK): Trading Debut

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a>, the world's largest memory interconnect chip supplier,  has launched an H Share listing to raise US$902 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:216984" rel="noopener">Montage Technology H Share Listing: The Investment Case</a>. The price momentum is strong amid a well-documented surge in memory chip prices.  </li>
<li>The proposed AH discount of 41.3% (based on the 29 January A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Montage Technology (688008 CH), the world's largest memory interconnect chip supplier,  has launched an H Share listing to raise US$902 million.
I discussed the H Share listing in Montage Technology H Share Listing: The Investment Case. The price momentum is strong amid a well-documented surge in memory chip prices.  
The proposed AH discount of 41.3% (based on the 29 January A Share price) is attractive. Overall, I would participate in the listing.


Montage Technology H Share Listing (6809 HK): Valuation Insights

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 Jan 16th. The aggregated holding was USD1,560.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,435mln. 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, MediaTek, Delta Electronics, Nan Ya Plastics, UMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 16th. The aggregated holding was USD1,560.4bn.
We estimate that foreign flows to be inflows of USD1,435mln. 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, MediaTek, Delta Electronics, Nan Ya Plastics, UMC.


TWSE Foreign Holding Weekly (Jan 16th): TSMC, MediaTek, Delta Electronics, Nan Ya Plastics, UMC

Taiwan

Asmedia Technology Inc designs mulitmedia integrated control(IC) chip and high frequency mixed mode IC chip. The company's products inlcude high speed digit switch, nand flash controller and super speed USB controller.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Asmedia Technology (5269 TT)

Points from Taiwan Semi/Tech 2Q Sales

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways...

Andrew Lu

Quiddity Leaderboard TDIV Jun26: Many Borderline Potential ADDs in the Race

There are many potential ADDs close to the cut-off rank of 35. The ranks have an inverse relationship with price in the TDIV selection process...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jan 16th): TSMC, MediaTek, Delta Electronics, Nan Ya Plastics, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, MediaTek, Delta Electronics, Nan Ya...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Points from Taiwan Semi/Tech 2Q Sales

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways...

Andrew Lu

Quiddity Leaderboard TDIV Jun26: Many Borderline Potential ADDs in the Race

There are many potential ADDs close to the cut-off rank of 35. The ranks have an inverse relationship with price in the TDIV selection process...

Janaghan Jeyakumar, CFA

Montage Technology H Share Listing (6809 HK): Trading Debut

Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains...

Arun George

Montage Technology H Share Listing (6809 HK): Valuation Insights

The price momentum is strong amid a well-documented surge in memory chip prices. The proposed AH discount of 41.3% (based on the 29 January A Share...

Arun George

TWSE Foreign Holding Weekly (Jan 16th): TSMC, MediaTek, Delta Electronics, Nan Ya Plastics, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, MediaTek, Delta Electronics, Nan Ya...

Ke Yan, CFA, FRM