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

Shenton Research

Shenton 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 Aug 28th. The aggregated holding was USD2,277.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,814mln. 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, E.SUN Financial, Nanya Technology, Unimicron Technology, MediaTek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 28th. The aggregated holding was USD2,277.2bn.
We estimate that foreign flows to be inflows of USD3,814mln. 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, E.SUN Financial, Nanya Technology, Unimicron Technology, MediaTek.


TWSE Foreign Holding Weekly (Aug 28th): TSMC, E.SUN Financial, Nanya Technology, MediaTek

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 revenue re-accelerated well ahead of its seasonal pace: the six memory names grew revenue +32% MoM after about +4% in June, roughly twice their pace in July last year.</li>
<li>Taiwan's assemblers look weaker than they are: nine of thirteen ODM, EMS and PC-brand names saw revenue fall sequentially, yet the group beat its own July 2025 decline.</li>
<li>
<a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a>'s revenue nearly quadrupled in two months and its filing reversed: after three months reporting mass-production declines, it reported growth, the only commentary change in our universe.</li>
</ul>


Memory revenue re-accelerated well ahead of its seasonal pace: the six memory names grew revenue +32% MoM after about +4% in June, roughly twice their pace in July last year.
Taiwan's assemblers look weaker than they are: nine of thirteen ODM, EMS and PC-brand names saw revenue fall sequentially, yet the group beat its own July 2025 decline.

Alchip Technologies (3661 TT)'s revenue nearly quadrupled in two months and its filing reversed: after three months reporting mass-production declines, it reported growth, the only commentary change in our universe.


Taiwan Supply Chain Signals: Memory Revenue Re-Accelerates While Custom AI Chip Revenue Ramps

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 21st. The aggregated holding was USD2,218.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD800mln. 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 Unimicron Technology, Nanya Technology, Powerchip Semiconductor Manufacturing, Evergreen Marine, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 21st. The aggregated holding was USD2,218.0bn.
We estimate that foreign flows to be inflows of USD800mln. 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 Unimicron Technology, Nanya Technology, Powerchip Semiconductor Manufacturing, Evergreen Marine, Hon Hai Precision.


TWSE Foreign Holding Weekly (Aug 21st): Unimicron Technology, Nanya Technology, Evergreen Marine

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 21st. The aggregated short interest was USD42.3bn.</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 Shin Kong Financial, MediaTek, Evergreen Marine, Quanta Computer, Asia Vital Components.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 21st. The aggregated short interest was USD42.3bn.
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 Shin Kong Financial, MediaTek, Evergreen Marine, Quanta Computer, Asia Vital Components.


TWSE Short Interest Weekly (Aug 21st): Shin Kong Financial, MediaTek, Evergreen Marine

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 14th. The aggregated holding was USD2,228.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,449mln. 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 MediaTek, Nanya Technology, Powerchip Semiconductor Manufacturing, TSMC, Yageo.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 14th. The aggregated holding was USD2,228.6bn.
We estimate that foreign flows to be inflows of USD5,449mln. 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 MediaTek, Nanya Technology, Powerchip Semiconductor Manufacturing, TSMC, Yageo.


TWSE Foreign Holding Weekly (Aug 14th): MediaTek, Nanya Technology, TSMC, Yageo

Taiwan

Asustek Computer Inc. manufactures and markets computer motherboards, interface cards, notebook computers, and other related products.

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Asustek Computer (2357 TT)

TWSE Foreign Holding Weekly (Aug 28th): TSMC, E.SUN Financial, Nanya Technology, MediaTek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, E.SUN Financial, Nanya Technology,...

Ke Yan, CFA, FRM

Taiwan Supply Chain Signals: Memory Revenue Re-Accelerates While Custom AI Chip Revenue Ramps

We analyze the latest monthly revenue data across Taiwan's technology supply chain. Four key signals emerge from the latest results.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 21st): Unimicron Technology, Nanya Technology, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Unimicron Technology (3037 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 21st): Shin Kong Financial, MediaTek, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, MediaTek, Evergreen Marine,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 14th): MediaTek, Nanya Technology, TSMC, Yageo

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, Nanya Technology, Powerchip...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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