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 short interest of TWSE Stocks as of Aug 14th. The aggregated short interest was USD43.9bn.</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, Nan Ya Plastics, Quanta Computer, Zhen Ding Technology, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 14th. The aggregated short interest was USD43.9bn.
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, Nan Ya Plastics, Quanta Computer, Zhen Ding Technology, ASE Industrial.


TWSE Short Interest Weekly (Aug 14th): Shin Kong Financial, Nan Ya Plastics, Quanta Computer

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>March revenue numbers from the Taiwan semi ecosystem are surprisingly good.</li>
<li>The sequential decline in Q1 2023 PC unit shipments was at the low end of the predicted range</li>
<li>Quanta, a leading ODM Direct Server manufacturer,  had an unexpectedly strong first quarter. </li>
</ul>


March revenue numbers from the Taiwan semi ecosystem are surprisingly good.
The sequential decline in Q1 2023 PC unit shipments was at the low end of the predicted range
Quanta, a leading ODM Direct Server manufacturer,  had an unexpectedly strong first quarter. 


Semiconductors: More Green Shoots Of Recovery Keep On Popping Up

<ul>
<li>The current semiconductor downturn is largely attributable to the reversion of PC and Smartphone unit shipments to their pre-pandemic norms</li>
<li>There are good reasons to believe that the trough for PC unit shipments will be Q1 2023. </li>
<li>Server shipments will decline sequentially in H1 and this may further prolong the impact on memory players, Intel and to a lesser extent, AMD &amp; NVIDIA</li>
</ul>


The current semiconductor downturn is largely attributable to the reversion of PC and Smartphone unit shipments to their pre-pandemic norms
There are good reasons to believe that the trough for PC unit shipments will be Q1 2023. 
Server shipments will decline sequentially in H1 and this may further prolong the impact on memory players, Intel and to a lesser extent, AMD &amp; NVIDIA


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>TSMC is holding about US$1bn of finished Apple processors it cannot package for want of DRAM, and first-half smartphone processor shipments fell 15% year over year.</li>
<li>Memory revenue rose 305% in the first half against 45% for logic; WSTS raised its 2026 industry forecast to US$1.655tn, growth of 108%.</li>
<li>Winbond's customers are pressing for supply contracts running into 2030, SanDisk has sold about two-thirds of its fiscal 2028 output, and Nan Ya PCB approved its largest ever plant.</li>
</ul>


TSMC is holding about US$1bn of finished Apple processors it cannot package for want of DRAM, and first-half smartphone processor shipments fell 15% year over year.
Memory revenue rose 305% in the first half against 45% for logic; WSTS raised its 2026 industry forecast to US$1.655tn, growth of 108%.
Winbond's customers are pressing for supply contracts running into 2030, SanDisk has sold about two-thirds of its fiscal 2028 output, and Nan Ya PCB approved its largest ever plant.


Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 7th. The aggregated holding was USD2,146.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,263mln. 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 Quanta Computer, Nanya Technology, TSMC, Wistron, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 7th. The aggregated holding was USD2,146.7bn.
We estimate that foreign flows to be inflows of USD3,263mln. 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 Quanta Computer, Nanya Technology, TSMC, Wistron, Hon Hai Precision.


TWSE Foreign Holding Weekly (Aug 7th): Quanta Computer, Nanya Technology, TSMC, Wistron

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 Short Interest Weekly (Aug 14th): Shin Kong Financial, Nan Ya Plastics, Quanta Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Nan Ya Plastics, Quanta...

Ke Yan, CFA, FRM

Semiconductors: More Green Shoots Of Recovery Keep On Popping Up

March revenue numbers from the Taiwan semi ecosystem are surprisingly good. The sequential decline in Q1 2023 PC unit shipments was at the low end...

William Keating

Anatomy Of A Semiconductor Downturn

The current semiconductor downturn is largely attributable to the reversion of PC and Smartphone unit shipments to their pre-pandemic norms. We...

William Keating

Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 7th): Quanta Computer, Nanya Technology, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, Nanya Technology, TSMC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Aug 14th): Shin Kong Financial, Nan Ya Plastics, Quanta Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Nan Ya Plastics, Quanta...

Ke Yan, CFA, FRM

Semiconductors: More Green Shoots Of Recovery Keep On Popping Up

March revenue numbers from the Taiwan semi ecosystem are surprisingly good. The sequential decline in Q1 2023 PC unit shipments was at the low end...

William Keating

Anatomy Of A Semiconductor Downturn

The current semiconductor downturn is largely attributable to the reversion of PC and Smartphone unit shipments to their pre-pandemic norms. We...

William Keating

Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

​TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 7th): Quanta Computer, Nanya Technology, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, Nanya Technology, TSMC,...

Ke Yan, CFA, FRM

TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...