Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Apple shares have fallen recently, nearing 52-week lows as analysts have been cutting share targets on China production uncertainty and weak consumer end-market demand.</li>
<li>Key Apple suppliers Quanta and Pegatron, in particular, appear to have not yet reacted to the declining market sentiment towards Apple.</li>
<li>Investors can consider Shorting Quanta and Pegatron vs. a Long position in Apple. We see limited potential for positive news flow for the stocks through January.</li>
</ul>


Apple shares have fallen recently, nearing 52-week lows as analysts have been cutting share targets on China production uncertainty and weak consumer end-market demand.
Key Apple suppliers Quanta and Pegatron, in particular, appear to have not yet reacted to the declining market sentiment towards Apple.
Investors can consider Shorting Quanta and Pegatron vs. a Long position in Apple. We see limited potential for positive news flow for the stocks through January.


Taiwan Apple Ecosystem Monitor: Quanta and Pegatron Shares Lagging Apple Decline?

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 short interest of TWSE Stocks as of Sep 23rd which has an aggregated short interest worth USD12.3bn.</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 Eva Airways, Powerchip Semiconductor, AUO Corp, Formosa Plastics, Realtek, Yageo.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 23rd which has an aggregated short interest worth USD12.3bn.
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 Eva Airways, Powerchip Semiconductor, AUO Corp, Formosa Plastics, Realtek, Yageo.


TWSE Short Interest Weekly (Sep 23rd): Eva Airways, Powerchip

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 2nd which has an aggregated short interest worth USD12.4bn.</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 Yang Ming, Alchip, Catcher, Faraday, Via Tech, Evergreen Marine, Largan. </li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 2nd which has an aggregated short interest worth USD12.4bn.
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 Yang Ming, Alchip, Catcher, Faraday, Via Tech, Evergreen Marine, Largan. 


TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biel-crystal" target="_blank" data-smartkarma-citation="entities:33919:1" rel="noopener">Biel Crystal (0924581D HK)</a> is one of the world’s largest suppliers of cover glass for smartphones. </li>
<li>Biel has won approval for an HKEx IPO to raise $1-2 billion, according to press reports. </li>
<li>Biel’s fundamentals are attractive with solid top-line growth, operating leverage and cash generation. </li>
</ul>



Biel Crystal (0924581D HK) is one of the world’s largest suppliers of cover glass for smartphones. 
Biel has won approval for an HKEx IPO to raise $1-2 billion, according to press reports. 
Biel’s fundamentals are attractive with solid top-line growth, operating leverage and cash generation. 


Biel Crystal IPO Initiation: Through the Looking Glass

External broker reports(aggregated public sources), Masterlink Securities Corp

Masterlink Securities

External broker reports(aggregated public sources)

Masterlink Securities Corp

MasterLink Securities provide brokerage, securities underwriting, and proprietary trading services in Taiwan. It offers brokerage services, including Taiwan stock exchange and OTC brokerage services, futures trading assistance, foreign securities trading, investment Banking services, and derivative products.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p> Upgrade to BUY, with a TP of NT$200. Although Catcher had sold its iPhone related business, it has been affected by material supply shortages in 2021. We project that Catcher’s FY22 EPS could top NT$10 after the problem of material shortages is improved. A significant booster for Catcher’s sales has not emerged yet, but the sign of reaching the bottom has appeared. In addition, Catcher is expected to pay out a cash dividend of NT$10 per share in the coming three years, which should support its share price. Considering limited downside risk and high dividend yield, we upgrade our rating on Catcher to BUY, with a TP of NT$200.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

 Upgrade to BUY, with a TP of NT$200. Although Catcher had sold its iPhone related business, it has been affected by material supply shortages in 2021. We project that Catcher’s FY22 EPS could top NT$10 after the problem of material shortages is improved. A significant booster for Catcher’s sales has not emerged yet, but the sign of reaching the bottom has appeared. In addition, Catcher is expected to pay out a cash dividend of NT$10 per share in the coming three years, which should support its share price. Considering limited downside risk and high dividend yield, we upgrade our rating on Catcher to BUY, with a TP of NT$200.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Catcher (2474 TT) Impressive GM & High Dividend Yield

Taiwan

Catcher Technology Co., Ltd. manufactures aluminum and magnesium die casting products which are used in notebook computers, cellular phones, and hard disk drive bases.

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Catcher Technology (2474 TT)

Taiwan Apple Ecosystem Monitor: Quanta and Pegatron Shares Lagging Apple Decline?

Apple shares have fallen most recently, nearing 52-week lows as analysts have been cutting share targets on China production uncertainty.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Sep 23rd): Eva Airways, Powerchip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Eva Airways, Powerchip Semiconductor, AUO Corp,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

We analyzed short interest in the TWSE market last week and highlight short interest changes in Yang Ming, Alchip, Catcher, Faraday, Via Tech,...

Ke Yan, CFA, FRM

Biel Crystal IPO Initiation: Through the Looking Glass

Biel has won approval for an HKEx IPO to raise $1-2 billion. Biel’s fundamentals are attractive with solid top-line growth, operating leverage and...

Arun George

Catcher (2474 TT) Impressive GM & High Dividend Yield

 Upgrade to BUY, with a TP of NT$200. Although Catcher had sold its iPhone related business, it has been affected by material supply shortages in...

Masterlink Securities

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