Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Initiating with BUY and a 12-month price target of NT$2,700, implying 25% upside potential. Applied 50x FY2027E P/E — disciplined relative to peers but premium-justified by growth durability.</li>
<li>Three structural growth drivers converge in Chroma: AI server power validation, SiC/GaN power semiconductor testing, and EV/ESS battery test systems. Each market can sustain above-industry growth independently.</li>
<li>Micron's blowout quarter settles the AI demand debate. With Chroma trading 16% below its May high, the recent correction provides a more attractive entry point.</li>
</ul>


Initiating with BUY and a 12-month price target of NT$2,700, implying 25% upside potential. Applied 50x FY2027E P/E — disciplined relative to peers but premium-justified by growth durability.
Three structural growth drivers converge in Chroma: AI server power validation, SiC/GaN power semiconductor testing, and EV/ESS battery test systems. Each market can sustain above-industry growth independently.
Micron's blowout quarter settles the AI demand debate. With Chroma trading 16% below its May high, the recent correction provides a more attractive entry point.


Chroma ATE (2360 TT): Initiation — Silent Gatekeeper of the Electrification Supercycle

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives.</li><li>These Shariah compliant companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG</li><li>3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes; and 4) committed to generating positive, measurable and additional sustainability outcomes.</li></ul>

The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives.These Shariah compliant companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes; and 4) committed to generating positive, measurable and additional sustainability outcomes.

Global Sustainability (Shariah) Portfolio (18-Aug-2026)

<ul><li>The strategy seeks to invest in companies with superior sustainability features/initiatives.</li><li>These companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG</li><li>3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes; and 4) committed to generating positive, measurable and additional sustainability outcomes.</li></ul>

The strategy seeks to invest in companies with superior sustainability features/initiatives.These companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes; and 4) committed to generating positive, measurable and additional sustainability outcomes.

Global Sustainability Portfolio (18-Aug-2026)

<ul><li><p>The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally.</p></li><li><p>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</p></li><li>Previous portfolio returned 17.5% vs. MSCI World (4.2%) – outperformed the benchmark by 13.3%.</li></ul>

The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned 17.5% vs. MSCI World (4.2%) – outperformed the benchmark by 13.3%.

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 Oct 8th. The aggregated holding was USD2,409.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,235mln. 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 Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 8th. The aggregated holding was USD2,409.2bn.
We estimate that foreign flows to be inflows of USD6,235mln. 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 Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.


TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

Taiwan

Chroma Ate Inc. manufactures and markets electronic and automation measuring instruments.  The Company's main products are test and measurement instruments, auto test equipment, power electronics, uninterrupted power supply (UPS), telecommunication power systems, industrial computers, and special materials.

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Chroma Ate Inc (2360 TT)

Chroma ATE (2360 TT): Initiation — Silent Gatekeeper of the Electrification Supercycle

Initiate Chroma with BUY, strong growth drivers and potential 25% upside potential on 12 months window. Micron's blowout quarter settles AI demand...

Mo Aziz

Global Sustainability (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives. These Shariah compliant companies...

Crea8

Global Sustainability Portfolio (18-Aug-2026)

The strategy seeks to invest in companies with superior sustainability features/initiatives. These companies may be: 1) screened by avoiding...

Crea8

Global Thematic (Shariah) Portfolio

The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally. By adopting a portfolio of stocks...

Crea8

TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, MediaTek, TSMC, Unimicron Technology,...

Ke Yan, CFA, FRM

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52-week Range

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