Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 1st which has an aggregated holding worth USD3,699.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,279mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech, Asustek Computer, Umc, Quanta Computer, Chunghwa Telecom, Lite-On Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 1st which has an aggregated holding worth USD3,699.8bn.
We estimate that foreign flows to be inflows of USD1,279mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech, Asustek Computer, Umc, Quanta Computer, Chunghwa Telecom, Lite-On Tech.


TWSE Foreign Holding Weekly (Mar 1st): TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR</li>
<li>UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract</li>
<li>ASE: +13.3%; Short the Historically High Spread at the Current Level</li>
</ul>


TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR
UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract
ASE: +13.3%; Short the Historically High Spread at the Current Level


Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

<ul>
<li>TSMC: +17.3% Premium, High Double Digit Level Persisting Since CNY</li>
<li>UMC: -1.5% Discount, We Believe Spread Biased to Go Positive</li>
<li>ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.</li>
</ul>


TSMC: +17.3% Premium, High Double Digit Level Persisting Since CNY
UMC: -1.5% Discount, We Believe Spread Biased to Go Positive
ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.


Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

<ul>
<li>TSMC: +16.6% ADR Premium, Still High After CNY Multi-Day Taiwan Market Close</li>
<li>UMC: 1.3% ADR Premium, Still Historically High After CNY Break</li>
<li>ChipMOS: +4.2% Premium, Very Rare &amp; High Level, Not Sustainable</li>
</ul>


TSMC: +16.6% ADR Premium, Still High After CNY Multi-Day Taiwan Market Close
UMC: 1.3% ADR Premium, Still Historically High After CNY Break
ChipMOS: +4.2% Premium, Very Rare &amp; High Level, Not Sustainable


Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

<ul>
<li>TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity</li>
<li>UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity</li>
<li>ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels</li>
</ul>


TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity
UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity
ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels


Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

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52-week Range	0.00 - 0.00
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Chunghwa Telecom (2412 TT)

TWSE Foreign Holding Weekly (Mar 1st): TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Mar 1st): TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Wiwynn, Mediatek, Asia Vital, Alchip Tech,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

​Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Post-CNY Spread Persisting; Why UMC Discount Could Flip Positive

​TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: High Spreads Persist After CNY Break

​Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow

​TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...

Vincent Fernando, CFA

Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

TSMC maintaining a high premium, UMC is expected to shift to a positive spread, ChipMOS back within the typical range after premium collapse.

Taiwan semiconductor companies TSMC, UMC, and ChipMOS continue to maintain high ADR premiums after the Chinese New Year break, with ChipMOS'...

TSMC's ADR premium history suggests a short opportunity, while UMC's results tomorrow could open up a trade. Also, why waiting for ASE's premium...