Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a> and <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Health Care and Real Estate sectors, and decreased in the Financials, Industrials, and Information Technology sectors.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construct (1878 JP)</a>, <a href="https://www.smartkarma.com/entities/jfe-holdings-inc" target="_blank" data-smartkarma-citation="entities:210:1" rel="noopener">JFE Holdings (5411 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyu-fudosan-holdings-corp" target="_blank" data-smartkarma-citation="entities:8355:1" rel="noopener">Tokyu Fudosan Holdings (3289 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a>, <a href="https://www.smartkarma.com/entities/h-i-s-co-ltd" target="_blank" data-smartkarma-citation="entities:19311:1" rel="noopener">H I S Co Ltd (9603 JP)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> and <a href="https://www.smartkarma.com/entities/euglena-co-ltd" target="_blank" data-smartkarma-citation="entities:8414:1" rel="noopener">Euglena Co Ltd (2931 JP)</a>. Shorts increased in the Real Estate and Consumer Discretionary sectors, and decreased in the Industrials sector.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a> during the week while decreasing on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-heavy-industries" target="_blank" data-smartkarma-citation="entities:10155:1" rel="noopener">Hyundai Heavy Industries (009540 KS)</a> and <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>. The short sell ban has ended today and short selling will be permitted on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> constituents from Monday, 3 May.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/china-development-financial" target="_blank" data-smartkarma-citation="entities:13818:1" rel="noopener">China Development Financial (2883 TT)</a>, <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 TT)</a>, <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-lihwa-corp" target="_blank" data-smartkarma-citation="entities:17142:1" rel="noopener">Walsin Lihwa (1605 TT)</a> and <a href="https://www.smartkarma.com/entities/compal-electronics" target="_blank" data-smartkarma-citation="entities:4620:1" rel="noopener">Compal Electronics (2324 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/asmedia-technology-inc" target="_blank" data-smartkarma-citation="entities:15732:1" rel="noopener">Asmedia Technology (5269 TT)</a>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent Holdings (700 HK), Meituan (3690 HK), China Merchants Bank H (3968 HK), WuXi AppTec Co. Ltd. (2359 HK) and Sunny Optical (2382 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Baidu (9888 HK), Haier Smart Home Co Ltd (6690 HK), Alibaba Group (9988 HK) and Citic Securities (H) (6030 HK). Shorts increased in the Communication Services, Consumer Discretionary, Health Care and Real Estate sectors, and decreased in the Financials, Industrials, and Information Technology sectors.In Japan, stocks that saw the most shorts were Lasertec Corp (6920 JP), Anritsu Corp (6754 JP), Daito Trust Construct (1878 JP), JFE Holdings (5411 JP) and Tokyu Fudosan Holdings (3289 JP) while shorts decreased on Toshiba Corp (6502 JP), Ana Holdings (9202 JP), H I S Co Ltd (9603 JP), Outsourcing Inc (2427 JP) and Euglena Co Ltd (2931 JP). Shorts increased in the Real Estate and Consumer Discretionary sectors, and decreased in the Industrials sector.In Korea, shorts increased on Celltrion Inc (068270 KS) and Hyundai Motor Co (005380 KS) during the week while decreasing on Samsung Electronics (005930 KS), Hyundai Heavy Industries (009540 KS) and Doosan Infracore (042670 KS). The short sell ban has ended today and short selling will be permitted on Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX) constituents from Monday, 3 May.Stocks in Taiwan that saw the highest increase in shorts were China Development Financial (2883 TT), Yang Ming Marine Transport (2609 TT), Evergreen Marine Corp (2603 TT), Walsin Lihwa (1605 TT) and Compal Electronics (2324 TT) while shorts were covered on AU Optronics (2409 TT), Winbond Electronics (2344 TT), Asmedia Technology (5269 TT), Genius Electronic Optical (3406 TT) and Novatek Microelectronics Corp (3034 TT).

Asia Shorts: Tencent, CM Bank, Wuxi Apptec, Baidu, Anritsu, Daito, Ana, Yang Ming, Evergreen Marine

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

Cal-Comp Tech (Philippines) / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/cal-comp-tech-philippines" target="_blank" data-smartkarma-citation="entities:27347:1" rel="noopener">Cal-Comp Tech (Philippines) (CCTP PH)</a>/CCPH is the Philippine EMS/ODM subsidiary of NKG, a private global technology conglomerate based in Taiwan. CCPH aims to raise PHP9.3 billion ($184 million) through a primary offering (371 million new shares). The offer price is PHP25 per share with book building period running over 4-7 November. </p><div class="content-highlight"><p>CCPH’s equity story is enticing as it offers solid growth, improving margin and cash generation. However, strong fundamentals are tarnished by poor disclosure. We will provide a view on the valuation in our next note.  </p></div>

Cal-Comp Tech (Philippines) (CCTP PH)/CCPH is the Philippine EMS/ODM subsidiary of NKG, a private global technology conglomerate based in Taiwan. CCPH aims to raise PHP9.3 billion ($184 million) through a primary offering (371 million new shares). The offer price is PHP25 per share with book building period running over 4-7 November. CCPH’s equity story is enticing as it offers solid growth, improving margin and cash generation. However, strong fundamentals are tarnished by poor disclosure. We will provide a view on the valuation in our next note.  

Cal-Comp Tech (Philippines) IPO Initiation: Manufacturing a Good Story

Event-Driven

<p><a href="https://www.smartkarma.com/entities/tpv-technology-ltd" target="_blank" data-smartkarma-citation="entities:17232:1" rel="noopener">TPV Technology (903 HK)</a> is a leading display solutions provider. On 12 August, TPV’s largest shareholder, CEC, launched an HK$3.86 cash per share privatisation proposal by way of a scheme of arrangement. On Tuesday, the delayed scheme document was released, with the court meeting set for 30 October.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/tpv-technology-probability-of-cec-bid-rejection-increased-by-interims" target="_blank" rel="noopener">our previous note</a>, we stated that the interims reinforce our view that CEC’s offer is not attractive for shareholders willing to take a long-term view. Predictably, the IFA recommended that the independent shareholders vote in favour of CEC's offer. However, on closer inspection, we believe that the IFA’s valuation methodology is full of holes and continue to believe that CEC’s offer is unattractive.</p></div>

TPV Technology (903 HK) is a leading display solutions provider. On 12 August, TPV’s largest shareholder, CEC, launched an HK$3.86 cash per share privatisation proposal by way of a scheme of arrangement. On Tuesday, the delayed scheme document was released, with the court meeting set for 30 October.In our previous note, we stated that the interims reinforce our view that CEC’s offer is not attractive for shareholders willing to take a long-term view. Predictably, the IFA recommended that the independent shareholders vote in favour of CEC's offer. However, on closer inspection, we believe that the IFA’s valuation methodology is full of holes and continue to believe that CEC’s offer is unattractive.

<p><a href="https://www.smartkarma.com/entities/tpv-technology-ltd" target="_blank" data-smartkarma-citation="entities:17232:1" rel="noopener">Tpv Technology (903 HK)</a> is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by way of a scheme of arrangement. CEC’s offer of HK$3.86 cash per share is a 41% premium to the last closing price of HK$2.73 per share. </p><div class="content-highlight"><p>On a fundamental basis, TPV is doing a commendable job as it is improving margin and cash generation in the face of unrelenting revenue decline. Overall, we believe that CEC’s offer is unattractive for shareholders willing to take a long-term view. </p></div>

Tpv Technology (903 HK) is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by way of a scheme of arrangement. CEC’s offer of HK$3.86 cash per share is a 41% premium to the last closing price of HK$2.73 per share. On a fundamental basis, TPV is doing a commendable job as it is improving margin and cash generation in the face of unrelenting revenue decline. Overall, we believe that CEC’s offer is unattractive for shareholders willing to take a long-term view. 

TPV Technology: CEC’s Offer Not as Generous as It Looks

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>What's new on the fight between two giants?</h2><p>According to Bloomberg and multiple news sources and confirmed by the company, <a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">Qualcomm Inc (QCOM US)</a> files a lawsuit at a Intellectual Property Court in Beijing, China to ban <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> production and sale of iPhone in China by claiming patent infringement and seeking injunctive relief. </p><h2>What's differences by comparing this one vs. prior ones? </h2><ul><li>
<strong>Non-standard essential patents vs. six patents</strong>: Different from the prior one focusing on six patents…</li></ul>

What's new on the fight between two giants?According to Bloomberg and multiple news sources and confirmed by the company, Qualcomm Inc (QCOM US) files a lawsuit at a Intellectual Property Court in Beijing, China to ban Apple Inc (AAPL US) production and sale of iPhone in China by claiming patent infringement and seeking injunctive relief. What's differences by comparing this one vs. prior ones? 
Non-standard essential patents vs. six patents: Different from the prior one focusing on six patents…

Qualcomm Files a Lawsuit to Ban China IPhones but We Expect Apple Gains/ Qualcomm Loses

Taiwan

Compal Electronics Inc. manufactures and markets notebook computers and color monitors.  The Company also produces liquid crystal displays and other computer related products.  Compal Electronics exports its products to the United States, Europe, and Asia.

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Compal Electronics (2324 TT)

Asia Shorts: Tencent, CM Bank, Wuxi Apptec, Baidu, Anritsu, Daito, Ana, Yang Ming, Evergreen Marine

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Cal-Comp Tech (Philippines) IPO Initiation: Manufacturing a Good Story

Cal-Comp Tech (Philippines) (CCTP PH)/CCPH is the Philippine EMS/ODM subsidiary of NKG, a private global technology conglomerate based in Taiwan....

Arun George

TPV Technology: IFA’s Flawed Valuation

TPV Technology (903 HK) is a leading display solutions provider. On 12 August, TPV’s largest shareholder, CEC, launched an HK$3.86 cash per share...

Arun George

TPV Technology: CEC’s Offer Not as Generous as It Looks

Tpv Technology (903 HK) is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by...

Arun George

Qualcomm Files a Lawsuit to Ban China IPhones but We Expect Apple Gains/ Qualcomm Loses

What's new on the fight between two giants?According to Bloomberg and multiple news sources and confirmed by the company, Qualcomm Inc (QCOM US)...

Andrew Lu

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