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 May 31st which has an aggregated holding worth USD4,207.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD14,520mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Realtek Semi, Mediatek, Synnex Tech Intl, Asustek Computer, Tripod Tech, TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 31st which has an aggregated holding worth USD4,207.5bn.
We estimate that foreign flows to be outflows of USD14,520mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Realtek Semi, Mediatek, Synnex Tech Intl, Asustek Computer, Tripod Tech, TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine.


TWSE Foreign Holding Weekly (May 31st): TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

Chang Hwa Commercial Bank / Equity Bottom-Up

<ul>
<li>April monthly data on pre-tax income shows slowing YoY growth compared with YTD growth</li>
<li>NIM pressure was severe in past six months and this can be a key driver of less profit growth</li>
<li>Credit costs in decline supported net profit delta, but this may not longer be sustainable</li>
</ul>


April monthly data on pre-tax income shows slowing YoY growth compared with YTD growth
NIM pressure was severe in past six months and this can be a key driver of less profit growth
Credit costs in decline supported net profit delta, but this may not longer be sustainable


Chang Hwa Commercial Bank - April Monthly Profit Figures Suggest Slowing Growth

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 24th which has an aggregated holding worth USD4,408.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,709mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial, Eva Airways, Ctbc Financial, Novatek, Sinopac Fncl.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 24th which has an aggregated holding worth USD4,408.0bn.
We estimate that foreign flows to be inflows of USD5,709mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial, Eva Airways, Ctbc Financial, Novatek, Sinopac Fncl.


TWSE Foreign Holding Weekly (May 24th): TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial

<ul>
<li>Chailease is facing pressure in all of its markets, Taiwan, China and Asean, with no signs of easing.</li>
<li>High frequency data (HFD) from Chailease gives us April monthly numbers, with double digit  net profit decline and a greater EPS decline</li>
<li>Credit costs are now elevated at peak levels since early FY19 for the past two quarters, and we wonder if FY24 will see far higher figures, given economic weaknesses?</li>
</ul>


Chailease is facing pressure in all of its markets, Taiwan, China and Asean, with no signs of easing.
High frequency data (HFD) from Chailease gives us April monthly numbers, with double digit  net profit decline and a greater EPS decline
Credit costs are now elevated at peak levels since early FY19 for the past two quarters, and we wonder if FY24 will see far higher figures, given economic weaknesses?


Chailease - ROA Grinding Lower on Elevated Credit Costs

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 17th which has an aggregated holding worth USD4,271.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD16,618mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in TSMC, Yang Ming Marine, Quanta Computer, Mediatek, Evergreen Marine, Inventec, Alchip Tech, Wistron, Delta Elec, Ctbc Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 17th which has an aggregated holding worth USD4,271.1bn.
We estimate that foreign flows to be inflows of USD16,618mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in TSMC, Yang Ming Marine, Quanta Computer, Mediatek, Evergreen Marine, Inventec, Alchip Tech, Wistron, Delta Elec, Ctbc Financial.


TWSE Foreign Holding Weekly (May 17th): TSMC, Yang Ming Marine, Quanta Computer, Mediatek

Taiwan

CTBC Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

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CTBC Financial Holding (2891 TT)

TWSE Foreign Holding Weekly (May 31st): TSMC, Hon Hai, Yang Ming Marine, Novatek, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai, Yang Ming Marine, Novatek,...

Ke Yan, CFA, FRM

Chang Hwa Commercial Bank - April Monthly Profit Figures Suggest Slowing Growth

April income figures show slowing growth compared with March. NIM compression is a concern and potentially rising credit costs, unlike the recent...

Daniel Tabbush

TWSE Foreign Holding Weekly (May 24th): TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek,...

Ke Yan, CFA, FRM

Chailease - ROA Grinding Lower on Elevated Credit Costs

Chailease shows major stresses in net profit in China and Asean, with declines also in Taiwan. Credit costs are incredibly elevated for past 2...

Daniel Tabbush

TWSE Foreign Holding Weekly (May 17th): TSMC, Yang Ming Marine, Quanta Computer, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Yang Ming Marine, Quanta Computer,...

Ke Yan, CFA, FRM

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