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 analysed the earning revision of component stocks of MSCI Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics, King Yuan Electronics, TSMC, Synnex Technology International, King Yuan Electronics, TSMC, Wpg, Synnex Technology International, MSI.</li>
</ul>


We analysed the earning revision of component stocks of MSCI Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics, King Yuan Electronics, TSMC, Synnex Technology International, King Yuan Electronics, TSMC, Wpg, Synnex Technology International, MSI.


MSCI Taiwan Index Earning Revision (Nov): WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Fitipower Integrated Technology / Equity Bottom-Up

<ul>
<li>We had a call with Fitipower management to understand the company’s latest situation in light of its weak share price and light analyst coverage. </li>
<li>Compared to the overall semiconductor industry, Fitipower’s inventory status is exceptionally better than the industry median and thus the company will be under less pressure in the coming quarters.</li>
<li>Fitipower has a large T$12bn net cash position, equivalent to 48% of its market cap. For 2022E, we expect T$4.5-5bn in EBITDA, which is about 18-20% of its market cap.</li>
</ul>


We had a call with Fitipower management to understand the company’s latest situation in light of its weak share price and light analyst coverage. 
Compared to the overall semiconductor industry, Fitipower’s inventory status is exceptionally better than the industry median and thus the company will be under less pressure in the coming quarters.
Fitipower has a large T$12bn net cash position, equivalent to 48% of its market cap. For 2022E, we expect T$4.5-5bn in EBITDA, which is about 18-20% of its market cap.


Fitipower: Large % Market Cap as Cash Makes for Acquisition Target Price Support

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul>
<li>In Q4 2025, the global server market sees significant changes with E Ink and C3 launching Pixel Paper Labs in Sri Lanka.</li>
<li>China's rare earth export controls are tightening, leading to major hiring initiatives that impact global supply chains.</li>
<li>Nintendo's FY25 forecast improves due to strong Switch 2 sales, while Tesla faces challenges in India due to high import duties.</li>
</ul>


In Q4 2025, the global server market sees significant changes with E Ink and C3 launching Pixel Paper Labs in Sri Lanka.
China's rare earth export controls are tightening, leading to major hiring initiatives that impact global supply chains.
Nintendo's FY25 forecast improves due to strong Switch 2 sales, while Tesla faces challenges in India due to high import duties.


Tech Supply Chain Tracker (07-Nov-2025): Global Server Market Forecast, Q4 2025

<ul><li>iPhone 16 sales are booming in China and Taiwan, despite facing numerous challenges in the smartphone market.</li><li>Qualcomm's Snapdragon 8 Elite is giving a boost to Samsung, but the future of their Exynos processor is now in question.</li><li>The electric vehicle showdown between Musk and Trump is sparking industry discussions, while e-paper apps and large displays are projected to surge in popularity by 2025. Luxshare is halting production of Vision Pro due to excess component inventory, prompting questions about the future of the global wafer foundry industry.</li></ul>

iPhone 16 sales are booming in China and Taiwan, despite facing numerous challenges in the smartphone market.Qualcomm's Snapdragon 8 Elite is giving a boost to Samsung, but the future of their Exynos processor is now in question.The electric vehicle showdown between Musk and Trump is sparking industry discussions, while e-paper apps and large displays are projected to surge in popularity by 2025. Luxshare is halting production of Vision Pro due to excess component inventory, prompting questions about the future of the global wafer foundry industry.

Tech Supply Chain Tracker (26-Oct-2024): iPhone 16 sales rise in China, Taiwan; challenges ahead.

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>E Ink and Hanshow collaborate to introduce full-color e-paper technology for retail industry, offering a new innovative solution.</li><li>Taiwan's energy shift faces grid challenges as the world moves towards net-zero goals, highlighting the need for sustainable energy solutions.</li><li>Foxconn introduces new electric vehicle models and aims to capitalize on industry challenges, showing a shift towards the growing EV market.</li></ul>

E Ink and Hanshow collaborate to introduce full-color e-paper technology for retail industry, offering a new innovative solution.Taiwan's energy shift faces grid challenges as the world moves towards net-zero goals, highlighting the need for sustainable energy solutions.Foxconn introduces new electric vehicle models and aims to capitalize on industry challenges, showing a shift towards the growing EV market.

Tech Supply Chain Tracker (04-Oct-2024): E Ink, Hanshow bring color e-paper to retail.

Taiwan

E Ink Holdings Inc. develops, manufactures, and markets thin film transistor liquid crystal displays (TFT-LCDs).  The Company's products are mainly used in mobile video systems, car navigation systems, camcorders, digitalcameras, industrial instruments, etc.

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E Ink Holdings (8069 TT)

MSCI Taiwan Index Earning Revision (Nov): WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics

We analyzed MSCI Taiwan's consensus for Nov 2025 and highlighted changes of EPS in WPG (3702 TT), Taiwan Cement (1101 TT), MSI (2377 TT), Wan Hai...

Ke Yan, CFA, FRM

Fitipower: Large % Market Cap as Cash Makes for Acquisition Target Price Support

We had a call with Fitipower management to understand the company’s latest situation in light of its weak share price and light analyst coverage.

Vincent Fernando, CFA

Tech Supply Chain Tracker (07-Nov-2025): Global Server Market Forecast, Q4 2025

In Q4 2025, the global server market sees E Ink's Pixel Paper Labs launch, China's rare earth export controls, Nintendo's FY25 forecast improves...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (26-Oct-2024): iPhone 16 sales rise in China, Taiwan; challenges ahead.

iPhone 16 sales spike in China and Taiwan, Qualcomm's Snapdragon 8 Elite boosts Samsung, Musk vs. Trump EV battle heats up, E-paper apps on the...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (04-Oct-2024): E Ink, Hanshow bring color e-paper to retail.

E Ink and Hanshow collaborate on full-color e-paper for retail, Taiwan grid challenges, Foxconn's new EV models, India's supercomputers, Czech IC...

Tech Supply Chain Tracker

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