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 short interest of TWSE Stocks as of Sep 2nd which has an aggregated short interest worth USD12.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Yang Ming, Alchip, Catcher, Faraday, Via Tech, Evergreen Marine, Largan. </li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 2nd which has an aggregated short interest worth USD12.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Yang Ming, Alchip, Catcher, Faraday, Via Tech, Evergreen Marine, Largan. 


TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 26th, which has an aggregated short interest worth USD 12.9bn. </li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in EVA Airways, Alchip, and Faraday. </li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 26th, which has an aggregated short interest worth USD 12.9bn. 
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in EVA Airways, Alchip, and Faraday. 


TWSE Short Interest Weekly (Aug 26th): EVA Airways, Alchip, Faraday

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Thematic (Sector/Industry)

<ul>
<li>Performance overall flat, though some fallen stocks have staged rebounds</li>
<li>More signs of manufacturing diversifying away from China, this time from Foxconn</li>
<li>Earnings season tended to show earnings beats across hardware and semiconductors, however semiconductor forward earnings tended to be downgraded</li>
</ul>


Performance overall flat, though some fallen stocks have staged rebounds
More signs of manufacturing diversifying away from China, this time from Foxconn
Earnings season tended to show earnings beats across hardware and semiconductors, however semiconductor forward earnings tended to be downgraded


Taiwan Tech Weekly: Rebounds of Sold-Down Stocks, Manufacturing Diversifying Away from China

<ul>
<li>In this first Taiwan Tech weekly roundup, we examine: Key stock performers both before and after Nancy Pelosi’s visit.</li>
<li>The relationship between analyst coverage and market cap for Taiwan tech stocks - At what size does analyst coverage expand dramatically?</li>
<li>A screen for significantly-sized Taiwan stocks that have zero analyst coverage - Are these dead stocks or diamonds in the rough?</li>
</ul>


In this first Taiwan Tech weekly roundup, we examine: Key stock performers both before and after Nancy Pelosi’s visit.
The relationship between analyst coverage and market cap for Taiwan tech stocks - At what size does analyst coverage expand dramatically?
A screen for significantly-sized Taiwan stocks that have zero analyst coverage - Are these dead stocks or diamonds in the rough?


Our First Taiwan Tech Weekly - “Pelosi Ex Post”

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>SMIC had reported a very exciting outlook in 1Q22, and both of revenue and GM are rising up to US$1,817~1,848.7mn and 36~38% respectively, which is growing at 15~17% QoQ.</li>
<li>SMIC plans to expand capacity in Shenzhen, Tianjin and Beijing in 2022 because of the unprecedently foundry demands. The Capex plan is ~US$5bn in 2022, which's lager than UMC’s US$3bn.</li>
<li>China is still 3-4 generations behind TSMC, which is a big gap to catch up with.</li>
</ul>


SMIC had reported a very exciting outlook in 1Q22, and both of revenue and GM are rising up to US$1,817~1,848.7mn and 36~38% respectively, which is growing at 15~17% QoQ.
SMIC plans to expand capacity in Shenzhen, Tianjin and Beijing in 2022 because of the unprecedently foundry demands. The Capex plan is ~US$5bn in 2022, which's lager than UMC’s US$3bn.
China is still 3-4 generations behind TSMC, which is a big gap to catch up with.


SMIC (0981.HK): Raising CapEx to $5bn in 2022. Exciting News, or Fierce Competition Ahead?

Taiwan

Faraday Technology Corp. designs and manufactures application specific integrated circuits (ASICs) and wafers.

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Faraday Technology (3035 TT)

TWSE Short Interest Weekly (Sep 2nd): Yang Ming, Evergreen, Largan

We analyzed short interest in the TWSE market last week and highlight short interest changes in Yang Ming, Alchip, Catcher, Faraday, Via Tech,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 26th): EVA Airways, Alchip, Faraday

We analyzed TWSE short interest data last week and highlight weekly short interest changes in EVA Airways, Alchip, and Faraday.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Rebounds of Sold-Down Stocks, Manufacturing Diversifying Away from China

Earnings season has shown mostly earnings beats, however, semiconductor outlook mostly downgraded. More signs of manufacturing diversifying sway...

Vincent Fernando, CFA

Our First Taiwan Tech Weekly - “Pelosi Ex Post”

In our first Taiwan weekly roundup, we examine key stock performers before and after Nancy Pelosi’s visit and identify the market cap at which...

Vincent Fernando, CFA

SMIC (0981.HK): Raising CapEx to $5bn in 2022. Exciting News, or Fierce Competition Ahead?

SMIC plans to expand capacity in Shenzhen, Tianjin and Beijing in 2022 because the unprecedently foundry demands. The Capex plan is ~US$5bn in...

Patrick Liao

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