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 Dec 22nd which has an aggregated short interest worth USD14.6bn.</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 Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 22nd which has an aggregated short interest worth USD14.6bn.
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 Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.


TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Cheng Shin Rubber Ind Co., Ltd. / Event-Driven

<ul>
<li>There are 5 adds and 4 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December with implementation taking place from 15-21 December.</li>
<li>The constituent changes and capping changes result in an estimated one-way turnover of 16.1% resulting in a one-way trade of US$1.26bn.</li>
<li>There will be positioning in a lot of the adds/deletes and the real action could be in the other stocks with capping and/or funding flows.</li>
</ul>


There are 5 adds and 4 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December with implementation taking place from 15-21 December.
The constituent changes and capping changes result in an estimated one-way turnover of 16.1% resulting in a one-way trade of US$1.26bn.
There will be positioning in a lot of the adds/deletes and the real action could be in the other stocks with capping and/or funding flows.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: Changes Lead to Huge Turnover

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 15th which has an aggregated holding worth USD701.6bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD2,114mln and highlight foreign changes in TSMC, Largan Precision, Evergreen Marine, Far Eastone Telecom.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 15th which has an aggregated holding worth USD701.6bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD2,114mln and highlight foreign changes in TSMC, Largan Precision, Evergreen Marine, Far Eastone Telecom.


TWSE Foreign Holding Weekly (Dec 15th): TSMC, Largan Precision, Evergreen Marine

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 15th which has an aggregated short interest worth USD15.4bn.</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 Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer, Giant Manufactur, Nanya Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 15th which has an aggregated short interest worth USD15.4bn.
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 Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer, Giant Manufactur, Nanya Tech.


TWSE Short Interest Weekly (Dec 15th): Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory vendors but more y/y deterioration for OLED/LCD driver, LCD panel, design service, equipment/materials, and foundry vendors.</li>
<li>GaAs RF and gaming GPU card vendors showed very impressive y/y sales growth of 54% and 63%, respectively. ABF substrate vendors showed the weakest sales decline of 34% among all. </li>
<li>Except A Data (+2.5% m/m) and Phison Electronics (+5.6% m/m) might see stronger share price to reflect stronger November sales, most of others see good/bad news in the price already.</li>
</ul>


More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory vendors but more y/y deterioration for OLED/LCD driver, LCD panel, design service, equipment/materials, and foundry vendors.
GaAs RF and gaming GPU card vendors showed very impressive y/y sales growth of 54% and 63%, respectively. ABF substrate vendors showed the weakest sales decline of 34% among all. 
Except A Data (+2.5% m/m) and Phison Electronics (+5.6% m/m) might see stronger share price to reflect stronger November sales, most of others see good/bad news in the price already.


Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Taiwan

Gigabyte Technology Co., Ltd. manufactures and markets computer motherboards and other peripheral products.

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Gigabyte Technology (2376 TT)

TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai,...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: Changes Lead to Huge Turnover

On average, the adds have outperformed the deletes by 5.2% since the announcement of the changes and by 1.12% since the start of the implementation...

Brian Freitas

TWSE Foreign Holding Weekly (Dec 15th): TSMC, Largan Precision, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Largan Precision, Evergreen Marine, Far...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 15th): Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer

We analyzed TWSE short interest report for the past week and highlight short interest changes in Gigabyte Tech, Novatek, Faraday Tech, Quanta...

Ke Yan, CFA, FRM

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales. More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai,...

Ke Yan, CFA, FRM

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: Changes Lead to Huge Turnover

On average, the adds have outperformed the deletes by 5.2% since the announcement of the changes and by 1.12% since the start of the implementation...

Brian Freitas

TWSE Foreign Holding Weekly (Dec 15th): TSMC, Largan Precision, Evergreen Marine

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Largan Precision, Evergreen Marine, Far...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 15th): Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer

We analyzed TWSE short interest report for the past week and highlight short interest changes in Gigabyte Tech, Novatek, Faraday Tech, Quanta...

Ke Yan, CFA, FRM

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales. More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory...

Andrew Lu

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: Changes Lead to Huge Turnover