Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 8th. The aggregated holding was USD2,142.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,512mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hon Hai Precision, Nanya Technology, Innolux, Unimicron Technology, Lite-On Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 8th. The aggregated holding was USD2,142.6bn.
We estimate that foreign flows to be inflows of USD5,512mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hon Hai Precision, Nanya Technology, Innolux, Unimicron Technology, Lite-On Technology.


TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

<ul>
<li>We analysed the earning revision of component stocks of MS-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 China Steel, Formosa Plastics, Yuanta Financial, Nan Ya Plastics, Formosa Chemicals &amp; Fibre, TSMC, Wiwynn.</li>
</ul>


We analysed the earning revision of component stocks of MS-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 China Steel, Formosa Plastics, Yuanta Financial, Nan Ya Plastics, Formosa Chemicals &amp; Fibre, TSMC, Wiwynn.


MS-Taiwan Index Earning Revision (Apr): China Steel, Formosa Plastics, Yuanta Financial

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>We revise down <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s full-year 2026 revenue growth forecast revised down from original 47% to 38–40%, still far exceeding last year’s 30% growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s 1Q26 revenue YoY +2–3%, better than original expectations (previously feared a 1–2% decline)</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s 2026 capex reaches NT$50 billion, with cash dividend only NT$1 + 0.5 shares, lowering yield</li>
</ul>


We revise down King Yuan Electronics Co, Ltd. (2449 TT)’s full-year 2026 revenue growth forecast revised down from original 47% to 38–40%, still far exceeding last year’s 30% growth.

King Yuan Electronics Co, Ltd. (2449 TT)’s 1Q26 revenue YoY +2–3%, better than original expectations (previously feared a 1–2% decline)

King Yuan Electronics Co, Ltd. (2449 TT)’s 2026 capex reaches NT$50 billion, with cash dividend only NT$1 + 0.5 shares, lowering yield


KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>
Last independent RISC-V IP vendor standing. With MIPS, Codasip, and Nuclei exiting and ARM competing with its own licensees, Andes is the primary "flight-to-stability" beneficiary, anchored by ACE customer lock-in.</li>
<li>
Operating breakeven is an explicit 2026 objective. Management is targeting a 10% OPEX cut to NT$1.7B and a 20% revenue ramp from the FY2025 base of NT$1.478B.</li>
<li>
Cuzco announcement within a month is the next catalyst. Business arrangements and development schedule for the Neoverse-class core will be officially disclosed separately, alongside ramping AX46MPV and automotive design wins.</li>
</ul>



Last independent RISC-V IP vendor standing. With MIPS, Codasip, and Nuclei exiting and ARM competing with its own licensees, Andes is the primary "flight-to-stability" beneficiary, anchored by ACE customer lock-in.

Operating breakeven is an explicit 2026 objective. Management is targeting a 10% OPEX cut to NT$1.7B and a 20% revenue ramp from the FY2025 base of NT$1.478B.

Cuzco announcement within a month is the next catalyst. Business arrangements and development schedule for the Neoverse-class core will be officially disclosed separately, alongside ramping AX46MPV and automotive design wins.


TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. </li>
<li>I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.</li>
<li>We explore five key themes that arise from the data and recent events.</li>
</ul>


Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. 
I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.
We explore five key themes that arise from the data and recent events.


AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Taiwan

Global Unichip Corporation designs and produces a wide variety of silicon chips.

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Global Unichip (3443 TT)

TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision, Nanya Technology, Innolux,...

Ke Yan, CFA, FRM

MS-Taiwan Index Earning Revision (Apr): China Steel, Formosa Plastics, Yuanta Financial

We analyzed MS-Taiwan's consensus for Apr 2026 and highlighted changes of EPS in China Steel, Formosa Plastics, Yuanta Financial, Nan Ya Plastics,...

Ke Yan, CFA, FRM

KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.

KYEC revises down 2026 revenue growth forecast to 38-40%, still exceeding last year's growth, with 1Q26 revenue YoY +2-3% better than expected....

Patrick Liao

TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...

Vincent Fernando, CFA

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision, Nanya Technology, Innolux,...

Ke Yan, CFA, FRM

MS-Taiwan Index Earning Revision (Apr): China Steel, Formosa Plastics, Yuanta Financial

We analyzed MS-Taiwan's consensus for Apr 2026 and highlighted changes of EPS in China Steel, Formosa Plastics, Yuanta Financial, Nan Ya Plastics,...

Ke Yan, CFA, FRM

KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.

KYEC revises down 2026 revenue growth forecast to 38-40%, still exceeding last year's growth, with 1Q26 revenue YoY +2-3% better than expected....

Patrick Liao

TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

​Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...

Vincent Fernando, CFA

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

​Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...