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 Dec 19th. The aggregated holding was USD1,328.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,695mln. 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 TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 19th. The aggregated holding was USD1,328.6bn.
We estimate that foreign flows to be outflows of USD4,695mln. 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 TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.


TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables 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 Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.
We tabulate league tables 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 Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.


TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> and <a href="https://www.smartkarma.com/entities/teco-electric-machinery" target="_blank" data-smartkarma-citation="entities:1866:1" rel="noopener">Teco Electric &amp; Machinery (1504 TT)</a> held a joint press conference this afternoon to announce the formation of alliance through a share swap.</li>
<li>
<a href="https://www.smartkarma.com/entities/teco-electric-machinery" target="_blank" data-smartkarma-citation="entities:1866:1" rel="noopener">Teco (1504) TT</a> and <a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai (2317 TT)</a> stated their target markets extend beyond Taiwan and Asia, to include substantial business opportunities in the U.S. and the Middle East.</li>
<li>Foxconn Chairman Mr. Young Liu also noted that as AI data centers scale up rapidly and demand surges, modular design is increasingly favored.  </li>
</ul>



Hon Hai Precision Industry (2317 TT) and Teco Electric &amp; Machinery (1504 TT) held a joint press conference this afternoon to announce the formation of alliance through a share swap.

Teco (1504) TT and Hon Hai (2317 TT) stated their target markets extend beyond Taiwan and Asia, to include substantial business opportunities in the U.S. and the Middle East.
Foxconn Chairman Mr. Young Liu also noted that as AI data centers scale up rapidly and demand surges, modular design is increasingly favored.  


Hon Hai(2317.TT): Form Strategic Alliance Via Share Swap with TECO (1504) For Global AI Data Center

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>We hosted a conference call with Elan Microelectronics management; We view the company as a Structural Long position for the AI PC upgrade cycle.</li>
<li>From the company's perspective, significant impact from AI PC demand will come but not until 4Q24E or 1H25E. However, supply chain excess inventory improved and prepping for upcycle.</li>
<li>An estimated 90% of AI PC models launched at CES 2024 use Elan's products in their design; Elan well positioned for the upcycle and entrenching its position. Maintain Structural Long.</li>
</ul>


We hosted a conference call with Elan Microelectronics management; We view the company as a Structural Long position for the AI PC upgrade cycle.
From the company's perspective, significant impact from AI PC demand will come but not until 4Q24E or 1H25E. However, supply chain excess inventory improved and prepping for upcycle.
An estimated 90% of AI PC models launched at CES 2024 use Elan's products in their design; Elan well positioned for the upcycle and entrenching its position. Maintain Structural Long.


TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

<ul>
<li>Hon Hai reported 1Q24 revenue that fell 9% YoY, however the company reiterated its guidance for significant growth in 2024E and said growth now looks stronger than guided in March.</li>
<li>Hon Hai's cloud (including servers) business didn't grow as much as guided due to material shortages; but AI server revenue up 200% YoY and significant growth is guided for 2024E.</li>
<li>The traditional server market is rebounding, to grow double digits in 2024E. Hon Hai expects to take market share in 2024. Structural Long but near-term gains could be limited.</li>
</ul>


Hon Hai reported 1Q24 revenue that fell 9% YoY, however the company reiterated its guidance for significant growth in 2024E and said growth now looks stronger than guided in March.
Hon Hai's cloud (including servers) business didn't grow as much as guided due to material shortages; but AI server revenue up 200% YoY and significant growth is guided for 2024E.
The traditional server market is rebounding, to grow double digits in 2024E. Hon Hai expects to take market share in 2024. Structural Long but near-term gains could be limited.


Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E

Taiwan

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

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Hon Hai Precision Industry (2317 TT)

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Accton Technology...

Ke Yan, CFA, FRM

TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Accton Technology...

Ke Yan, CFA, FRM

Hon Hai(2317.TT): Form Strategic Alliance Via Share Swap with TECO (1504) For Global AI Data Center

​Hon Hai and Teco announced an alliance, targeting markets beyond Taiwan and Asia, including the U.S. and the Middle East. Foxconn the growing...

Patrick Liao

TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing

​Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Vincent Fernando, CFA

Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E

​Hon Hai anticipates significant growth in 2024E, especially in AI server market despite material shortages. Traditional server market rebounding,...

Vincent Fernando, CFA

Hon Hai and Teco announced an alliance, targeting markets beyond Taiwan and Asia, including the U.S. and the Middle East. Foxconn the growing...

Elan Microelectronics is poised for growth in the AI PC upgrade cycle, with a strong position in the market and potential impact expected in late...

Hon Hai anticipates significant growth in 2024E, especially in AI server market despite material shortages. Traditional server market rebounding,...