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 Apr 14th which has an aggregated short interest worth USD12.5bn.</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 Yageo, Taiwan Cement, Mediatek, Wiwynn, Realtek Semi, Compal Elec, Cathay Financial, Chailease.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 14th which has an aggregated short interest worth USD12.5bn.
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 Yageo, Taiwan Cement, Mediatek, Wiwynn, Realtek Semi, Compal Elec, Cathay Financial, Chailease.


TWSE Short Interest Weekly (Apr 14th): Yageo, Taiwan Cement, Mediatek, Wiwynn

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 31st which has an aggregated short interest worth USD12.0bn.</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 Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip Semico, Alchip Tech, Nan Ya Printed, Unimicron Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 31st which has an aggregated short interest worth USD12.0bn.
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 Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip Semico, Alchip Tech, Nan Ya Printed, Unimicron Tech.


TWSE Short Interest Weekly (Mar 31st): Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip

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

<ul>
<li>The Yuanta/P-shares Dividend Plus ETF (0056 TT) started to rebalance its holdings on Friday and will continue to do so for the next 4 trading days.</li>
<li>Stocks with buy flows dropped 1.82% on average on Friday while the stocks with sell flows rose 1.03%. On a flow weighted basis, the numbers were -2.01% vs +1.09%.</li>
<li>Given the large volumes at auction and the large moves on stocks, we cannot rule out the possibility that a lot of pre-positions were unwound at the close on Friday.</li>
</ul>


The Yuanta/P-shares Dividend Plus ETF (0056 TT) started to rebalance its holdings on Friday and will continue to do so for the next 4 trading days.
Stocks with buy flows dropped 1.82% on average on Friday while the stocks with sell flows rose 1.03%. On a flow weighted basis, the numbers were -2.01% vs +1.09%.
Given the large volumes at auction and the large moves on stocks, we cannot rule out the possibility that a lot of pre-positions were unwound at the close on Friday.


Yuanta/P-Shares Taiwan Dividend Plus ETF: Day 1 Flows & Performance

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Nov 4th which has an aggregated short interest worth USD12.1bn.</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 Hon Hai, Evergreen Marine, Wan Hai Lines.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 4th which has an aggregated short interest worth USD12.1bn.
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 Hon Hai, Evergreen Marine, Wan Hai Lines.


TWSE Short Interest Weekly (Nov 4th): Hon Hai, Evergreen Marine, Wan Hai Lines

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Many of Taiwan's banks saw loans rise by 30-46% over the past three years</li>
<li>Well known large names, Fubon, Taishin, Chinatrust are all in this group</li>
<li>With rising rates and higher prices, there is increased credit risk</li>
</ul>


Many of Taiwan's banks saw loans rise by 30-46% over the past three years
Well known large names, Fubon, Taishin, Chinatrust are all in this group
With rising rates and higher prices, there is increased credit risk


Taiwan

King's Town Bank accepts deposits and offers various kinds of loans. The Bank provides notes and bills discounting, collecting, guarantee, remittance, securities brokerage and financing, letter of credit, foreign exchange, and traveler checks services.

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King's Town Bank (2809 TT)

TWSE Short Interest Weekly (Apr 14th): Yageo, Taiwan Cement, Mediatek, Wiwynn

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Taiwan Cement, Mediatek, Wiwynn, Realtek...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 31st): Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Evergreen Marine, Yang Ming Marine,...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Dividend Plus ETF: Day 1 Flows & Performance

The Yuanta/P-shares Dividend Plus ETF (0056 TT) started to rebalance its holdings on Friday and will continue to do so for the next 4 trading days....

Brian Freitas

TWSE Short Interest Weekly (Nov 4th): Hon Hai, Evergreen Marine, Wan Hai Lines

We analyzed TWSE short interest report for the past week and highlight short interest changes in Hon Hai, Evergreen Marine, Wan Hai Lines.

Ke Yan, CFA, FRM

Taiwan - Fastest Growers at 46%

The fastest growing banks in Taiwan, have seen loans up 30-46% over the past 3 years. There is huge seasoning risk with rising rates and high...

Daniel Tabbush

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