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 May 3rd which has an aggregated holding worth USD3,897.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,975mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in TSMC, Hon Hai, Delta Elec, Yageo, Quanta Computer, Alchip Tech, King Yuan Elec, Wt, Accton Tech, Powertech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 3rd which has an aggregated holding worth USD3,897.7bn.
We estimate that foreign flows to be inflows of USD3,975mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in TSMC, Hon Hai, Delta Elec, Yageo, Quanta Computer, Alchip Tech, King Yuan Elec, Wt, Accton Tech, Powertech.


TWSE Foreign Holding Weekly (May 3rd): TSMC, Hon Hai, Delta Elec, Yageo, Quanta Computer, Alchip

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

<ul>
<li>In 1Q24, it was reported that the revenue growth was -3.35% QoQ, slightly exceeding our expectation of a 5% QoQ decline.</li>
<li>For 2Q24, revenue is expected to grow, but the increase is projected to be less than 5% QoQ.  </li>
<li>NVIDIA revenue in KYEC is forecasted to reach 15% by the end of 2024F, up from about 2% in 2023, driven by the increasing demand for AI.</li>
</ul>


In 1Q24, it was reported that the revenue growth was -3.35% QoQ, slightly exceeding our expectation of a 5% QoQ decline.
For 2Q24, revenue is expected to grow, but the increase is projected to be less than 5% QoQ.  
NVIDIA revenue in KYEC is forecasted to reach 15% by the end of 2024F, up from about 2% in 2023, driven by the increasing demand for AI.


KYEC (2449.TT): 1Q24F Was a Seasonal Dip, but 2Q24F Should Be Picking up Below 5% QoQ.

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Massive TSMC Rises 13.8% in Just a Week; Mediatek a Top 10 Gainer for Second Week in a Row</li>
<li>TSMC (2330.TT; TSM.US): Sales Should Be Gradually Increasing QoQ in 2024F; IPhone 16 Is on Schedule. </li>
<li>PC Monitor: Long Dell Vs. Short Acer Update; Dell &amp; HPQ Results Indicate Opportunity in Asus </li>
</ul>


Massive TSMC Rises 13.8% in Just a Week; Mediatek a Top 10 Gainer for Second Week in a Row
TSMC (2330.TT; TSM.US): Sales Should Be Gradually Increasing QoQ in 2024F; IPhone 16 Is on Schedule. 
PC Monitor: Long Dell Vs. Short Acer Update; Dell &amp; HPQ Results Indicate Opportunity in Asus 


Taiwan Tech Weekly: TSMC Surge Leads Taiwan Stocks Higher; Advanced Chip Packaging in Focus

<ul>
<li>It was declined by 5% for 2023 verses 2022, which was not a surprise because the overall sentiment should be dim in 2023.</li>
<li>For the coming 1Q24F, it could be a bit downside by 5%, assumed as a normal seasonality.</li>
<li>AI demand remain the biggest driving force, and all eyes are on the CoWoS. </li>
</ul>


It was declined by 5% for 2023 verses 2022, which was not a surprise because the overall sentiment should be dim in 2023.
For the coming 1Q24F, it could be a bit downside by 5%, assumed as a normal seasonality.
AI demand remain the biggest driving force, and all eyes are on the CoWoS. 


KYEC (2449.TT): 2024F Could Be a Prosperous Year Although 4Q23 Saw a 5% Decline QoQ.

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 29th which has an aggregated holding worth USD730.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,532mln. We tabulate the league table for top changes by value for 1W/4W/1Y.</li>
<li>We highlight foreign changes in TSMC, Umc, and Asia Vital.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 29th which has an aggregated holding worth USD730.2bn.
We estimate that foreign flows to be inflows of USD2,532mln. We tabulate the league table for top changes by value for 1W/4W/1Y.
We highlight foreign changes in TSMC, Umc, and Asia Vital.


TWSE Foreign Holding Weekly (Dec 29th): Foreign Insti Increased Holdings

Taiwan

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

Price Gauge
52-week Range	0.00 - 0.00
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King Yuan Electronics Co, Ltd. (2449 TT)

TWSE Foreign Holding Weekly (May 3rd): TSMC, Hon Hai, Delta Elec, Yageo, Quanta Computer, Alchip

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai, Delta Elec, Yageo, Quanta...

Ke Yan, CFA, FRM

KYEC (2449.TT): 1Q24F Was a Seasonal Dip, but 2Q24F Should Be Picking up Below 5% QoQ.

1Q24 revenue growth was -3.35% QoQ, slightly exceeding our expectation of a 5% QoQ decline. 2Q24 revenue is projected to be less than 5% QoQ....

Patrick Liao

Taiwan Tech Weekly: TSMC Surge Leads Taiwan Stocks Higher; Advanced Chip Packaging in Focus

TSMC and Mediatek see significant stock gains, with TSMC ramping advanced packaging capacity and the iPhone 16 is on schedule. Dell and HPQ...

Vincent Fernando, CFA

KYEC (2449.TT): 2024F Could Be a Prosperous Year Although 4Q23 Saw a 5% Decline QoQ.

Despite a 5% decline in 2023, the outlook remains dim due to normal seasonality in 1Q24F. AI demand continues to drive the industry, with focus on...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 29th): Foreign Insti Increased Holdings

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Umc, and Asia Vital.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (May 3rd): TSMC, Hon Hai, Delta Elec, Yageo, Quanta Computer, Alchip

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai, Delta Elec, Yageo, Quanta...

Ke Yan, CFA, FRM

KYEC (2449.TT): 1Q24F Was a Seasonal Dip, but 2Q24F Should Be Picking up Below 5% QoQ.

1Q24 revenue growth was -3.35% QoQ, slightly exceeding our expectation of a 5% QoQ decline. 2Q24 revenue is projected to be less than 5% QoQ....

Patrick Liao

Taiwan Tech Weekly: TSMC Surge Leads Taiwan Stocks Higher; Advanced Chip Packaging in Focus

​TSMC and Mediatek see significant stock gains, with TSMC ramping advanced packaging capacity and the iPhone 16 is on schedule. Dell and HPQ...

Vincent Fernando, CFA

KYEC (2449.TT): 2024F Could Be a Prosperous Year Although 4Q23 Saw a 5% Decline QoQ.

​Despite a 5% decline in 2023, the outlook remains dim due to normal seasonality in 1Q24F. AI demand continues to drive the industry, with focus on...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 29th): Foreign Insti Increased Holdings

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Umc, and Asia Vital.

Ke Yan, CFA, FRM

TSMC and Mediatek see significant stock gains, with TSMC ramping advanced packaging capacity and the iPhone 16 is on schedule. Dell and HPQ...

Despite a 5% decline in 2023, the outlook remains dim due to normal seasonality in 1Q24F. AI demand continues to drive the industry, with focus on...