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 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

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>  and <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> dominate the compact lens module market, but analysis of data from technical publications suggests very different strategies.</li>
<li>After lagging Largan significantly till 2016, Sunny Optical now leads in number of innovations, though the impact and quality of the innovations still materially lags Largan</li>
<li>Besides overcapacity the primary risk for the industry is whether at some some stage the benefits of "next-gen" lens modules fall below the "Noticeable Difference" threshold.</li>
</ul>



Sunny Optical (2382 HK)  and Largan Precision (3008 TT) dominate the compact lens module market, but analysis of data from technical publications suggests very different strategies.
After lagging Largan significantly till 2016, Sunny Optical now leads in number of innovations, though the impact and quality of the innovations still materially lags Largan
Besides overcapacity the primary risk for the industry is whether at some some stage the benefits of "next-gen" lens modules fall below the "Noticeable Difference" threshold.


Sunny Optical & Largan - Innovation Quantity Versus Quality

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

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>US Eyes New AI Chip Restrictions on Malaysia and Thailand</li>
<li>Chip and AI Boom Driving Taiwan's Offshore Wind Expansion -- Local Stocks to Watch</li>
<li>China Set to Become World’s Largest Semiconductor Foundry Hub by 2030 -- But One Needs to Consider Leading Edge Capacity vs. Mature Capacity</li>
</ul>


US Eyes New AI Chip Restrictions on Malaysia and Thailand
Chip and AI Boom Driving Taiwan's Offshore Wind Expansion -- Local Stocks to Watch
China Set to Become World’s Largest Semiconductor Foundry Hub by 2030 -- But One Needs to Consider Leading Edge Capacity vs. Mature Capacity


Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

<ul>
<li>TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17</li>
<li>Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong </li>
<li>Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. </li>
</ul>


TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17
Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong 
Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. 


Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

<ul>
<li>TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. </li>
<li>Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising </li>
<li>UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. </li>
</ul>


TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. 
Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising 
UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. 


Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

Taiwan

Largan Precision Company Limited manufactures and markets optical lens modules and optoelectronic components. The Company offers lenses for liquid crystal display (LCD) projectors, scanners, optical mice, digital still cameras (DSCs), digital versatile discs (DVDs), light emitting diodes (LEDs), and photography mobile phones.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Largan Precision (3008 TT)

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

Sunny Optical & Largan - Innovation Quantity Versus Quality

Since 2016 Sunny Optical has ramped up innovations in compact lens modules at an exhilarating pace, but in terms of impact the innovations lag that...

Pyari Menon

Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Sunny Optical & Largan - Innovation Quantity Versus Quality

Since 2016 Sunny Optical has ramped up innovations in compact lens modules at an exhilarating pace, but in terms of impact the innovations lag that...

Pyari Menon

Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

​US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

​TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

​TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...