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

Shenton Research

Shenton 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 short interest of TWSE Stocks as of Sep 18th. The aggregated short interest was USD41.5bn.</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 Shin Kong Financial, Nan Ya Plastics, Global Unichip, Winbond Electronics, UMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 18th. The aggregated short interest was USD41.5bn.
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 Shin Kong Financial, Nan Ya Plastics, Global Unichip, Winbond Electronics, UMC.


TWSE Short Interest Weekly (Sep 18th): Shin Kong Financial, Nan Ya Plastics, Global Unichip, UMC

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Memory revenue re-accelerated well ahead of its seasonal pace: the six memory names grew revenue +32% MoM after about +4% in June, roughly twice their pace in July last year.</li>
<li>Taiwan's assemblers look weaker than they are: nine of thirteen ODM, EMS and PC-brand names saw revenue fall sequentially, yet the group beat its own July 2025 decline.</li>
<li>
<a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a>'s revenue nearly quadrupled in two months and its filing reversed: after three months reporting mass-production declines, it reported growth, the only commentary change in our universe.</li>
</ul>


Memory revenue re-accelerated well ahead of its seasonal pace: the six memory names grew revenue +32% MoM after about +4% in June, roughly twice their pace in July last year.
Taiwan's assemblers look weaker than they are: nine of thirteen ODM, EMS and PC-brand names saw revenue fall sequentially, yet the group beat its own July 2025 decline.

Alchip Technologies (3661 TT)'s revenue nearly quadrupled in two months and its filing reversed: after three months reporting mass-production declines, it reported growth, the only commentary change in our universe.


Taiwan Supply Chain Signals: Memory Revenue Re-Accelerates While Custom AI Chip Revenue Ramps

<ul>
<li>NVIDIA guided FY28 revenue growth near 70% and Huang said demand is much greater than that. The ceiling is memory supply, not demand.</li>
<li>The limit is physical. HBM needs roughly 3x the wafer area of DDR5 per gigabyte, and is about 90% of the silicon area in a two-GPU package.</li>
<li>What lifts NVIDIA's ceiling is how they allocate wafers between HBM and commodity parts, not the price print.</li>
</ul>


NVIDIA guided FY28 revenue growth near 70% and Huang said demand is much greater than that. The ceiling is memory supply, not demand.
The limit is physical. HBM needs roughly 3x the wafer area of DDR5 per gigabyte, and is about 90% of the silicon area in a two-GPU package.
What lifts NVIDIA's ceiling is how they allocate wafers between HBM and commodity parts, not the price print.


NVIDIA Capped Its Growth at 70% Because HBM Takes 3x the Silicon of Ordinary Memory

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>SK hynix' earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung's for 10:00 AM Korea, January 31.  What can investors expect to hear?</li>
<li>Three indicators have provided a preview of the two calls' directions: WSTS, Spot Pricing, and Micron's earnings call one month earlier.</li>
<li>The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.</li>
</ul>


SK hynix' earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung's for 10:00 AM Korea, January 31.  What can investors expect to hear?
Three indicators have provided a preview of the two calls' directions: WSTS, Spot Pricing, and Micron's earnings call one month earlier.
The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.


What to Expect In SK Hynix and Samsung Earnings Calls

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>Shein Global launched Hongkong IPO to raise nearly HK$13.9B. They are a global online fashion and lifestyle company.</li>
<li>Shein Global intends to use the proceeds for technology upgradation, enhance brand awareness, promote corporate responsibility (compliance, governance, climate initiatives etc) and for general corporate purpose.</li>
<li>Valuation seems reasonable. The operational scale, technological infrastructure and supply chain efficiency does make this issue worth a try for investors.</li>
</ul>


Shein Global launched Hongkong IPO to raise nearly HK$13.9B. They are a global online fashion and lifestyle company.
Shein Global intends to use the proceeds for technology upgradation, enhance brand awareness, promote corporate responsibility (compliance, governance, climate initiatives etc) and for general corporate purpose.
Valuation seems reasonable. The operational scale, technological infrastructure and supply chain efficiency does make this issue worth a try for investors.


Shein Global Holdings IPO: Fashionable Enough For Investors

Taiwan

Macronix International Co., Ltd. designs, manufactures, and markets integrated circuits (ICs) as well as memory products.  The Company's products include nonvolatile memory integrated circuits, mask ROM (Read Only Memory), EPROM (Erasable Programmable ROM), and flash memory products.  Macronix also produces logic ICs for audio, clock generators, and graphic application devices.

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Macronix International (2337 TT)

TWSE Short Interest Weekly (Sep 18th): Shin Kong Financial, Nan Ya Plastics, Global Unichip, UMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Nan Ya Plastics, Global...

Ke Yan, CFA, FRM

Taiwan Supply Chain Signals: Memory Revenue Re-Accelerates While Custom AI Chip Revenue Ramps

We analyze the latest monthly revenue data across Taiwan's technology supply chain. Four key signals emerge from the latest results.

Vincent Fernando, CFA

NVIDIA Capped Its Growth at 70% Because HBM Takes 3x the Silicon of Ordinary Memory

NVIDIA guided FY28 revenue growth near 70% and Huang said demand is much greater than that. The ceiling is memory supply, not demand.

Vincent Fernando, CFA

What to Expect In SK Hynix and Samsung Earnings Calls

How will the SK hynix earnings call on Jan 25 and the Samsung earnings call on Jan 31 play out? Certain indicators, spelled out in this insight,...

Jim Handy

Shein Global Holdings IPO: Fashionable Enough For Investors

Shein Global launched Hongkong IPO to raise nearly HK$13.9B for technology upgradation, enhance brand awareness. Valuation seems reasonable for...

Tina Banerjee

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