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 Aug 2nd which has an aggregated holding worth USD902.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,923mln. 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 Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 2nd which has an aggregated holding worth USD902.6bn.
We estimate that foreign flows to be outflows of USD2,923mln. 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 Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech.


TWSE Foreign Holding Weekly (Aug 2nd): Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>E Ink and Himax introduce new color e-paper controller to enhance display technology, offering improved visual experience.</li><li>Taiwan's Economic Minister outlines plans to boost global competitiveness, focusing on strategic initiatives to strengthen economy.</li><li>Shanghai commits $13.7 billion investment in IC, AI, and biopharma industries, driving growth in technology sectors.</li></ul>

E Ink and Himax introduce new color e-paper controller to enhance display technology, offering improved visual experience.Taiwan's Economic Minister outlines plans to boost global competitiveness, focusing on strategic initiatives to strengthen economy.Shanghai commits $13.7 billion investment in IC, AI, and biopharma industries, driving growth in technology sectors.

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>3Q24 Sales: NT$123.5-132.4 billion, down 3% to up 4% QoQ, up 12-24% YoY. 4Q24 is expected to be a slower quarter based on current expectations.</li>
<li>Advanced 3nm technology can support SP, tablets, and other end devices. AI-powered functions like ARM-based CPU or EV will bear fruit in 2025.</li>
<li>The GPU has partnered with NVDA. Auto chips partnered with NVDA will be shipped out later in 2025. They will power MTK’s CPU and ISP in conjunction with NVDA’s GPU.</li>
</ul>


3Q24 Sales: NT$123.5-132.4 billion, down 3% to up 4% QoQ, up 12-24% YoY. 4Q24 is expected to be a slower quarter based on current expectations.
Advanced 3nm technology can support SP, tablets, and other end devices. AI-powered functions like ARM-based CPU or EV will bear fruit in 2025.
The GPU has partnered with NVDA. Auto chips partnered with NVDA will be shipped out later in 2025. They will power MTK’s CPU and ISP in conjunction with NVDA’s GPU.


MediaTek (2454.TT): There Appears to Be No Bright Spot in 2H24F.

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>Mediatek 2Q24 Earnings Beat Expectations; Strong Mid-Term Revenue Guidance Maintained</li>
<li>2Q24 Global Smartphone Market Witnessed Best Growth in Three Years</li>
<li>Repeats Strong Mid-Term Guidance; Continues to Signal Revenue Strength for 2025E &amp; 2026E. Maintain Structural Long Rating.</li>
</ul>


Mediatek 2Q24 Earnings Beat Expectations; Strong Mid-Term Revenue Guidance Maintained
2Q24 Global Smartphone Market Witnessed Best Growth in Three Years
Repeats Strong Mid-Term Guidance; Continues to Signal Revenue Strength for 2025E &amp; 2026E. Maintain Structural Long Rating.


Mediatek: AI Features Can Shorten Smartphone Replacement Cycle; New Verticals to Kick In 2H25E

<ul><li>LG Innotek sees record 2Q24 results from iPhone 15 sales, while Tesla and Nvidia vie for top spot in autonomous driving tech.</li><li>US bans Chinese EVs, EU examines high taxes, prompting potential semiconductor strategy changes in South Korea and Taiwan post-US election.</li><li>Amkor receives CHIPS Act incentives, Huawei sues MediaTek in China as YMTC anticipates chip demand, India's iVP Semi targets local market. Taiwan diversifies workforce with ASEAN talent.</li></ul>

LG Innotek sees record 2Q24 results from iPhone 15 sales, while Tesla and Nvidia vie for top spot in autonomous driving tech.US bans Chinese EVs, EU examines high taxes, prompting potential semiconductor strategy changes in South Korea and Taiwan post-US election.Amkor receives CHIPS Act incentives, Huawei sues MediaTek in China as YMTC anticipates chip demand, India's iVP Semi targets local market. Taiwan diversifies workforce with ASEAN talent.

Tech Supply Chain Tracker (30-Jul-2024): LG Innotek's record 2Q24 driven by iPhone 15 boom.

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Price Gauge
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Mediatek Inc (2454 TT)

TWSE Foreign Holding Weekly (Aug 2nd): Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Umc, TSMC, Hon Hai, Mediatek, Quanta Computer,...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

E Ink and Himax unveil color e-paper controller; Taiwan, Shanghai, Qualcomm, Samsung, and Melexis make moves in semiconductor industry to enhance...

Tech Supply Chain Tracker

MediaTek (2454.TT): There Appears to Be No Bright Spot in 2H24F.

MTK's 3Q24 sales range from NT$123.5-132.4bn, -3%~+4% QoQ, with a 12-24% YoY increase. Advanced 3nm technology will support AI-powered functions...

Patrick Liao

Mediatek: AI Features Can Shorten Smartphone Replacement Cycle; New Verticals to Kick In 2H25E

Mediatek surpasses earnings expectations in 2Q24, maintains strong revenue guidance for the mid-term and signals continued revenue strength for...

Vincent Fernando, CFA

Tech Supply Chain Tracker (30-Jul-2024): LG Innotek's record 2Q24 driven by iPhone 15 boom.

LG Innotek's record results driven by iPhone 15 sales, Tesla and Nvidia battle for autonomous driving, US bans Chinese EVs, EU cautious on taxes,...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Aug 2nd): Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Umc, TSMC, Hon Hai, Mediatek, Quanta Computer,...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

E Ink and Himax unveil color e-paper controller; Taiwan, Shanghai, Qualcomm, Samsung, and Melexis make moves in semiconductor industry to enhance...

Tech Supply Chain Tracker

MediaTek (2454.TT): There Appears to Be No Bright Spot in 2H24F.

​MTK's 3Q24 sales range from NT$123.5-132.4bn, -3%~+4% QoQ, with a 12-24% YoY increase. Advanced 3nm technology will support AI-powered functions...

Patrick Liao

Mediatek: AI Features Can Shorten Smartphone Replacement Cycle; New Verticals to Kick In 2H25E

​Mediatek surpasses earnings expectations in 2Q24, maintains strong revenue guidance for the mid-term and signals continued revenue strength for...

Vincent Fernando, CFA

Tech Supply Chain Tracker (30-Jul-2024): LG Innotek's record 2Q24 driven by iPhone 15 boom.

LG Innotek's record results driven by iPhone 15 sales, Tesla and Nvidia battle for autonomous driving, US bans Chinese EVs, EU cautious on taxes,...

Tech Supply Chain Tracker

MTK's 3Q24 sales range from NT$123.5-132.4bn, -3%~+4% QoQ, with a 12-24% YoY increase. Advanced 3nm technology will support AI-powered functions...

Mediatek surpasses earnings expectations in 2Q24, maintains strong revenue guidance for the mid-term and signals continued revenue strength for...