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 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

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

<ul>
<li>Long Nvidia vs. Short Basket of Taiwan AI Concept Stocks -- The trade has held steady since our last piece with Nvidia outperforming the shorts slightly.</li>
<li>CES 2024 will be held January 9th to 12th. It will showcase AI expanding into a wide range of Edge AI applications such as home appliances and PCs.</li>
<li>One can maintain the L/S trade into CES 2024 given that the Taiwan AI Short Basket constituents are unlikely to be beneficiaries of positive news flow from the event.</li>
</ul>


Long Nvidia vs. Short Basket of Taiwan AI Concept Stocks -- The trade has held steady since our last piece with Nvidia outperforming the shorts slightly.
CES 2024 will be held January 9th to 12th. It will showcase AI expanding into a wide range of Edge AI applications such as home appliances and PCs.
One can maintain the L/S trade into CES 2024 given that the Taiwan AI Short Basket constituents are unlikely to be beneficiaries of positive news flow from the event.


Nvidia Vs. Taiwan Short Basket: Hedge Working; CES 2024 Likely Positive for Nvidia Vs. Basket

<ul>
<li>Himax shares have performed relatively well during December but have still significantly underperformed other fabless Media IC names over the last six months.</li>
<li>Comparing results data across all names, Himax has exhibited relative strength in Display IC revenue thanks to its strong position supplying automakers with automotive display technology.</li>
<li>Himax will be speaking at Nomura's CES 2024 event and presenting its new edge AI camera products; This creates potential for positive news flow within two weeks.</li>
</ul>


Himax shares have performed relatively well during December but have still significantly underperformed other fabless Media IC names over the last six months.
Comparing results data across all names, Himax has exhibited relative strength in Display IC revenue thanks to its strong position supplying automakers with automotive display technology.
Himax will be speaking at Nomura's CES 2024 event and presenting its new edge AI camera products; This creates potential for positive news flow within two weeks.


Media IC Monitor: Himax Showing Relative Display Strength Thanks to Auto Exposure; CES Event Ahead

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>A recent news report speculates that Analog Devices (ADI US)  is planning to raise prices by ~20%.</li>
<li>Silergy Corp (6415 TT) is reportedly considering a price increase of over 15% in the Chinese market.</li>
<li>We believe that now is a good time to invest in Silergy.</li>
</ul>


A recent news report speculates that Analog Devices (ADI US)  is planning to raise prices by ~20%.
Silergy Corp (6415 TT) is reportedly considering a price increase of over 15% in the Chinese market.
We believe that now is a good time to invest in Silergy.


Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>'s revenue outlook for 1Q24F is expected to show a decline of around negative high single digits QoQ.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> aims to receive x86 CPU technology from TSMC 3nm in 1H24F.</li>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> plans to utilize 3nm technology for manufacturing smartphone SoCs in 2H24F, which will narrow the gap with <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>.  </li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT)'s revenue outlook for 1Q24F is expected to show a decline of around negative high single digits QoQ.

Intel Corp (INTC US) aims to receive x86 CPU technology from TSMC 3nm in 1H24F.

Mediatek Inc (2454 TT) plans to utilize 3nm technology for manufacturing smartphone SoCs in 2H24F, which will narrow the gap with Qualcomm Inc (QCOM US).  


TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

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.

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Mediatek Inc (2454 TT)

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

Nvidia Vs. Taiwan Short Basket: Hedge Working; CES 2024 Likely Positive for Nvidia Vs. Basket

CES 2024 will be held January 9th to 12th. It will showcase AI expanding into a wide range of Edge AI applications such as home appliances and PCs.

Vincent Fernando, CFA

Media IC Monitor: Himax Showing Relative Display Strength Thanks to Auto Exposure; CES Event Ahead

We analyze reported data from Taiwan Media IC Designers, comparing relative revenue performance of Display, Mobile, Power, and other chip subsegments.

Vincent Fernando, CFA

Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

Patrick Liao

TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Nvidia Vs. Taiwan Short Basket: Hedge Working; CES 2024 Likely Positive for Nvidia Vs. Basket

CES 2024 will be held January 9th to 12th. It will showcase AI expanding into a wide range of Edge AI applications such as home appliances and PCs.

Vincent Fernando, CFA

Media IC Monitor: Himax Showing Relative Display Strength Thanks to Auto Exposure; CES Event Ahead

We analyze reported data from Taiwan Media IC Designers, comparing relative revenue performance of Display, Mobile, Power, and other chip subsegments.

Vincent Fernando, CFA

Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

​Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

Patrick Liao

TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

​TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...

Patrick Liao

Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...