Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Mediatek results showed it may be in one of the stronger positions through this cycle, part of the stronger group of company's in what appears a 'two-track' semi industry recovery.</li>
<li>The company reported notable strength in TV end-demand relative to the rest of the consumer electronics space.</li>
<li>The company implied 2Q23E could be the company's cycle bottom.</li>
</ul>


Mediatek results showed it may be in one of the stronger positions through this cycle, part of the stronger group of company's in what appears a 'two-track' semi industry recovery.
The company reported notable strength in TV end-demand relative to the rest of the consumer electronics space.
The company implied 2Q23E could be the company's cycle bottom.


Mediatek: TV Demand Peculiarly Strong Within Consumer Electronics Malaise

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 Apr 21st which has an aggregated short interest worth USD12.3bn.</li>
<li>We tabulate league table 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 Mediatek, Unimicron Tech, Walsin Lihwa, Alchip Tech, Largan Precision, Quanta Computer, Wiwynn.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 21st which has an aggregated short interest worth USD12.3bn.
We tabulate league table 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 Mediatek, Unimicron Tech, Walsin Lihwa, Alchip Tech, Largan Precision, Quanta Computer, Wiwynn.


TWSE Short Interest Weekly (Apr 21st): Mediatek, Unimicron Tech, Walsin Lihwa, Alchip Tech, Largan

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC is cutting its 2023E capex plans by 12% according to Taiwan's EDN. The company will also report earnings this Thursday.</li>
<li>TSMC suppliers ASML and Lam Research will also be reporting this week. Realtek will report this week as well.</li>
<li>Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta &amp; Pegatron pair.</li>
</ul>


TSMC is cutting its 2023E capex plans by 12% according to Taiwan's EDN. The company will also report earnings this Thursday.
TSMC suppliers ASML and Lam Research will also be reporting this week. Realtek will report this week as well.
Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta &amp; Pegatron pair.


Taiwan Tech Weekly: TSMC Cutting Capex, Earnings This Week; Suppliers ASML & Lam Also Will Report

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 14th which has an aggregated short interest worth USD12.5bn.</li>
<li>We tabulate league table 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 Yageo, Taiwan Cement, Mediatek, Wiwynn, Realtek Semi, Compal Elec, Cathay Financial, Chailease.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 14th which has an aggregated short interest worth USD12.5bn.
We tabulate league table 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 Yageo, Taiwan Cement, Mediatek, Wiwynn, Realtek Semi, Compal Elec, Cathay Financial, Chailease.


TWSE Short Interest Weekly (Apr 14th): Yageo, Taiwan Cement, Mediatek, Wiwynn

<ul>
<li>Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.</li>
<li>Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.</li>
<li>Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.</li>
</ul>


Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.
Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.
Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.


Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

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)

Mediatek: TV Demand Peculiarly Strong Within Consumer Electronics Malaise

Mediatek results showed it may be in one of the stronger positions through this cycle, part of the stronger group of company's in what appears a...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 21st): Mediatek, Unimicron Tech, Walsin Lihwa, Alchip Tech, Largan

We analyzed TWSE short interest report for the past week and highlight short interest changes in Mediatek, Unimicron Tech, Walsin Lihwa, Alchip...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: TSMC Cutting Capex, Earnings This Week; Suppliers ASML & Lam Also Will Report

Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta & Pegatron pair.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 14th): Yageo, Taiwan Cement, Mediatek, Wiwynn

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Taiwan Cement, Mediatek, Wiwynn, Realtek...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

Samsung reversed its production capacity strategy after suffering losses. Also, Japan's semiconductor manufacturing equipment export restrictions...

Vincent Fernando, CFA

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