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 Jul 26th which has an aggregated short interest worth USD19.5bn.</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 Auo, Wiwynn, Yageo, Ctbc Financial, Global Unichip, Faraday Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 26th which has an aggregated short interest worth USD19.5bn.
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 Auo, Wiwynn, Yageo, Ctbc Financial, Global Unichip, Faraday Tech.


TWSE Short Interest Weekly (Jul 26th): Auo, Wiwynn, Ctbc Financial, Global Unichip, Faraday Tech

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some</li>
<li>This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries</li>
<li>Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world</li>
</ul>


Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some
This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries
Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world


Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Nan Ya Printed Circuit Board / Event-Driven

<ul>
<li>There are 5 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation taking place from 21-27 June.</li>
<li>The constituent changes and capping changes result in an estimated one-way turnover of 12.8% and in a one-way trade of TWD 37.2bn (US$1.15bn).</li>
<li>The changes are in line with our forecasts with one exception. <a href="https://www.smartkarma.com/entities/uni-president-enterprises-corp" target="_blank" data-smartkarma-citation="entities:7973:1" rel="noopener">Uni President Enterprises (1216 TT)</a> was not added and Yulon Finance (9941 TT) was added instead.</li>
</ul>


There are 5 adds and 5 deletes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June with implementation taking place from 21-27 June.
The constituent changes and capping changes result in an estimated one-way turnover of 12.8% and in a one-way trade of TWD 37.2bn (US$1.15bn).
The changes are in line with our forecasts with one exception. Uni President Enterprises (1216 TT) was not added and Yulon Finance (9941 TT) was added instead.


Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

<ul>
<li>Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.</li>
<li>Japan may be the most surprising with relatively high growth and relative to last year. </li>
<li>Indonesia moves from strength to strength, where India loan growth is high, but less so.</li>
</ul>


Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.
Japan may be the most surprising with relatively high growth and relative to last year. 
Indonesia moves from strength to strength, where India loan growth is high, but less so.


Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

Equity Bottom-Up

Mega Financial Holding Co., Ltd / Equity Bottom-Up

<ul>
<li>NPL growth in 1Q24 is higher than all peers QoQ in NTDm and 90% higher QoQ</li>
<li>Mega's YTD net profit is up only 3.2% as at May which may mean high credit costs</li>
<li>Impairment costs in total were around 3x higher last year YoY which can also be due to acquisitions, subsidiaries</li>
</ul>


NPL growth in 1Q24 is higher than all peers QoQ in NTDm and 90% higher QoQ
Mega's YTD net profit is up only 3.2% as at May which may mean high credit costs
Impairment costs in total were around 3x higher last year YoY which can also be due to acquisitions, subsidiaries


Mega Financial - NPL Formation In 1Q24 Surpasses All Peers, May YTD Net Profit Growth YoY Only 3%

Taiwan

Mega Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company accepts deposits, issues financial debentures, provides medium and long term loans to enterprises, as well as provides brokerage, dealer and insurance services.

Mega Financial Holding Co., Ltd (2886 TT)

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Mega Financial Holding Co., Ltd (2886 TT)

TWSE Short Interest Weekly (Jul 26th): Auo, Wiwynn, Ctbc Financial, Global Unichip, Faraday Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Auo, Wiwynn, Yageo, Ctbc Financial, Global...

Ke Yan, CFA, FRM

Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Taiwan's banks may be unique with reasonable tech exposure, a possible driver for some of the best loan volume anywhere, with strong credit...

Daniel Tabbush

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

The ETF starts rebalancing at the close today and that will continue over the next 4 trading days. Excluding BizLink, the adds have outperformed...

Brian Freitas

Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

Global credit growth data on a monthly basis, shows a vast range of cycles, with Thailand, Macau and HK the worse off. Japan, Taiwan, Indonesia...

Daniel Tabbush

Mega Financial - NPL Formation In 1Q24 Surpasses All Peers, May YTD Net Profit Growth YoY Only 3%

Mega Financial is seeing weak net profit growth in its May 2024 release. Its surge in NPLs in 1Q24 may be a reason for this, and recall its...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Jul 26th): Auo, Wiwynn, Ctbc Financial, Global Unichip, Faraday Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Auo, Wiwynn, Yageo, Ctbc Financial, Global...

Ke Yan, CFA, FRM

Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Taiwan's banks may be unique with reasonable tech exposure, a possible driver for some of the best loan volume anywhere, with strong credit...

Daniel Tabbush

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn

The ETF starts rebalancing at the close today and that will continue over the next 4 trading days. Excluding BizLink, the adds have outperformed...

Brian Freitas

Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

Global credit growth data on a monthly basis, shows a vast range of cycles, with Thailand, Macau and HK the worse off. Japan, Taiwan, Indonesia...

Daniel Tabbush

Mega Financial - NPL Formation In 1Q24 Surpasses All Peers, May YTD Net Profit Growth YoY Only 3%

Mega Financial is seeing weak net profit growth in its May 2024 release. Its surge in NPLs in 1Q24 may be a reason for this, and recall its...

Daniel Tabbush

Yuanta/P-Shares Taiwan Div+ ETF Rebalance: One Surprise as Round-Trip Trade Hits US$2.3bn