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

DZT Research

DZT 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 Mar 31st which has an aggregated short interest worth USD12.0bn.</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 Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip Semico, Alchip Tech, Nan Ya Printed, Unimicron Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 31st which has an aggregated short interest worth USD12.0bn.
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 Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip Semico, Alchip Tech, Nan Ya Printed, Unimicron Tech.


TWSE Short Interest Weekly (Mar 31st): Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 9th which has an aggregated short interest worth USD14.2bn.</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, Walsin Lihwa, Evergreen Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 9th which has an aggregated short interest worth USD14.2bn.
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, Walsin Lihwa, Evergreen Marine.


TWSE Short Interest Weekly (Dec 9th): Yageo, Walsin Lihwa, Evergreen Marine

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Channel checks with <a href="https://www.smartkarma.com/entities/merida-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:12226:1" rel="noopener">Merida Industry (9914 TT)</a> and <a href="https://www.smartkarma.com/entities/giant-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:9014:1" rel="noopener">Giant Manufacturing (9921 TT)</a> on the Asia order book provide color on Shimano's results so far. </li>
<li>Channel checks with the Dutch <a href="https://www.smartkarma.com/entities/accell-group" target="_blank" data-smartkarma-citation="entities:21089:1" rel="noopener">Accell Group (ACCEL NA)</a> also do not show any encouraging data either. </li>
<li>Share buyback will provide short term relief but it won't make revenue growth rate to be as high as early 2021. </li>
</ul>


Channel checks with Merida Industry (9914 TT) and Giant Manufacturing (9921 TT) on the Asia order book provide color on Shimano's results so far. 
Channel checks with the Dutch Accell Group (ACCEL NA) also do not show any encouraging data either. 
Share buyback will provide short term relief but it won't make revenue growth rate to be as high as early 2021. 


Shimano (7309): Bumpy Part 2 - Channel Checks

Japan Specialist

Mark Chadwick

<ul>
<li>The drivers of bike demand are structural and have nothing to do with Covid. We expect the company to beat numbers this year.</li>
<li>EU regulation will drive huge growth in the bike market over the next several years and Shimano is uniquely positioned to benefit.</li>
<li>The stock price decline from over ¥35k to under ¥25k has brought valuations down to the bottom of the historical range. </li>
</ul>


The drivers of bike demand are structural and have nothing to do with Covid. We expect the company to beat numbers this year.
EU regulation will drive huge growth in the bike market over the next several years and Shimano is uniquely positioned to benefit.
The stock price decline from over ¥35k to under ¥25k has brought valuations down to the bottom of the historical range. 


Shimano (7309 JP) | EU Tax Cuts Keep Cycle Boom Rolling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:9014:1" rel="noopener">Giant Manufacturing (9921 TT)</a> , one of Shimano's top customers, is reportedly having a production issue and can only sort it out by the end of this year. </li>
<li>
<a href="https://www.smartkarma.com/entities/shimano-inc" target="_blank" data-smartkarma-citation="entities:3777:1" rel="noopener">Shimano Inc (7309 JP)</a> is no longer Japan-centric but a global company with customers all over the world. </li>
<li>Low valuation gives an illusion that it is cheap historically but expects a bumpy road ahead.</li>
</ul>



Giant Manufacturing (9921 TT) , one of Shimano's top customers, is reportedly having a production issue and can only sort it out by the end of this year. 

Shimano Inc (7309 JP) is no longer Japan-centric but a global company with customers all over the world. 
Low valuation gives an illusion that it is cheap historically but expects a bumpy road ahead.


Taiwan

Merida Industry Co., Ltd. manufactures and markets bicycles, related parts, and magnesium alloy castings.

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Merida Industry (9914 TT)

TWSE Short Interest Weekly (Mar 31st): Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Evergreen Marine, Yang Ming Marine,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 9th): Yageo, Walsin Lihwa, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Walsin Lihwa, Evergreen Marine.

Ke Yan, CFA, FRM

Shimano (7309): Bumpy Part 2 - Channel Checks

Europe sales do not show any sign that it will have an extremely positive catalyst either. Accell’s revenue growth rate, if anything, is not that...

Henry Soediarko

Shimano (7309 JP) | EU Tax Cuts Keep Cycle Boom Rolling

EU regulation will drive huge growth in the bike market over the next several years and Shimano is uniquely positioned to benefit.

Mark Chadwick

Shimano (7309): Bumpy

China lockdown also impacts Shimano negatively. When PE has dropped more than the share price it is followed by a sideways movement of the share...

Henry Soediarko

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