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 Dec 30th which has an aggregated short interest worth USD12.1bn.</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 China Steel, Taiwan Cement, Cathay Financial, Yang Ming Marine.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 30th which has an aggregated short interest worth USD12.1bn.
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 China Steel, Taiwan Cement, Cathay Financial, Yang Ming Marine.


TWSE Short Interest Weekly (Dec 30th): Biggest Short Covers in a Year

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 23rd which has an aggregated short interest worth USD13.2bn.</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 analyzed TWSE short interest report for the past week and highlight short interest changes in Wan Hai, Hon Hai, Realtek, Kinsus, Taiwan Cement, Yang Ming Marine, Wiwynn, Chna Steel.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 23rd which has an aggregated short interest worth USD13.2bn.
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 analyzed TWSE short interest report for the past week and highlight short interest changes in Wan Hai, Hon Hai, Realtek, Kinsus, Taiwan Cement, Yang Ming Marine, Wiwynn, Chna Steel.


TWSE Short Interest Weekly (Dec 23rd): Taiwan Cement, Yang Ming Marine, Wiwynn, Chna Steel

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 7th 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 Alchip, Yageo, ASE Technology, Advantech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 7th 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 Alchip, Yageo, ASE Technology, Advantech.


TWSE Short Interest Weekly (Oct 7th): Alchip, Yageo, ASE Technology, Advantech

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.</li>
<li>Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.</li>
<li>Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.</li>
</ul>


The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.
Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.
Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.


Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Thematic (Sector/Industry)

<ul>
<li>We look at where Taiwan tech sits in the cycle and which companies appear better or worse placed to weather the coming inventory correction.</li>
<li>Semiconductor inventory to sales and gross margins near record levels, hardware metrics are high as well but less extreme.</li>
<li>Formosa SUMCO, Macronix, Nanya Technology, Hon Hai Precision, and Flexium appear ahead of the inventory correction curve and well-placed as long positions for the current phase of the cycle.</li>
</ul>


We look at where Taiwan tech sits in the cycle and which companies appear better or worse placed to weather the coming inventory correction.
Semiconductor inventory to sales and gross margins near record levels, hardware metrics are high as well but less extreme.
Formosa SUMCO, Macronix, Nanya Technology, Hon Hai Precision, and Flexium appear ahead of the inventory correction curve and well-placed as long positions for the current phase of the cycle.


Taiwan Tech: Who's Ahead of the Inventory Cycle?

Taiwan

Micro-Star International Co., Ltd. manufactures and markets motherboards and video graphic accelerate (VGA) cards.  The Company exports its products to Europe, North America, and other Asian countries.

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Micro Star International (2377 TT)

TWSE Short Interest Weekly (Dec 30th): Biggest Short Covers in a Year

We analyzed TWSE short interest report for the past week and highlight short interest changes in China Steel, Taiwan Cement, Cathay Financial, Yang...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 23rd): Taiwan Cement, Yang Ming Marine, Wiwynn, Chna Steel

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wan Hai Lines, Hon Hai, Realtek, Kinsus, Taiwan...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 7th): Alchip, Yageo, ASE Technology, Advantech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Alchip, Yageo, ASE Technology, Advantech.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Also more signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.

Vincent Fernando, CFA

Taiwan Tech: Who's Ahead of the Inventory Cycle?

We look at where Taiwan tech sits in the cycle and which companies appear better or worse placed to weather the coming inventory correction.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)